DUBLIN–(BUSINESS WIRE)–The “Electric Vehicle Charging Market by Charging Type, Charging Voltage Level, Charging Point Type, Charger Type, Application, Charging Infrastructure Type, Installation Type – Global Opportunity Analysis and Industry Forecast 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
Electric Vehicle (EV) Charging Market size was valued at USD 14.49 billion in 2021 and is predicted to reach USD 128.13 billion by 2030 with a CAGR of 28.2% during the forecast period, 2022 to 2030.
Demand for EV charging has increased across the globe, owing to rise in demand for fuel-efficient vehicles has increased, due to surge in price of petrol and diesel. This is attributed to draining of fossil fuel reserves and growth in tendency of companies to gain maximum revenue from these oil reserves. These factors increase demand for EV infrastructure for transportation, which is thus expected to fuel the EV charging market share.
However, high initial setup costs of fast chargers including level 3 and ultra-fast chargers hamper the market growth. On the contrary, rise in adoption of vehicle-to-grid (V2G) stations that allow plug-in EVs and power grid to exchange electrical energy in both directions for electric vehicles is expected to create ample opportunities for key players operating in the EV charging market during the coming decade.
Segment Overview
The global EV charging market is segmented on the basis of charging type, charging voltage level, charging point type, charger type, application, charging infrastructure type, installation type, IoT connectivity, and region.
- By charging type, the market is classified into off-board top-down pantograph, on-board bottom-up pantograph, and charging via connector.
- By charging voltage level, the market is segmented into Level 1 (< 3.7 KW), Level 2 (3.7-22 KW), and Level 3 (Above 22 KW).
- By charging point type, the market is categorized AC (normal charging), DC (super charging), and inductive charging/wireless.
- By charger type, the market is divided into slow charger and fast charger.
- By application, the market is divided into commercial and residential.
- By charging infrastructure, the market is segmented into combined charging system (CCS), CHAdeMO, Type1/normal charger, tesla super charger, Type 2, and GB/T (Level 3).
- By installation type, the market is segmented into portable charger and fixed charger.
- By IoT connectivity, the market is classified into non-connected charging stations and smart connected charging stations (networked).
- Region wise, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Recent Developments
October 2022
ChargePoint, Inc. announced the launch of CP6000, which is its most flexible and serviceable global AC EV charging solution available for vehicles of all types and sizes. CP6000 is designed for scalability, flexibility, reliability, and a best-in-class driver experience and offers reliable AC charging for 1 or 3 phase power at an adaptable output of 3.7 to 22kw per port.
September 2022
EVgo Inc. launched Autocharge+, setting a new standard for EV convenience by enabling streamlined charging for EV drivers across the country.
May 2022
ABB’s e-mobility unit acquired a controlling stake in Numocity, an Indian digital platform for EV charging. It is already a shareholder in the business and is expected to increase to a controlling majority of 72%, having the right to become the sole owner by 2026. Under this acquisition, it will expand to Southeast Asia and the Middle East. The region has seen growing demand for charging solutions for two and three-wheelers.
March 2022
BYD partnered with Shell to expand its electric vehicle charging network across China and Europe. The two firms developed EV charging networks in China, starting with a network of more than 10,000 charging points in Shenzhen
February 2022
Siemens eMobility collaborated with Ford on the Ford Charge Station Pro, a custom electric vehicle (EV) charger for the Ford F-150 Lightning. This innovative charger was the first bidirectional-ready EV solution set for release at retail customer scale to receive certification under the newly expanded Underwriters Laboratories (UL) 9741
Market Dynamics
Drivers
- Growth in Sales of EVs
- Rise in Government Initiatives and Financial Aid to Hasten Installation of EV Charging Stations
- Increase in Demand for Fuel-Efficient and Low-Emission Automobiles
Restraints
- Absence of Standardization of Current EV Charging Infrastructure
- High Initial Setup Costs of EV Chargers
Opportunities
- Rise in Adoption of Vehicle-To-Grid (V2G) EV Charging Stations
- Smart Infrastructure and the Internet of Things (Iot) in EV Charging Stations to Manage Load
Companies Mentioned
- ABB
- Tesla Inc.
- ChargePoint
- Shell Recharge Solutions
- Star Charge
- TELD
- Siemens
- BYD
- EVgo
- Hyundai Motor Company
For more information about this report visit https://www.researchandmarkets.com/r/398u0m
