According to the new research report published by The Insight Partners, titled “EV Charging Infrastructure - Global Analysis and Forecast to 2027”, The Global EV Charging Infrastructure Market is expected to reach US$ 95.98 Billion in 2027, registering a CAGR of 36.8% during the forecast period 2019-2027.
Some of the key players operating in the EV Charging infrastructure market are 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.
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In 2018, Asia-Pacific accounted for the largest share in the EV Charging Infrastructure market. Europe region is expected to be the fastest growing region in the EV Charging Infrastructure market. The demand for EV Charging Infrastructure is anticipated to be robust, and will highly impact the growing environmental issues, as well as the adoption of electric vehicles globally. This trend is particularly to be witnessed in US and China, which comprises of largest electric vehicle market across the globe, accounting for over 60% of the value of global electric vehicle market share. With the constantly growing demand for charging stations, the manufacturers are increasing their production lines, investing in new and advanced technologies which is driving the EV charging infrastructure market.
In the recent few years, EV charging infrastructure market has noticed noteworthy product innovation and partnership activity. Some of the significant deals include, in 2018 ChargePoint announced its partnership with Greenlots, to enhance the access for its customers to thousands of additional charging sites across North America with no additional cost. The partnership would strengthen the company’s presence in North America.
Based on hardware, the AC Charger is expected to dominate the EV charging infrastructure market during the forecast period. The AC charger manufacturers are constantly witnessing increasing demand for Level 1 chargers, attributing to the increase in electric vehicles in the developed countries as well as developing countries. China, the US and France are some of the developed countries generating enormous demand for AC chargers owing to consistently rising number of EVs in these countries.
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The China holds the largest EV charging infrastructure market share in the Asia-Pacific region. The government of China is focusing strongly towards the deployment of charging station across tier-1 cities such as Beijing and Shanghai. Currently, Beijing targeted installation of approx. 4.8 million charging posts and about 1, 00,000 stations by 2020. The current policy even also focusing on the deployment of charging facilities across new residential construction in the city. Such a robust initiative of governments and private market players lead towards the growth of EV Charging infrastructure across the country. This factor would help the China market to sustain its share in the EV Charging infrastructure market.
Market initiatives such as partnership and contracts are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
A new technology known as, “Robotic Charging,” which is the smartest way of charging your electric vehicle. It is an autonomously charging method which makes use of cameras to recognize the charging socket in the vehicle and get connected to it. This new technology is fully controlled by robots which allow the series of an electric vehicle to charge in various parking positions with high speed combined charging system (CCS). The market players globally are focusing towards the development of this new technology to provide better and quicker charging process. Some of the automakers who took the initiative to develop robotic charging system are Tesla, VOLTERIO GmbH, Volkswagens, and many more.
The trend of electric vehicle charging infrastructure is growing at an exponential growth rate. The high adoption rate of electric vehicle globally is demanding the requirement of quick and efficient charging stations for charging of the electric vehicle. The Government globally is focusing on taking various initiatives to develop and install EV charging stations. For instance, the US government launched an Energy Program at work named “Charge Georgia.” Under this initiative, the availability of public electric vehicle (EV) charging stations across the state of Georgia has increased significantly, which permit the EV Charging Infrastructure market to prosper in the forecast period.
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