Fort Collins, Colorado, Nov. 02, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Electric Vehicle Charging Infrastructure Market size was valued at USD 29.2 Billion in 2022 and is expected to reach USD 363.3 Billion by 2032 with a CAGR of 28.8%.
Electric vehicle charging infrastructure refers to the equipment that facilitates charging operations for electric vehicles. Depending on the type and size of the vehicle, there are different chargers installed by companies and government institutions. The infrastructure includes charging points, charger types, and charging sites.
The development of electric vehicle charging infrastructure heavily depends on the growth of the electric vehicle market. The trend of buying electric vehicles is growing worldwide. With the growing concern regarding the environment and environmental changes, the demand for electric vehicles is expected to grow in the coming years, resulting in an increasing demand for its charging infrastructure. The need for charging stations is increasing due to the limited range of charging infrastructure. On average, they can travel at lengths between 300 km and 500 km on a single charge. The demand for electric vehicles and the availability of charging stations are interdependent. The demand for electric vehicles is directly proportional to the growing number of charging stations.
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Segmentation Overview:
The global electric vehicle charging infrastructure market has been segmented into charging mode, type, charging site, and region. The plug-in chargers are the most widely used and are referred to as the charging system under which the electric vehicles are connected to the charging points. Public, private, and residential users rely heavily on plug-in chargers. By region, China dominates the electric vehicle market in Asia Pacific, with over 800,000 public charging points. Japan invests in EV infrastructure and aims to install 800,000 charging stations by 2025, promoting vehicle-to-grid integration. Australia plans to establish 50,000 public charging stations by 2030, including remote and regional areas.
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Electric Vehicle Charging Infrastructure Market Report Highlights:
- The global electric vehicle charging infrastructure market growth is anticipated at a CAGR of 28.8% by 2032.
- The growing popularity of electric vehicles and the rise in demand for charging infrastructure are anticipated to propel the market growth.
- The electric vehicle charging infrastructure market has been segmented based on charging mode into plug-in and wireless.
- Based on charger type, the market has been segmented into level 1, level 2, and level 3.
- Some prominent players in the electric vehicle charging infrastructure market report include Tesla, ChargePoint, EVgo, NaaS Technology, EverCharge, Wallbox USA Inc., Oscar W. Larson Co., Blink Charging, TPG Pace Beneficial Financial Corp, ABB Group, EVBox, Hyundai Motor, and Schneider Electric.
Industry Trends and Insights:
- In June 2023, NaaS Technology, which owns the third largest charging network in China, announced that one of its subsidiaries, named Dada Auto, has acquired an 89.99% stake in Sinopower Holdings, which is one of the largest rooftop solar energy developers in Hong Kong. This will help NaaS Technologies grow its market share and venture into other sustainable energy sources.
- In October 2022, Wallbox opened its new manufacturing facility in Texas. It is expected to manufacture approximately 250,000 units in the new facility by 2025 and to grow this number to more than one million chargers annually by 2030.
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Electric Vehicle Charging Infrastructure Market Segmentation:
- By Charging Mode: Plug-in, wireless.
- By Type: Level1, Level2, Level3.
- By Charging Site: Residential, public.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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