The global electric vehicle charging infrastructure market size is expected to reach USD 144.22 Billion in 2028 and register a revenue CAGR of 32.6% over the forecast period, according to the latest report by Reports and Data. Increasing adoption of electric vehicles across the globe, coupled with rising need to develop EV charging infrastructure are major factors driving revenue growth of the global electric vehicle charging infrastructure market.
Governments of various countries across the globe are focusing and investing in developing electric vehicle charging infrastructure which is expected to create revenue opportunities for Original Equipment Manufacturers (OEMs) and to expand their businesses. Asia Pacific and Europe markets are expected to account for larger revenue shares in the global market owing to high adoption electric vehicles to curb level of air pollution and emission of greenhouse gases (GHGs). However, high cost required in the initial investment, overhaul, and maintenance is a major factor that could hamper market revenue growth to some extent. Reduction in air pollution, greenhouse gas emissions, and less oil requirement from the transport sector due to adoption of electric vehicles are expected to lead to a breakthrough in the transportation sector in the years to come.
The EV30@30 project is a policy case emphasizing higher adoption of Electric Vehicles (EVs) in line with the EV30@30 campaign, which started at the Eighth Clean Energy Ministerial in the year 2017. The campaign set the combined ambitious target for all EVI (Electric Vehicle Initiative) members of 30.0% share for EVs in total vehicles (excluding two-wheelers) by the year 2030. Under the EV30@30 scenario, electric vehicle sales are expected to reach 44 million vehicles/year by 2030. Such initiatives by government of various countries is expected to continue to drive revenue growth of the global electric vehicle charging infrastructure market.
Some Key Highlights in the Report
- In February 2020, Avis India, car rental service provider, announced its partnership with Quikk India, an e-mobility service provider. The companies partnered for developing integrated solutions intended for corporate electric mobility services. The firms in collaboration have developed a groundbreaking, integrated AI-based model, which combines transportation services, as well as enables access to robust charging infrastructure at costs approximately equivalent to those of existing ICE vehicles.
- CPO segment accounted for a significant revenue share in 2020. A Charge Point Operator (CPO) is a provider, which operates a network of charging points and is accountable for obtaining energy for the charging station. A CPO ascertains that the network operates efficiently. This may comprise maintenance, diagnostics, price setting, and POI (Point of Interest) data management.
- Level 1 (120 V) segment accounted for the largest revenue share in 2020. All the electric vehicles come with a 120-volt level 1 portable charger. These chargers can be plugged into a simple household outlet, and do not require any special installation. Most manufacturers provide a basic level 1, 120 Volt charger, and these can take between 8 & 20 hours, depending on the battery capacity of the vehicle.
- Electric bikes provide new potential, and are in high demand in various tourist destinations. To keep environment clean, development of e-bike charging infrastructure is crucial. Some of the most popular locations for e-bike charging stations are places such as tourist attractions, restaurants, snack bars, accommodations, and leisure facilities.
- Market in Asia Pacific accounted for a significant revenue share in 2020 due to high deployment of electric vehicles in countries in the region, electrification of automobiles, and various government initiatives to set-up electric vehicle charging infrastructure.
- Rising environmental concerns comprising traffic congestion and pollution in Asia Pacific has led to a greater emphasis on the sale of electric vehicles with 56.0% of the sales coming from East Asia and 37.0% of Southeast Asia.
- Companies profiled in the global market report include Chargepoint, Inc., ABB Ltd., Tesla Inc., BP Chargemaster, EVGO Services LLC, Semaconnect Network, Greenlots, EV Connect, Electrify America LLC, and Opconnect, Inc.
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