Electric Vehicle Charging Infrastructure Market to Surpass USD37.85 Billion by 2026
Upsurging demand for electric vehicles coupled with
increasing environmental concern across the world to drive global electric
vehicle charging infrastructure market.
According to
TechSci Research report “Electric Vehicle Charging Infrastructure
Market - Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2016-2026”, Global electric vehicle charging infrastructure
market is anticipated to grow at a CAGR of 31.40% in value terms, in the next
five years to reach USD37.85 billion by 2026. Increasing adoption of electric
vehicles as these are eco-friendly and emit less greenhouse emissions in
addition to incentives offered for the purchase of electric vehicle are driving
its sales, which in turn is elevating the demand for electric vehicle charging
infrastructure through 2026. Besides, increasing proliferation of e-commerce
and presence of players such as Walmart, Flipkart, Alibaba, among others are
contributing to the increased demand of logistics transportation. Compact
electric vehicles are increasingly being used for this purpose, thereby,
fueling the electric vehicle and electric vehicle charging infrastructure
market through 2026.
Browse more than 243 market data Figures and spread through 296
Pages and an in-depth TOC on “Global Electric Vehicle Charging Infrastructure
Market."
https://www.techsciresearch.com/report/electric-vehicle-charging-infrastructure-market/4482.html
The
demand for connected electric car services is witnessing a major increase
attributing to the rising need for basic vehicle connectivity applications,
such as real-time updates, navigation, and in-car infotainment. Moreover,
increase in demand for connectivity solutions in electric cars, need for
enhanced driving experience and introduction of Internet of Things (IoT) in the
automotive industry are the key factors that contribute towards the adoption of
connected electric cars. The increasing adoption of connected electric cars is
anticipated to drive growth of the electric vehicle charging infrastructure
market.
Global
electric vehicle charging infrastructure market can be segmented based on vehicle
type, type, charging mode, installed location, connector type, and type of
charging, company and region. In terms of vehicle type, two-wheeler led the
market with share of over 68% in 2020 and the dominance of the segment is
projected to continue through 2026. Fluctuating prices of petrol and due to
large share of two wheelers, the charging stations are also more for two
wheelers than four wheelers. In the forecast period, two-wheeler charging
infrastructure is expected to dominate over four-wheeler, but the four-wheeler segment
is expected to show a good year-on-year growth.
In terms
of type of charging, global electric vehicle charging infrastructure market is
segmented into slow and fast. Fast charger is the fastest growing type of
electric vehicle chargers, and the segment accounted for 31.27% market share in
the year 2020 and is expected to reach 33.10% market share by 2026, growing
with a CAGR of 30.39% in the forecast years. Fast chargers are anticipated to
grow at a robust pace owing to their ability to charge vehicle in lesser time
frame compared to its counterpart. Moreover, electric vehicle charging
infrastructure manufacturers are investing heavily in research and development
to develop efficient fast electric vehicle chargers.
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Some of
the major players operating globally in electric vehicle charging
infrastructure market are Charge Point, Inc. EV Box B.V., ABB Ltd., Tesla,Inc.,
Webasto Group, Siemens AG, Schneider Electric SE, Eaton Corporation plc, Royal
Dutch Shell Plc, TGOOD Global Ltd. The market for electric vehicle charging infrastructure is
consolidated with five players accounting for share of over 45% in 2020. Among
these, TGOOD Global Ltd. has the largest presence around the world with 38
thousand installed charging stations as of 2020. Players operating in the
market are focusing on introducing innovative charging infrastructure that
works with all the electric vehicle and increasing number of charging stations
around the globe.
“Asia-Pacific
is the largest electric vehicle charging infrastructure market across the
globe, accounting for 63.76% market share in the year 2020, owing to increasing
electric vehicle population, backed by expanding base of consumers and rising
per capita income in the region. Asia-Pacific electric vehicle charging
infrastructure market is forecast to grow at a CAGR of 27.07% in the next five
years. Inside Asia-Pacific, China is one of the largest markets for the
electric vehicle charging infrastructure in the region, accounting for 89.50%
market share in 2020. In 2020, the government announced to spend approximately
USD1.4 trillion on a digital infrastructure public spending program, which is
anticipated to push the electric vehicle charging infrastructure market in the
country.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Electric Vehicle Charging Infrastructure Market -
Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast,
2016-2026, Segmented By Vehicle Type (Two-Wheeler, Passenger Car, and Commercial
vehicle), By Type (AC and DC), By Charging Mode (Plug-in and Wireless), By
Installed Location (Residential and Commercial), By Connector Type (UK 3-Pin,
Industrial Commando, Type 1, Type 2, CHAdeMO, CCS and Tesla’s Proprietary
Supercharger Connectors), By Type of Charging (Slow and Fast), By Region, By
Company”,
has evaluated the future growth potential of global electric vehicle
charging infrastructure market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
electric vehicle charging infrastructure market.
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