EV Charging Infrastructure Market - Share, Size, Regional Trend, Future Growth, Leading Players Updates, Industry Demand by Forecast to 2028

The EV Charging Infrastructure Market was valued at US$ 8,805.35 million in 2021 and is projected to reach US$ 23,395.77 million by 2028; it is expected to grow at a CAGR of 15.0% from 2021 to 2028.

The electric vehicle industry is expanding rapidly worldwide, particularly in China and the US, which has led to an escalation in demand for electric vehicle charging solutions. The electric vehicle charging market is a dynamic industry with a broad range of applications. The growth of electric vehicle charging stations is supported by government initiatives in many countries. China's central government has approved the installation of fast-charging stations through national regulations. Similarly, the US government is playing a crucial role by introducing mandatory regulations and providing funding for the introduction of electric vehicle charging stations. However, in some countries or regions, there is a lack of commercial charging stations, which forces consumers to rely on charging options at their workplaces or homes.

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The major players operating, include ABB Ltd., ABM Industries Incorporated, Bosch Automotive Service Solution, ChargePoint, Inc., Delta Electronics, Driivz Ltd., EVbox, Leviton Manufacturing Co., Inc., Siemens AG, and Tesla, Inc. among others.

The report segments as follows:
BY PLATFORM
• Hardware
• Services
BY HARDWARE
• AC Chargers
• DC Chargers
BY CHARGER TYPE
• Public Charger
• Private Chargers
BY GEOGRAPHY
• North America
o U.S.
o Canada
o Mexico
• Europe
o France
o Germany
o UK
o Norway
o Rest of Europe
• Asia Pacific (APAC)
o China
o Japan
o South Korea
o Rest of Asia Pacific
• Rest of the World
o Middle East and Africa
o South America

The Asia Pacific region is anticipated to experience significant growth in the electric vehicle market, driven by large-scale construction of EV charging infrastructure in China, increasing demand for affordable EVs for everyday use, and government initiatives to promote electric vehicles. China's fast-growing economy is expected to lead to the adoption of advanced technologies to promote electrification during the forecast period. China has already invested around US$2.4 billion in the development of its charging infrastructure until 2020. In the future, Japan and South Korea have also announced plans to rise the number of electric vehicles charging stations in their countries significantly.

During the projected period, North America is anticipated to dominate the electric vehicle market in terms of growth. The market in North America is expected to expand due to stringent government regulations on vehicle emissions, a high rate of acceptance for new technologies, and substantial investments in product innovation.

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The COVID-19 pandemic caused a slowdown in automotive and infrastructure activities globally in 2020. All regions analyzed experienced a significant decrease in workload during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, particularly in developed regions. According to the International Energy Agency (IEA), global electric car sales exceeded 3 million, reaching a market share of over 4%. Notably, in the first half of 2021, electric vehicle sales increased by a significant 160% compared to 2020, accounting for 26% of total new sales in the global automotive market.

As electric vehicle sales continue to soar globally, major players in the global EV charging infrastructure market have been developing smart charging solutions in various countries to create a supportive ecosystem for future-ready, connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020-2021, EV charging infrastructure companies such as EVBox and Tritium formed partnerships, acquired several significant players, and focused heavily on research and development of smart EV charging infrastructure solutions.

In addition, the systems that support EV charging infrastructure offer several benefits, including reduced operational costs and environmental impact for agencies and government departments, compared to the current scenario with ICE vehicles. This factor has further strengthened the growth prospects of major global players in the market. For example, the US government has released an EV Charging Action Plan outlining steps for federal agencies to support the development and deployment of chargers in American communities throughout the country. As a result, the COVID-19 pandemic has not had a significant impact on the EV charging infrastructure market, and it is continuing to experience steady growth in major parts of the world.

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The EV Charging Infrastructure market is experiencing high growth in the forecast period. The growth of the market for an EV Charging Infrastructure solution is highly influenced by the substantial increase in the adoption of public as well as private electric vehicles the globe. With the increasing environmental concern around the world, the automotive manufacturers are focusing on reducing it by adopting advanced technologies.

The conventional vehicles such as internal combustion engine vehicles (ICEVs) uses fossil fuels and emit Greenhouse Gas (GHG). The only viable substitute for fuel-based vehicles is electric vehicles such as battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). The continuous boost in the adoption of electric vehicles mainly across the US, China, Germany, and many other developed countries globally is demanding the EV charging infrastructure for the charging purposes both for commercial as well as residential applications. The governments across the world have introduced several incentives for vehicle owners to increase the adoption of electric vehicles with a strong focus on environmental concerns. This factor is bolstering the growth of the market for EV Charging Infrastructure in the current scenario.

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