Electric Vehicle Charging Infrastructure Market Outlook
According to the report by Expert Market Research (EMR), the global electric vehicle charging infrastructure market Size is projected to grow at a CAGR of 31.40% between 2023 and 2028. Aided by the increasing adoption of electric vehicles and growing environmental consciousness, the market is expected to grow significantly by 2028.
Electric vehicle charging infrastructure, often referred to as electric vehicle supply equipment (EVSE), comprises technologies and services enabling the charging of plug-in electric vehicles (EVs). These vehicles include Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs). The charging infrastructure varies from residential charging systems to public charging stations and fast-charging stations, offering different power levels and charging speeds.
One of the key drivers driving the electric vehicle charging infrastructure market growth is the growing demand for electric vehicles due to rising environmental concerns and the imperative to reduce greenhouse gas emissions. As more consumers opt for electric vehicles over conventional fuel-based vehicles, the need for charging infrastructure is increasing proportionally.
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Further, government initiatives worldwide promoting the adoption of electric vehicles and the development of related infrastructure are significantly contributing to the market growth. Incentives and subsidies provided by various governments to encourage the installation of EV charging stations are acting as a catalyst for market expansion. The increasing integration of advanced technologies, such as IoT and AI, with EV charging infrastructure is another crucial factor fuelling the electric vehicle charging infrastructure market expansion. Smart charging systems enable remote access, real-time information, and intelligent power management, improving user convenience and energy efficiency.
Moreover, the growing trend towards the electrification of public transport is expected to fuel the demand for fast-charging infrastructure, particularly in urban areas. The growing development of commercial charging stations in places like shopping malls, airports, and commercial buildings is also expected to boost the market growth. The expansion of the electric vehicle charging infrastructure market is further propelled by the continuous improvements in battery technology, resulting in longer driving ranges and shorter charging times. The emergence of wireless charging and ultra-fast charging technologies represents future trends that are likely to stimulate market growth.
Electric Vehicle Charging Infrastructure Market Segmentation
The market can be divided based on charger type, connector type, application, and region.
Market Breakup by Charger Type
• Slow Charger
• Fast Charger
Market Breakup by Connector Type
• CHAdeMO
• Combined Charging System (CCS)
• Others
Market Breakup by Application
• Commercial
• Residential
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global electric vehicle charging infrastructure companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• ABB Ltd.
• General Electric Company
• Schneider Electric
• ChargePoint, Inc.
• Tesla, Inc.
• Leviton Manufacturing Co., Inc.
• Sicon Chat Union Electric Co., Ltd.
• Others
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