The global electric vehicle (EV) charging infrastructure market is expected to reach $45.59 billion by 2025, according to a new report by Grand View Research, Inc. Governments across the globe are striving to encourage the adoption of EVs. Incentive programs, such as tax rebates, grants and subsidies, have been launched to promote the same.
The increasing adoption of EVs is expected to be more in the passenger cars segment, in comparison with the commercial vehicle segment. The increase in adoption can be attributed to the growing research and development activities and initiatives undertaken to improve the existing EV models, and make them competitive with the available fuel-powered car models. Furthermore, companies are working toward upgrading electric vehicle supply equipment (EVSE) to make them more convenient.
In the year 2016, CHAdeMO possessed the largest market share in the connector segment. However, it is predicted to be surpassed by the Combined Charging System (CCS) connectors segment, which is a combination of SAE J1772 (IEC Type 1) and IEC Type 2 connectors.
The fast chargers segment is expected to exhibit the fastest growth, with an estimated compound annual growth rate (CAGR) of around 47.9% from 2017 – 2025. Overnight charging is insufficient for covering long distances and sparing hours to charge the vehicle, during a voyage, is not presumed as a good idea. These situations encourage anxiety and eventually discourage the use of EVs. Therefore, fast chargers are expected to have higher adoption rate than slow chargers.
Further key findings from the report suggest:
- The EV charging infrastructure market is expected to grow at a CAGR of 46.8% from 2017 – 2025.
- Leading automakers are observed investing heavily in promoting EV charging infrastructure. For instance, BMW, Daimler, Ford and Volkswagen, together announced an investment plan for the development of 400 charging sites across Europe.
- The North American region is projected to dominate the EV charging infrastructure, as it is expected to witness significant growth in EV sales.
- The major players of the electric vehicle charging infrastructure market are ABB Group, AeroVironment, Inc., Elektromotive Limited, ChargePoint, Inc., Schneider Electric SE, Chargemaster Plc, Eaton Corporation, Siemens AG, SemaConnect, Inc., ClipperCreek, Inc., Tesla Motors, Inc., Delphi Automotive LLP, General Electric and Leviton Manufacturing Co., Inc., among others.
To browse the full research report, click here.