Market Snapshot: Electric Vehicle Charging Infrastructure
The global electric vehicle charging infrastructure is estimated to be worth USD 5.64 Billion in 2020, and is expected to reach USD 147.94 Billion in 2030 growing at a CAGR of 38.6% from 2020 to 2030, according to Emergen Research.
It has become increasingly necessary to adopt electric vehicles due to the increased levels of greenhouse gases and carbon emissions resulting from transportation. In this context, electric vehicle charging infrastructure is in high demand for both commercial and residential applications. A subscription model for charging facilities is also expected to drive the market growth as car manufacturers form partnerships for charging facilities.
It is expected that EVs will continue to gain significant attention as governments around the world work to emerge from the pandemic with a stronger economy. For instance, California is implementing strong electric vehicle targets, which will positively impact the market after the pandemic and boost its growth.
With the acquisition of Elektromotive Limited in 2017, Chargemaster plc expanded its existing portfolio and customer services by acquiring its subsidiary, Charge Your Car.
During the last two years, U.S. President Joe Biden has signed the $1 trillion infrastructure bill, which authorizes charging stations. This bill also provides a 5-billion-dollar fund for strengthening national charging networks. As of December 2021, Here Technologies has entered into a collaboration with Digital Charging Solutions GmbH (DCS). DCS will provide better charging experiences, improve the authentication process of charging processes, and smoothed booking experiences by providing payment and billing services.
AmpUp set the stage in January 2022 with the introduction of AmpUp Fleet Manager, the company’s new solution for charging EVs in fleets of all sizes.
What are the Drivers of the Electric Vehicle Charging Infrastructure Market?
Since carbon emissions and other harmful gases are being produced in large quantities by transportation, electric vehicles are becoming increasingly important. As a result, there is a growing demand for electric vehicles (EV) charging infrastructure both in commercial and residential applications. Furthermore, more car manufacturers are expected to partner with one another to provide charging facilities through subscription models, which will further boost market growth.
Electric vehicles are expected to be used for intercity travel and long-distance commutes in the coming years. Considering the fact that electric vehicle manufacturers are investing heavily in R&D costs aimed primarily at providing fast-charging solutions, most of the vehicles do not have drives ranges of more than 160 km’s and require charging solutions, most of them do not have a range of more than 160 km’s.
What is the Competition Landscape in the Electric Vehicle Charging Infrastructure Market?
Some of the leading companies operating in the global electric vehicle charging infrastructure market include ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens AG, Tesla, Inc., Webasto SE etc.
- It was announced by Chargemaster Plc in 2017 that it would acquire the infrastructure provider Elektromotive Limited and its subsidiary (Charge Your Car). Through this acquisition, Chargemaster Plc aims to expand its portfolio and customer services.
- The U.S. President signed a $1 trillion infrastructure bill in December 2020 that authorizes the installation of charging stations. That law also establishes a $5 billion fund for the purpose of strengthening the national charging network.
- A collaboration between Here Technologies and Digital Charging Solutions GmbH (DCS) was established in December 2021. During this collaboration, DCS will provide charging station experiences that are more attractive, will enhance the authentication processes of charging, and will ease booking with the provision of payment and billing services.
- In January 2022, AmpUp announced it will launch a new EV charging fleet solution called AmpUp Fleet Manager, which is designed for small and large fleets.
Why Choose Electric Vehicle Charging Infrastructure / The Future of the Electric Vehicle Charging Infrastructure Market
In the aftermath of the pandemic, governments around the globe will continue to focus on building a stronger and more resilient economy, which will lead to a significant increase in interest in electric vehicles. As an example, California has established strong electric vehicle targets, which will have a positive impact post-pandemic and boost market growth.
In comparison to residential spaces, commercial spaces have a significant market penetration of EV charging equipment. The number of charging stations in commercial spaces is predicted to increase with the increasing adoption of electric vehicles in the near future. For long-distance journeys, overnight charging at residential complexes or individual homes would not be sufficient, so efforts would be made to strengthen the charging infrastructure in commercial spaces would be critical to encouraging the adoption of electric vehicles.
Furthermore, public charging infrastructure would provide ultra-fast charging capabilities for long-distance trips as well. As a cheaper and more convenient alternative to commercial charging stations for charging electric vehicles, residential EV chargers can also offer significant growth potential.
