Electric Vehicle Infrastructures Market to Reach $270.5 Billion, Globally, by 2033 at 27.6% CAGR: Allied Market Research

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Sep 17, 2024, 05:04 ET

The electric vehicle (EV) infrastructure market has experienced robust growth as the global transition towards cleaner transportation accelerates. This expansion is primarily driven by increasing government incentives, stringent emissions regulations, and growing environmental awareness among consumers.

WILMINGTON, Del., Sept. 17, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Vehicle Infrastructures Market by Charger Type (Slow Charger and Faster Charger), Installation Type (Fixed and Portable), Connector (CHAdeMO, CCS and Others), Deployment (Private and Public), Application (Commercial and Residential): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the electric vehicle infrastructures market was valued at $24.6 billion in 2023, and is estimated to reach $270.5 billion by 2033, growing at a CAGR of 27.6% from 2024 to 2033.

The global electric vehicle infrastructure market is witnessing rapid growth, driven by the increasing adoption of electric vehicles worldwide. Governments and private enterprises are investing heavily in expanding charging networks to meet the rising demand for EVs. This growth is bolstered by supportive policies and incentives aimed at reducing carbon emissions and combating climate change. Technological advancements in charging solutions, such as fast charging and wireless charging, are further enhancing the convenience and feasibility of EV ownership. Additionally, partnerships between automakers, energy companies, and technology providers are fostering the development of integrated and innovative charging solutions. As a result, the global EV infrastructure market is expected to witness continued expansion, playing a crucial role in the transition to sustainable transportation.

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Prime determinants of growth

The market is in a high growth stage, and the rate of expansion is accelerating. The electric vehicle charging infrastructure market infrastructure market is characterized by high levels of innovation and quickly growing technology developments. Technological breakthroughs, such as improvements in charging infrastructure and battery technology, are making electric vehicles more convenient and practical for daily usage. Opportunities exist in the use of V2G-enabled EV charging stations. However, lack of standardization of charging stations restrains market growth.

By Charger Type

The fast charger segment is expected to experience rapid growth throughout the forecast period.

By charger type, the fast charger segment is anticipated to experience faster growth in the electric vehicle infrastructure market due to the This rise is due to various governments' increasing initiatives to accelerate the implementation of public fast-charging infrastructure. Most organizations have installed Level 3 DC fast chargers or Level 2 AC charging stations, which can fully charge an electric vehicle in 30 minutes to 4 hours. Furthermore, automakers are emphasizing the installation of electric vehicle charging stations for their employees as part of their attempts to increase awareness about their electric vehicles and public charging stations.

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By Installation Type

The fixed segment is expected to experience rapid growth throughout the forecast period.

By installation type, the fixed segment is anticipated to experience growth in the electric vehicle infrastructure market, owing to its ability to provide reliable and consistent charging solutions in various locations, including residential, commercial, and public areas. Fixed charging stations offer higher power outputs compared to mobile solutions, enabling faster charging times which are essential for the convenience of EV users. The increasing adoption of electric vehicles in urban areas is driving the demand for accessible and strategically placed fixed charging infrastructure.

By Connector

The others segment is expected to experience rapid growth throughout the forecast period.

By connector, in 2023, the others sector had the most market revenue share. This category comprises connectors such as GB/T, Mennekes, J1772, and others. This segment's dominance is due to China's widespread use of GB/T connections. The GB/T connector is China's official EV plug standard, and it is utilized by all EV chargers. High EV sales, combined with a high presence of EV charging infrastructure in China, are expected to drive segment growth.

By Deployment

The public segment is expected to experience rapid growth throughout the forecast period.

By deployment, the public segment is anticipated to experience growth in the electric vehicle infrastructure market, owing to its ability to provide reliable and consistent charging solutions in various locations, including residential, commercial, and public areas. As more cities and countries set ambitious targets for reducing carbon emissions and transitioning to electric mobility, there is a heightened demand for the development of EV charging networks and supporting infrastructure. Public sector investments are crucial for expanding charging station coverage, particularly in urban areas and along major transportation corridors, making EV adoption more feasible and convenient for consumers. Additionally, government incentives and policies aimed at promoting green energy and reducing reliance on fossil fuels further drive this growth.

By Application

The commercial segment is expected to experience rapid growth throughout the forecast period.

By application, the commercial segment is anticipated to experience growth in the electric vehicle infrastructure market, owing to its critical role in supporting the widespread adoption of electric vehicles across various sectors. Commercial charging stations, located in workplaces, retail centers, parking garages, and other public venues, offer convenient access for EV users, encouraging more consumers and businesses to transition to electric vehicles. The rise of fleet electrification in logistics, ride-sharing, and public transportation is driving the need for robust commercial charging solutions.

By Region

Asia-Pacific to maintain its dominance by 2033.

Region wise, Asia-Pacific is expected to maintain its dominance in the electric vehicle infrastructure market by 2033 owing to robust owing to robust government initiatives, substantial investments in sustainable transportation, and rapid urbanization. Governments across the region, particularly in China, Japan, and South Korea, are implementing policies and subsidies to promote the adoption of electric vehicles and the expansion of EV charging networks. The commitment to reducing carbon emissions and combating air pollution is driving large-scale deployments of EV infrastructure. Additionally, the increasing collaboration between public and private sectors is accelerating the development of advanced and extensive charging networks.

Players: -

ChargePoint, Inc.
ABB Ltd.
Tritium DCFC Limited
Delta Electronics, Inc.
BTC Power
Siemens
Schneider Electric
Eaton Corporation plc
bp pulse
Webasto Group
Tesla Inc

The report provides a detailed analysis of these key players in the global electric vehicle infrastructure market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Recent Industry News

In February 2023, ChargePoint Holdings, Inc. and Fisker, Inc., an automobile company, announced an agreement to improve the driving experience of Fisker Ocean drivers. The partnership aims to ensure that Fisker Ocean drivers can access charging facilities conveniently and seamlessly.
In February 2023, bp pulse unveiled plans to invest $1 billion in the development of electric vehicle (EV) charging stations in the U.S. by 2030, with a significant aspect of the investment dedicated to collaborating with The Hertz Corporation on the construction of fast-charging infrastructure at The Hertz Corporation's facilities in prominent cities such as Austin, Atlanta, Boston, Denver, Chicago, New York City, Houston, Miami, San Francisco, and Washington, DC.

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