Westford USA, April 20, 2023 (GLOBE NEWSWIRE) -- The Energy Infrastructure for EV Charging Stations market is projected to grow at a CAGR of over 36% during the forecast period (2023-2030) and reach a value of USD 20 billion by 2030 according to latest report by Skyquest. The increasing demand for electric vehicles, government support and initiatives, environmental concerns, and technological advancements are driving the growth of this market. As per the report, the sales of electric vehicles are expected to rise from 2.5 million in 2020 to 11 million in 2025, and further to 30 million by 2030, resulting in a surge in demand for energy infrastructure.
SkyQuest's recent study found that 95% of EV drivers in the United States charge their vehicles at home, highlighting the significance of residential charging infrastructure. The report also revealed that for 85% of respondents, the availability of public charging stations played a crucial role in their decision to purchase an EV. The International Energy Agency (IEA) also predicts that the development of advanced charging technologies, including fast and wireless charging, will accelerate the adoption of EVs and, in turn, fuel the growth of the energy infrastructure market.
Browse in-depth TOC on "Energy Infrastructure for EV Charging Stations Market"
- Pages - 242
- Tables - 65
- Figures - 70
In today's time, the energy infrastructure for EV charging station market plays a crucial role in supporting the shift towards electric vehicles. As the demand for electric vehicles increases, there is a growing need for a reliable and accessible charging infrastructure. This infrastructure is vital in facilitating the transition to electric mobility, reducing dependence on fossil fuels, and promoting a cleaner and more sustainable future.
Prominent Players in Energy Infrastructure for EV Charging Stations Market
- ABB Ltd.
- AeroVironment Inc.
- ChargePoint Inc.
- ClipperCreek Inc.
- Delta Electronics Inc.
- Eaton Corporation plc
- Enel X S.p.A.
- EVBox Group
- General Electric Company
- Leviton Manufacturing Co. Inc.
- Mitsubishi Electric Corporation
- Phoenix Contact GmbH & Co. KG
- Schneider Electric SE
- Siemens AG
- SemaConnect Inc.
- Signet EV Inc.
- Tesla Inc.
- Tritium Pty Ltd.
- Webasto Group
- WiTricity Corporation
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Public EV Charging Segment to Attract Growth Due to Increasing Adoption of EVs in Public Transportation
The Energy Infrastructure for EV Charging Stations market is experiencing rapid growth in the Public EV Charging segment, driven by the increasing adoption of EVs in public transportation and fleet operations, as well as government initiatives to support the installation of public charging stations. This trend is expected to continue from 2022 to 2030. According to a report by SkyQuest, public EV charging stations accounted for 62% of new EV charging infrastructure deployed globally in 2020, and they are projected to account for over 60% of all EV charging stations by 2040.
The North American region is expected to dominate the Energy Infrastructure for EV Charging Stations market from 2022 to 2030, growing at a CAGR of 33.82% during the forecast period. The need for the development of charging infrastructure to support the increasing adoption of electric vehicles, government initiatives, and the proposed $174 billion investment in electric vehicles and charging infrastructure by the Biden Administration's infrastructure plan in the United States are driving this growth.
In addition to the major players mentioned earlier, other companies making a significant impact in the Energy Infrastructure for EV Charging Stations market include ABB, Siemens AG, ChargePoint, Inc., EVBox Group, Alfen, Delta Electronics, Inc., Engie, Blink Charging Co., Leviton Manufacturing Co., Inc., and Shell.
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Fast Charging Infrastructure Segment to Exhibit Strong Growth Due to Demand for Quick and Convenient Charging Solutions
The demand for quick and convenient charging solutions, particularly for long-distance travel, has made the fast-charging infrastructure segment the dominant segment in the Energy Infrastructure for EV Charging Stations market in 2021. It is anticipated to lead the segment from 2022 to 2030, driven by the development of advanced fast charging technologies that can significantly reduce charging time.
The Asia Pacific region also emerged as a key player in the Energy Infrastructure for EV Charging Stations market, and it is expected to maintain a leading position by 2030. SkyQuest has projected a significant growth rate of 36.97% CAGR during the forecast period for the region, driven by increasing government initiatives to promote EV adoption, rising demand for eco-friendly transportation options, and supportive policies and regulations. In China, the government aims to have 4.8 million charging stations by 2025, while in India, the government targets 30% of all vehicles on the road to be electric by 2030, which is expected to boost the market.
A comprehensive analysis of the major players in the Energy Infrastructure for EV Charging Stations market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Energy Infrastructure for EV Charging Stations Market
- Shell USA Inc., a subsidiary of oil company Shell, is acquiring EV charging network operator Volta in an all-cash deal valued at $169 million. The merger agreement states that Shell will purchase all outstanding shares of Volta's Class A common stock at $0.86 per share in cash once the merger is completed. This represents an 18% premium to the closing price of Volta's stock on January 17, 2023. Volta's shares, which have been trading below $1 since November, rose 0.73% after the announcement of the deal.
- Orion Energy Systems, Inc. has expanded into the electric vehicle (EV) charging station market by acquiring Voltrek, LLC. The announcement was made by Orion Energy Systems, Inc. (NASDAQ: OESX), a provider of energy-efficient LED lighting, controls and electrical installation and maintenance services. Voltrek, which had 2021 revenue of $4.8M primarily from projects in New England, offers turnkey EV charging solutions and ongoing support to all commercial verticals. It operates as a value-added resale partner to leading Electric Vehicle Supply Equipment and Electric Vehicle Service Providers, offering turnkey solutions.
Key Questions Answered in Energy Infrastructure for EV Charging Stations Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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