The global electric vehicle charging infrastructure market size is expected to reach USD 111.75 billion by 2027, expanding at a CAGR of 32.0% over the forecast period, according to a new study conducted by Grand View Research, Inc. The increasing focus of global economies on developing supporting infrastructure for accelerating the adoption of electric vehicles (EVs) is contributing to the growth. Various government agencies are entering into partnerships with each other to develop highway electric charging stations. For instance, in U.S., the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) that consists of 57 EV charging stations across Oregon and Washington. Similarly, several governments are jointly developing intra-continental networks of highway charging stations.
Various OEMs such as Delta Electronics, Inc.; Enel X; and Ecotap BV; among others; are focusing on the development of solar-powered electric vehicle charging stations. For instance, under the Honda SmartCharge program, Enel X is currently working on the development of solar-powered charging station in Hawaii (U.S.) in partnership with the Hawaiian Electric Company, Inc. Furthermore, various companies are working on upgrading Electric Vehicle Supply Equipment (EVSE) to make them more convenient for long-distance travel. Some of the manufacturers such as Tesla, Inc. and Nissan are focusing on providing compatibility for their electric vehicles for public charging networks. For instance, Nissan in November 2019, announced that buyers of new Nissan LEAF and Nissan LEAF would be able to charge their vehicles across EVgo’s charging network that comprises 750 public charging stations.
Unlike the traditional Internal Combustion Engine (ICE) vehicles that are typically refueled at gas stations, EVs can be recharged at multiple locations, such as private charging networks, at residence, or commercial charging stations. However, overnight residential charging is insufficient for covering long distances and sparing hours to charge the vehicle during a voyage is not presumed as a good idea. These situations can eventually discourage the use of electric vehicles. Therefore, companies are now deploying EV chargers at public places, such as commercial buildings, shopping centers, airports, and restaurants to aid users traveling long distances.
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Further key findings from the study suggest:
Fast charger is anticipated to emerge as the fastest-growing segment over the forecast period owing to increasing focus of companies on deploying high-end devices to provide electric vehicle owners with long distance travelling capability
Combined Charging System (CCS) connectors is anticipated to emerge as the fastest-growing connecter segment over the forecast period owing to the adoption by higher number of automobile manufacturers
Commercial segment is anticipated to gain traction owing to the rise in the deployment of fast charging stations across highways, hotels, shopping malls, and public parking facilities
Leading automakers are observed investing heavily in promoting EV charging infrastructure. For instance, in November 2017, BMW, Daimler, Ford, and Volkswagen Group, together announced an investment plan for the development of 400 charging sites across Europe
Asia Pacific is expected to expand at the highest CAGR from 2020 to 2027 due to significant growth in electric vehicle sales and extensive deployment of EV chargers in countries, such as China and Japan
Key players operating in the electric vehicle charging infrastructure market include ABB Ltd.; AeroVironment Inc.; ABB; BP Chargemaster; ChargePoint, Inc.; ClipperCreek; Eaton; GENERAL ELECTRIC; Leviton Manufacturing Co., Inc.; SemaConnect, Inc.; Schneider Electric; Siemens; Tesla, Inc.; and Webasto
Grand View Research has segmented the global electric vehicle charging infrastructure market based on charger type, connector, application, and region:
Electric Vehicle Charging Infrastructure Charger Type Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Electric Vehicle Charging Infrastructure Connector Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Electric Vehicle Charging Infrastructure Application Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
Electric Vehicle Charging Infrastructure Regional Outlook (Volume, Units; Revenue, USD Million, 2016 - 2027)
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