Electric Vehicle Charging Infrastructure Market Size Projected To Reach USD 147.94 Billion at CAGR of 38.63%, By 2030

Electric Vehicle Charging Infrastructure Market Size – USD 3.64 Billion in 2020, Market Growth - CAGR of 38.63%, High demand from the Asia Pacific region.

NEW YORK, NY, UNITED STATES, January 6, 2022 /EINPresswire.com/ -- High investments from automakers in EVs and growing concern about environmental pollution is driving the demand for the market.

The global electric vehicle charging infrastructure market is forecast to reach USD 147.94 Billion by 2030, according to a new report by Reports and Data. Governments across the globe are investing heavily in the charging infrastructure to create opportunities for the OEMs to expand their business and revenue. The Asia Pacific and European regions are leading the adoption of these vehicles to curb the level of air pollution and emission of greenhouse gases (GHGs).

However, the high cost required in the initial investment, overhaul, and maintenance is hindering the market's development. The dramatic reduction in local air pollution, greenhouse gas emissions and resulting climate change impacts, and less oil usage from the transport sector due to the usage of electric vehicles promise a breakthrough in the future transportation sector.

The EV30@30 projects a policy case emphasizing the widespread adoption of electric vehicles (EVs), which is in line with the EV30@30 campaign, which started at the Eighth Clean Energy Ministerial in the year 2017. The campaign set the combined ambitious target for all EVI (Electric Vehicle Initiative) members of a 30.0% share of the market for EVs in total vehicles (excluding two-wheelers) by the year 2030. Under the EV30@30 Scenario, electric vehicle sales are likely to reach 44 million vehicles/year by 2030.

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Further key findings from the report suggest

• CHAdeMO is a standard for DC fast charging, enabling fast charging of the electric vehicles. CHAdeMO is the compressed form for CHArge de MOde and was developed in the year 2010 by a collaboration of Japanese Electric Vehicle manufacturing firms and TEPCO (Tokyo Electric Power Company).
• All the electric vehicles come with a 120-volt level 1 portable charger. These chargers can be plugged into a simple household outlet, and do not require any special installation. Most manufacturers provide a basic level 1, 120 Volt charger, and these can take between 8 & 20 hours, depending on the battery capacity of the vehicle.
• Electric bikes provide new potential, especially in leisure traffics and are in high demand in several tourist destinations. To promote the health environment, the presence of an e-bike charging infrastructure is crucial. Some of the most popular locations for e-bike charging stations are tourist attractions, restaurants, snack bars, accommodations, and leisure facilities or sights.
• The pressing environmental concerns comprising traffic congestion and pollution in the Asia Pacific region has led to a greater emphasis on the sale of electric vehicles with 56.0% of the sales coming from East Asia and 37.0% of Southeast Asia ready to buy an electric vehicle. The Asia Pacific region held a significant market share of electric vehicle charging stations in the year 2019 and is likely to witness a healthy growth rate of 39.6% in the forecast period.
• Key participants include Chargepoint, Inc., ABB Ltd., Tesla Inc., BP Chargemaster, EVGO Services LLC, Semaconnect Network, Greenlots, and EV Connect, among others.
• In February 2020, Avis India, car rental service provider, announced to partner with Quikk India, an e-mobility service provider, for the development of integrated solutions intended for corporate electric mobility services. The firms in collaboration have developed a groundbreaking, integrated AI-based model, which combines transportation services, as well as access to robust charging infrastructure, at costs approximately equivalent to those of existing ICE vehicles.

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Segments covered in the report:

Infrastructure Provider Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• Charging Point Operator (CPO)
• E-Mobility Service Provider (EMSP)
• Charging Hubs

Charging Infrastructure Type Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• CCS
• CHADEMO
• Normal Charging
• Tesla Supercharger
• TYPE-2 (IEC 62196)

Charging Level Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• Level 1 (120 V)
• Level 2 (208 V – 240 V)
• Level 3 (UPTO 600 V)

Vehicle Type Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• Electric bike
• Plug-in hybrid PHEV
• EV passenger cars
• Heavy delivery vans
• Others

Installation Type Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• Portable Charger
• Fixed Charger

Application Outlook (Revenue, USD Million; Volume, Thousand Units; 2018-2030)

• Public
• Private

On the basis of regional analysis, the market is segmented into key geographical regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. According to the analysis, North America is expected to dominate the market with the highest market share. Asia-Pacific is anticipated to show a significant growth rate owing to rising development and population demands.

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Thank you for reading our report. Reports and Data provides customization of the report as per the needs of the clients. For further inquiry on customization, please connect with us and our team will ensure the report is tailored to fit your requirements.

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Tushar Rajput
Reports and Data
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