According to a study of Research Dive, global EV charging infrastructure market forecast shall surpass $18,589.0 million by 2026.
The pollutant emissions from diesel-engine vehicles have necessitated strict government policies to back the alternative fuels and advanced vehicle technologies to improve the environmental performance. Rising demand for eco-friendly vehicles is one of the major factors for the EV charging infrastructure market growth. In addition, technology innovations combined with heavy investments in EV charging infrastructure development is also projected to drive the growth of the global market. Contrary to this, high cost of fast charging stations is anticipated to decline the growth of the global EV charging infrastructure industry. PV (photovoltaic) based charging stations for electric vehicles can fulfill the rising demand of power by electric vehicles in upcoming years. This technology is mainly focusing on economic and technical feasibility. Furthermore, the PV based electrical vehicles has pollutant reduction potentials for nitrogen oxides, CO2 and SO?. These EV charging infrastructure market trends are predicted to create vast opportunities for the growth of the global market.
AC power supply type market shall register a revenue of $7,900.3 million by the end of 2026, growing at a CAGR of 36.0% during the forecast period.
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The major benefits of AC charging system are that it can be transmitted economically over long distances. This charger has capability to make safe and controlled charging available for the vehicle. In addition, this charger can be used for charging of electric vehicles at various speeds. These key factors are anticipated to improve the global market growth.
DC power supply type market has the largest market share and this segment will register a revenue of $10,688.7 million by the end of 2026, growing at a CAGR of 34.0%. Latest technological innovation and heavy investment in research & development activities by leading players is anticipated to boost the global market growth. In addition, global acceptance of clean power equipment is anticipated to foster the demand of DC charging system.
EV charging infrastructure market size for level 1(120V) charging will generate a revenue of $6,766.4 million by 2026, growing at a CAGR of 33.7%, throughout the forecast period. EV charging infrastructure market share for level 3(300-600 V) will register a revenue of $5,688.2 million by 2026, growing at a CAGR of 36.0%. In the public charging area such as city parking garages, mall parking Level 3 can decrease charging time and make it more efficient for users on-the-go. Level 3 charging requires an AC/DC converter for the generation of a DC voltage from the AC line. Furthermore, to meet regulatory standards, incoming power needs to go through power factor correction. In addition, Level 3 chargers may consist complex displays along with the facility of online billing/reporting applications.
EV charging infrastructure market for private charging will register a revenue of $10,855.9 million by 2026, growing at a CAGR of 33.6% during the forecast period. Growing concern among people about zero carbon emissions is one of the major factors for the growth of the global market. In addition, electrical vehicle owners prefer to install charging stations in their garages and parking; this is also anticipated to drive the global market. Public charging segment shall generate a revenue of $7,733.0 million by 2026, increasing at a CAGR of 36.7% over the projected period. Multibillion-dollar investment in new EV projects by developed countries and constant improvisation in battery technology are the key factors attributed to creating demand for the EV charging devices, which ultimately will boost the growth of the global market.
EV charging infrastructure market for Asia-Pacific region is expected to rise at a CAGR of 34.5% by generating a revenue of $5,762.6 million by 2026. Grant eligibility and government support for EV projects is one of the driving factors compelling the electric vehicle charging infrastructure market in Asian countries. The Government of India is planning for installation of 5,000 EV charging stations. Multiple policy and regulatory level initiatives of the governments of Asian economies such as Japan, China and others are also some of the major factors for the growth of the global market. In addition, fiscal and non-fiscal incentives and subsidy support, have played a key role in massive deploying of EV charging infrastructure; eventually it will boost the growth of Asian market.
Some of the major EV charging infrastructure market players include ABB, ChargePoint, Inc., Eaton., ClipperCreek, Inc., Honeywell International Inc, Pod Point., Tesla., GENERAL ELECTRICE, Leviton Manufacturing Co., Inc., and Rittal GmbH & Co. KG. Top players using updated technologies for their EV charging infrastructure will have good probability of having success in the rapidly blooming market. For example, recently, Tesla deployed charging infrastructure for electric vehicles is in the U.S which is also recognized as the largest public fast charging station. Tesla charging infrastructure is supplying around 20 50 kW stalls each with CCS/SAE and Chademo ports.
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