According to our latest market study on “EV Charging Infrastructure Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Platform, Hardware, Charger Type, and IEC Mode,” the market was valued at US$ 7,987.50 million in 2020 and is expected to grow at a CAGR of 15.0% during the forecast period of 2021 to 2028 to reach US$ 23,395.77 million by 2028.
Smart Charging and Connected Infrastructure
The accelerated technological development of next-generation electric vehicles and their supporting components, along with the evolution of charging-technology providers, is leading to rapid technological advancements in electrc vehicle (EV) charging technology. The operations of electric vehicle charging stations are transforming due to the rising penetration of artificial intelligence (AI), the internet of things, and cloud computing as a large number of major players in the market are beginning to shift their focus toward the development of smart charging stations, which enable data connection between stations and EVs. Many technology providers, including ABB, Delta Electronics, and Enel X, are focusing on next-generation EV charging technology to integrate cloud connectivity, AI, access via smartphone, and fast charging in their infrastructure. For instance, IONITY—a joint venture of BMW Group, Daimler AG, Ford Motor Company, Hyundai, and the Volkswagen Group with Audi and Porsche— has installed a network of over 400 fast-charging stations across 24 European countries.
Furthermore, the emergence of new software solutions, such as cloud-based digital solutions for real-time fleet management and acceleration in electrification, is shaping the global EV charging infrastructure market. For instance, the charging management software offered by EVBox enables users to track, manage, and optimize their EV charging infrastructure. Therefore, charging systems designed for high power and fast charging, incorporating software solutions for a cloud-connected EV charging infrastructure, are expected to pave the way for the EV charging infrastructure market growth and become a prominent trend in the coming years.
The onset of the COVID-19 crisis in 2020 led to a slowdown in the automotive and its infrastructure activities worldwide. All the regions reported in the analysis suffered a significant downturn in workloads during the first half of 2020. However, the pandemic accelerated the need for emission-free mobility, especially in the developed regions. According to estimations by IEA, the global electric car sales rose to more than 3 million, reaching a market share of over 4%. The rise in sales during 2020 peak of the pandemic, rising by 40% in global sales from the 2.1 million electric cars sales in 2019. Notably, electric vehicle sales rose by a significant 160% in the first half of 2021 compared to 2020, representing 26% of total new sales in the global automotive market. As the sales of EV worldwide sore to exceptional heights, major global EV charging infrastructure players have been implementing smart charging solutions in various countries to create a supporting ecosystem complementing the development of future-ready connected, hassle-free, and safer mobility. For instance, during the pandemic period of 2020–2021, EV charging infrastructure companies, such as EVBox and Tritium, entered into partnerships, acquired several significant players, and have strongly focused on the research and development of smart EV charging infrastructure solutions.
Furthermore, the systems supporting EV charging infrastructure reduces the operational costs and environmental impact for agencies and government departments compared to present ICE vehicle scenario, thereby amplifying the growth prospects of major global players. For instance, the US government released an EV Charging Action Plan to lay down steps for the federal agencies to support the development and deployments of chargers in American communities across the country. Therefore, there has been no major impact of COVID-19 pandemic on the EV charging infrastructure market, and it is witnessing steady progressive growth in major parts of the world.
Key Findings of Study:
The EV charging infrastructure market is segmented on the basis of platform, hardware, charger type, IEC mode, and geography. Based on platform, the market is segmented into hardware and services. In 2020, the hardware segment led the market and accounted for a larger market share. Based on hardware, the global EV charging infrastructure market is categorized into AC charger and DC charger. In 2020, the AC charger segment led the EV charging infrastructure market. By charger type, the EV charging infrastructure market is bifurcated into public chargers and private chargers. The private charger segment led the EV charging infrastructure market in 2020. By IEC mode, the EV charging infrastructure market is segmented into 2, 3, and 4. In 2020, The 3 segment led the EV charging infrastructure market. By region, the EV charging infrastructure market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). Asia Pacific dominated the EV charging infrastructure market in 2020.
