The global EV Charging Infrastructure market is accounted to US$ 6.45 Bn in 2018 and is expected to grow at a CAGR of 36.8% during the forecast period 2019 - 2027, to account to US$ 95.98 Bn by 2027.
The global EV Charging Infrastructure market is experiencing steady growth in the forecast period. The continuously rising number of electric vehicles in the US has led to an increase in demand and the number of EV charging infrastructures. There was a steady rise in the need for public charging stations in the developed as well as developing economies globally. A key area in the electric vehicle sector is currently characterized by a high level of innovation activity, for the quick and efficient charging system. Increase in electric vehicles fleet has increased the number charging station across many countries, which are caused by various factors. Thus, increasing electric vehicle production across the globe and strict governmental rules are directly impacting on the growth of EV Charging Infrastructure market in the current scenario.
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A key trend which will predominantly affect the EV Charging Infrastructure market in the coming years is the advancement in technologies, and thus, the automakers are focusing towards the development of mobile EV charging infrastructure for charging the vehicles where ever needed. The mobile EV charging infrastructure is developing under Electric Vehicle Supply Equipment (EVSE) and Charging as a Service (CaaS) option. This service can be served to event organizers or to any site where temporary and instant EV charging is required. Mobile EV Charging Infrastructure is a future technology to provide a better experience to its customers and thus enhance the adoption of these charging infrastructure in the forecast period. These factors are anticipated to gain traction in the coming times having a significant impact of the EV Charging Infrastructure market.
EV Charging Infrastructure market by charger type is segmented into public and private chargers. Private charger holds the highest market share. The number of EVs for personal usage is consistently growing, and with the growth of EVs, the demand EV charging infrastructure is also witnessing significant growth rate in the private sector. The new designs are smaller in size and are robust with higher output capacity. These factors are expected to increase the installation of private EV chargers, which is anticipated to drive the EV Charging Infrastructure market for private chargers in the coming years.
The overall EV Charging Infrastructure market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the EV Charging Infrastructure market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the EV Charging Infrastructure industry.
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