New York, USA, July 12, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global EV charging infrastructure market is anticipated to generate a revenue of $18,589.0 million and rise at a noteworthy CAGR of 34.9% over the estimated period from 2019 to 2026.
Factors Impacting the Market Growth
As per our analysts, with the key evolutions of EVs together with the supportive government policies, the EV charging infrastructure market is expected to experience prominent growth during the forecast period. Besides, the increasing investments by electric vehicle market players in EV charging stations infrastructure and growing technological advancements are further projected to bolster the growth of the market over the analysis timeframe. Moreover, the increasing development of solar power-based charging station solutions is expected to fortify the growth of the market during the estimated timeframe. However, the higher cost of fast-charging infrastructure may impede the growth of the market throughout the analysis timeframe.
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Segments of the EV Charging Infrastructure Market
The report has divided the market into segments based on type, charging level, application, and region.
Type: DC Charging Sub-Segment to be Most Productive
The DC charging sub-segment is projected to generate a revenue of $10,688.7 million and rise at a CAGR of 34.0% during the forecast timeframe. This is mainly due to the increasing investment in the R&D activities by the leading players. Moreover, the rising number of charging stations along with the increasing popularity of clean power equipment is expected to upsurge the growth of the EV charging infrastructure market sub-segment over the analysis period.
Charging Level: Level 3 Charging Sub-Segment to be Most Profitable
The Level 3 charging sub-segment is predicted to garner a revenue of $5,688.4 million during the forecast period. The increasing use of level 3 charging in the public charging area such as malls, and parking garages, to decrease the charging time and provide an efficient option to users, is the factor expected to uplift the growth of the market sub-segment over the estimated period.
Application: Private Sub-Segment to be Most Lucrative
The private sub-segment is expected to garner a revenue of $10,855.9 million over the forecast timeframe. The increasing adoption of EVs and the growing willingness of EV owners to construct efficient charging stations are predicted to propel the growth of the market sub-segment during the analysis period.
Region: Asia-Pacific EV Charging Infrastructure Market to Have Huge Growth Opportunities
The Asia-Pacific region of the EV charging infrastructure market is predicted to generate a revenue of $5,762.6 million during the forecast period. This is mainly because people of this region are opting for electric cars in this region. Moreover, the increasing focus on phasing out fossil fuel cars and rising emphasis on zero carbon emission vehicles are expected to drive the regional growth of the market over the forecast period.
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Key Players of the EV Charging Infrastructure Market
The major players of the EV charging infrastructure market include
- Honeywell International Inc
- GENERAL ELECTRICE
- Rittal GmbH & Co. KG
- ClipperCreek, Inc.
- Pod Point
- ChargePoint, Inc.
- Leviton Manufacturing Co., Inc.
- Eaton
- Tesla
- ABB
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
For instance, in May 2022, Tata Power, a renowned Indian electric utility company, announced its collaboration with Hyundai Motor India Ltd., India’s first smart mobility solutions provider. With this collaboration, the companies planned to build a robust EV charging network and increase the adoption of EVs across India.
In addition, the report also presents other important aspects including product portfolio, the financial performance of the key layers, SWOT analysis, and the latest strategic development.
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More about EV Charging Infrastructure Market:
- The Prominence of EV Charging Infrastructure in the 21st Century
- The Basics of Charging Infrastructures for Electric Vehicles
- Key Changes in EVs and Public Perception of the Reduction of Carbon Footprint Are One of the Main Factors of The EV Charging Infrastructure Market
