Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electric Vehicle Charging Infrastructure Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
The Global Electric Vehicle Charging Infrastructure Market is expected to grow at a CAGR of around 27.5% from 2020 to 2027 and reach the market value of over US$ 61.2 Bn by 2027.
Asia Pacific dominates the electric vehicle charging infrastructure market followed by Europe
The Asia Pacific region dominates the market for electric vehicle charging infrastructure. China is the dominant country in the APAC region. China has the most diverse offering, owing to its less consolidated automotive sector and the fact that it has the world’s largest EV market. Geographically, China leads the market for electric vehicle charging stations. With the increase in EV sales and demand in the country, the demand for fast charging stations has increased to support the country’s growing EVs. With 976,000 charging stations, China has the world’s largest EV charging infrastructure (June 2019). On average, 11,025 charging units have been added each month. Qindao Teld New Energy, State Grid Corporation of China, Star Charge, and AnYo Charging are some of the major Chinese companies involved in the production and installation of charging points.
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Europe, on the other hand, has the second largest dominating market for electric vehicle charging infrastructure. In 2020, Europe’s car market contracted by 22%. Nonetheless, new electric car registrations more than doubled to 1.4 million, representing a 10% sales share. Germany registered 395 000 new electric cars in the large markets, while France registered 185 000. In Norway, electric cars reached a record high sales share of 75%, up roughly one-third from 2019. According to IEA statistics, sales of electric vehicles exceeded 50% in Iceland, 30% in Sweden, and 25% in the Netherlands.
In Europe, BEV registrations accounted for 54% of all electric car registrations in 2020, continuing to outnumber plug-in hybrid electric vehicle registrations (PHEVs). However, the number of BEV registrations more than doubled from the previous year, while the number of PHEV registrations tripled. BEVs were especially popular in the Netherlands (82% of all electric car registrations), Norway (73%), the United Kingdom (62%), and France (60%).
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Growing adoption and sales of electric vehicles, as well as the enactment of laws, subsidies, and policies promoting the adoption of EVs, such as exemption from registration plate lotteries, access to restricted traffic areas, and so on, are some of the major factors driving market growth. Furthermore, market growth is being driven by collaboration between various automotive manufacturers, OEMs, and charging infrastructure developers.
Furthermore, green energy is expected to play an important role in both public and residential EV charging. Owners of electric vehicles are deeply concerned about carbon emissions. To address these concerns, companies are rapidly improving the charging technologies used in their EV charging networks. This is one of the most important factors driving the growth of the global electric vehicle charging infrastructure market.
The global electric vehicle charging infrastructure market is segmented as charger type, connector, and application. The charger type market is classified into slow charger and fast charger. Connector is segregated as CHAdeMO, combined charging system (CCS), and others. Further, application is bifurcated into commercial and residential.
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Key companies profiled in this report involve AeroVironment, Inc., ABB Ltd, Chargemaster Ltd, ChargePoint, Eaton Corporation plc, General Electric Company, Leviton Manufacturing Company, Inc., and among others.
Some of the key observations regarding the electric vehicle charging infrastructure industry include:
- In October 2019, Xpeng Motors announced a partnership with TELD, the operator of China’s largest charging network and ecosystem. As part of the partnership, charging and related payment data will be shared between Xpeng and TELD countrywide. Xpeng’s APP has access to TELD’s 50,000 charging piles in 183 cities in China, allowing consumers to search TELD’s charging facilities using Xpeng’s APP or vehicles. Payment can be conducted by a simple code scan.
- In January 2017, Chargemaster announced an acquisition with Elektromotive and its subsidiary, Charge Your Car. The deal means that Chargemaster’s POLAR customers now have access to more than 5,000 charging points throughout the UK. As the UK’s leading manufacturer and operator of electric vehicle (EV) charging points, Chargemaster will invest £15 million in new charging sites and advanced technology.
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Content Source: https://www.globenewswire.com/news-release/2021/06/17/2249096/0/en/Electric-Vehicle-Charging-Infrastructure-Market-Value-Anticipated-To-Reach-US-61-2-Billion-By-2027-Acumen-Research-and-Consulting.html