The Global Electric Vehicle Charging Infrastructure Market- Growth, COVID-19 impact and Forecast (2021-2025)
Global electric vehicle charging infrastructure market is segmented based on Charging level as Level 1, level 2 and Level 3; based on Charging point type as Normal charging, Super Charging and Inductive charging; based on Vehicle type as Plug-In Hybrid PEV, Electric bikes, EV Passenger Cars, Heavy Delivery Vans and Others; based on geography as APAC, Europe, North America, and ROW.
Introduction
An electric vehicle charging station, also known as EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for the recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids.
The electric vehicles (EV) market is witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.
With the outbreak of pandemic COVID-19, the governments around the world have shifted their focus from other activities to health care facilities in their countries, and also with the imposed lockdown, all infrastructure work was affected as people were forced to stay at home to maintain social distancing and avoid the spread of the virus, which impacted the availability of the workforce and hence the projects were affected.
Table of Contents
Market Overview
The global electric vehicle charging infrastructure market is expected to grow to $63.62 billion by 2025 at a CAGR of 33.4%
The electric vehicle industry is growing rapidly around the world, especially in China and the United States.
In the EU, as electric vehicles go mainstream, charging will possibly swing to public options and distant from the home/private charging over time, with the market share of home charging falling from about 75.0% in the year 2020 to around 40.0% by the year 2030.
Key Trends
Key trend for electric vehicle charging infrastructure is the reducing cost of EV with the reduction of battery cost which may lead to increase in demand for EV and EV charging stations.
The electric vehicle adoption rate is growing, and many countries across the globe are investing heavily in research and development.
Major manufacturers are collaborating with car rental service providers to integrate chargers into the existing infrastructure.
Key Market Players
The global electric vehicle charging infrastructure market is dominated by Chinese players. The market is dominated by global vendors like ChargePoint, Shell, Blink Charging, BYD, Tesla and ABB
Growth Drivers and Challenges
The rise in government initiatives for the promotion of e-mobility and stringent emission norms imposed on fossil-fuel-powered vehicles drive the growth of the global electric vehicle market, indirectly driving the growth of electric vehicle charging stations.
Some of the major factors driving the growth of the market studied are the government incentives and the increased sale of electric vehicles, which has generated the demand for charging stations.
The biggest hurdle in the growth of the electric vehicle charging station market is the high initial cost for Level 3 fast chargers and ultra-fast chargers.
Major challenges faced by this market are model availability of EVs and their fast charging standards, battery technology gap including lithium plating, thermal management systems, economic and infrastructure issues.
Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted electric vehicle charging stations production. Manufacturing units around the world were shut down, and EV charging sales had taken a huge hit in the first two quarters of 2020.