Electric Vehicle Charging Infrastructure Market Set to Reach USD 18.1 Billion by 2034, Reveals Transparency Market Research Inc.

Infrastructure investments in electric vehicle charging infrastructure drive demand for materials for electric vehicle charging infrastructure

WILMINGTON, Del., July 18, 2024 /PRNewswire/ -- The global materials for electric vehicle charging infrastructure industry were valued at US$ 661.8 million in 2023. Between 2024 and 2034, US$ 18.1 billion is expected to be generated, growing at a CAGR of 32.7%.

A sufficient drive range can only be achieved with electric vehicles if the batteries they use are lithium-ion ones. The growing popularity of electric vehicles drives up demand for additional infrastructure for charging as battery technology advances, leading to increased energy density and faster charging times.

The building of EV charging stations needs a lot of cutting-edge materials, like steel, concrete, and composites. Using sustainable building materials and methods is another way to reduce the environmental impact of charging infrastructure.

Standardization of charging protocols and hardware will ensure interoperability between electric vehicle models and charging networks. A standard charging connector, cable, and communication interface will be crucial for smooth integration and compatibility.

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Even though wireless charging technology for electric vehicles is still in its infancy, it is expected to have an enormous impact on convenience and user experience in the future. Material efficiency and reliability will be increased in wireless charging pads, coils, and power transfer systems.

Key Findings of the Market Report

• Based on material type, composite materials are expected to dominate the market.
• Rising EV sales are likely to create a market for charging stations, leading to increased demand for materials for electric vehicle charging infrastructure.
• In terms of charging stations, the battery swapping stations segment will create a market for materials for electric vehicle charging infrastructure.
• Commercial charging infrastructure will be in high demand over next few years.
• Electric vehicle sales in Asia Pacific are expected to fuel demand for materials for electric vehicle charging infrastructure market.

Global Materials for Electric Vehicle Charging Infrastructure Market: Growth Drivers

• A charging station's ability to convert and distribute power effectively depends on power electronics and cutting-edge semiconductor components. In addition to fast charging, this material is also capable of bidirectional power transfer and smart grid integration.
• Renewable energy sources like solar and wind power a large number of EV charging stations. In order to reduce greenhouse gas emissions related to EV charging, materials like solar panels, wind turbines, and energy storage devices are essential for the implementation of renewable energy-powered charging infrastructure.
• Data connectivity and communication devices are essential components of EV charging infrastructure for network management, remote monitoring, and payment processing. For EV charging networks to be dependable and secure, materials for data centers, cybersecurity, and telecommunications are necessary.
• Government policies, incentives, and subsidies largely influence electric vehicle uptake and charging infrastructure. Government initiatives supporting sustainability, innovation, and energy efficiency may have an impact on the materials used in the production of EVs and the infrastructure needed to charge them.

Materials for Electric Vehicle Charging Infrastructure Market Report Scope:

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Global Materials for Electric Vehicle Charging Infrastructure Market: Regional Landscape

• Materials for electric vehicle charging infrastructure are likely to be in high demand in Asia Pacific. Electric vehicles are being encouraged by numerous nations in the Asia Pacific region through incentives and ambitious laws. Support for electric vehicles will encourage investments in charging stations, grid connectivity, and renewable energy sources.
• Asia Pacific, especially nations like China, India, Japan, and South Korea, is a center for technical innovation. For electric vehicle charging infrastructure to be effective and sustainable, battery technology, materials science, and smart grid solutions must remain at the forefront of innovation.
• Sustainable transportation solutions will become more and more important as people in many Asian cities become more conscious of environmental problems and air pollution.
• Sustainability must be given top priority when choosing materials for EV charging infrastructure. This includes integrating renewable energy sources, using recycled materials, and designing with low energy consumption.
• Asia Pacific cities' urban planning programs will place a greater emphasis on creating EV-friendly infrastructure, including charging stations in public places, business districts, and residential areas. The materials utilized in urban infrastructure projects must be able to withstand the rigors of various environments and patterns of use.

Global Materials for Electric Vehicle Charging Infrastructure Market: Competitive Landscape

A number of key players are offering products designed specifically for the power connection of electric vehicle charging infrastructure in the global market for electric vehicle charging infrastructure materials. Halogen-free and flame retardant (HFFR) properties are offered by these products.

Key Players Profiled

• Prysmian Group
• Nexans
• Southwire Company LLC
• Leoni AG
• LAPP Group
• TE Connectivity Ltd.
• Amphenol Corporation
• Furukawa Electric Co., Ltd.
• Sumitomo Electric Industries, Ltd.

Key Developments

• In March 2023, Southwire, a leading producer of wire and cable in North America and an emerging player in the electrical sector, became the official wire and cable supplier for Formula E.
• In February 2024, the Prysmian Group joined CharIn, an industry group dedicated to standardizing a super-fast charging infrastructure that allows electric vehicle (EV) drivers to recharge their vehicles on the road easily and quickly during long-distance trips by promoting the Charging Interface Initiative.

Global Materials for Electric Vehicle Charging Infrastructure Market: Segmentation

By Material Type

• Metals
• Polymers
• Composites
• Ceramics
• Conductive Materials
• Others

By Component

• Charging Stations
• Power Distribution Units (PDUs)
• Charging Cables
• Connectors and Plugs
• Power Electronics
• Energy Storage Systems (ESSs)
• Others

By Charging Station Type

• AC Charging Stations
• DC Charging Stations
• Battery Swapping Stations

By End Use

• Commercial Charging Infrastructure
• Residential Charging Infrastructure

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Explore TMR's related ongoing Coverage on Chemicals and Materials Domain:

• Extruded Plastics Market - The global extruded plastics market was projected to attain US$ 210.2 billion in 2022. It is anticipated to garner a 6% CAGR from 2023 to 2031. The market is likely to attain US$ 356.1 billion by 2031.
• Recycled Metal Market - The global recycled metal market is estimated to flourish at a CAGR of 3.6% from 2023 to 2031. According to Transparency Market Research, recycled metal sales are slated to total US$ 1.1 billion by the end of the aforementioned assessment period.
• Light Diffusion Materials Market - Light Diffusion Materials Market is estimated to grow at a CAGR of 4.5% from 2024 to 2034 and reach US$ 2.9 Bn by the end of 2034.

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research