The global electric vehicle charging infrastructure (EVCI) market size is expected to reach USD 63.9 billion by 2025 registering a CAGR of 32.6%, according to a new report by Grand View Research, Inc. Governments as well as automobile manufacturers across the globe have introduced initiatives, such as tax rebates, grants, and subsidies, to encourage the adoption of EVs. The adoption of EVs is expected to be more in the passenger cars segment due to the growing R&D activities and initiatives undertaken to improve the existing EV models. Furthermore, companies are working towards upgrading EV Supply Equipment (EVSE) to make them more convenient for long distance travel.
Unlike the traditional Internal Combustion Engine (ICE) vehicles, which are typically refueled at gas stations, EVs can be recharged at multiple locations, such as private charging networks, at residence, or at 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 feasible. Such situations discourage the use of EVs. Therefore, companies are now deploying EV chargers at public places, such as commercial buildings, shopping centers, airports, and restaurants, to enable long distance travel.
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Further key findings from the study suggest:
Fast charger segment is anticipated to witness the fastest growth over the forecast period owing to increasing focus of companies on deploying high-end devices.
Combined Charging System (CCS) connectors segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to adoption by higher number of automobile manufacturers.
Commercial application segment is anticipated to gain traction in future owing to increasing deployment of fast charging stations.
Leading automakers are investing heavily in promoting EV charging infrastructure. For instance, BMW, Daimler, Ford, and Volkswagen, together announced an investment plan for the development of 400 charging sites across Europe.
Asia Pacific for Electric Vehicle Charging Infrastructure (EVCI) market is expected to witness the highest CAGR from 2019 to 2025 due to significant growth in EV sales and extensive deployment of EV chargers in countries like China and Japan.
Key companies in the market include ABB Ltd.; AeroVironment, Inc.; ChargePoint, Inc.; ClipperCreek, Inc.; Chargemaster PLC; Eaton Corporation; Leviton Manufacturing Co., Inc.; General Electric Company; SemaConnect, Inc.; Siemens AG; Tesla, Inc.; Schneider Electric SE; and Webasto SE.
Grand View Research has segmented the global Electric Vehicle Charging Infrastructure market on the basis of charger type, connector, application, and region:
EVCI Charger Type Outlook (Revenue, USD Million; Volume, Units, 2014 - 2025)
EVCI Connector Outlook (Revenue, USD Million; Volume, Units, 2014 - 2025)
EVCI Application Outlook (Revenue, USD Million; Volume, Units, 2014 - 2025)
EVCI Regional Outlook (Revenue, USD Million; Volume, Units, 2014 - 2025)
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