Electric Vehicle Charging Market

Electric Vehicle Charging Infrastructure Market: Global Opportunity and Trend Analysis, 2019-2030

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Electric Vehicle Charging Market Overview

Electric Vehicle (EV) charging station can be described as an electric vehicle supply equipment (EVSE), which is part of an infrastructure responsible for supplying electric energy for recharging plug-in electric vehicles. The global EV charging infrastructure market is projected to reach USD 140.0 billion by 2030, growing at an estimated CAGR of 31.2%. The rapid pace of growth expected to be witnessed within this industry can be attributed to the constant innovation and R&D efforts being carried out for the improvement of EV charging technologies. In addition, increasing demand for electric vehicles and government funding and incentives for adoption of cleaner transport alternatives is expected to further, propel the growth of this market. However, the recent global COVID-19 pandemic and requirement of high initial investment are some of the factors that may hinder the growth of the EV charging infrastructure market. 

It  is worth mentioning that, at present, commercial charging stations are available at various public sites, thereby enabling users of electric vehicles to charge their equipment easily at various commonly frequented places, such as shopping malls, restaurants, hotels and highways. As per our estimates, the market for commercial electric vehicle charging stations is likely to grow at an estimated CAGR of 39.1%, during the period 2020-2030.

Further, slow AC charging is presently the most common method of charging electric vehicles owing to the cost related advantages that this alternative offers. Therefore, we believe that AC charging stations are likely to capture the largest market share (80%) of the overall market, throughout the forecast period. In addition, the growing demand for solutions that enable charging of electric vehicles at home, workplace and a parking space is anticipated to drive growth of the market for Level 2 chargers. Figure 1.1 below presents the fastest growing  EV charging infrastructure market for the period 2019-2030.
 

This image presents the fastest growing  EV charging infrastructure market according to Roots Analysis report

Recent Developments in Electric Vehicle Charging Market:

Several recent developments have taken place in the field of electric vehicle charging. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

  • In September 2023, Hilton Worldwide Holdings entered into a collaboration with Tesla in order to create the largest electric vehicle (EV) charging network among hospitality companies. 
  • In September 2023, Siemens invested USD 30 million to workforce development in the United States focusing on the electric vehicle charging sector. 
  • In June 2023, GM announced the partnership with Tesla aimed at expanding charging accessibility for GM EV drivers at Tesla Superchargers across North America.

Scope of the Report

The ‘Electric Vehicle Charging Infrastructure Market: Global Opportunity and Trend Analysis, 2019-2030’ report features an extensive study of the current landscape of industry players that are offering electric vehicle charging infrastructure and related services. Amongst other elements, the report features:

  • A quantitative analysis of the current and future market opportunity, over the period 2019-2030.
  • A qualitative analysis of key market trends, growth drivers, constraints, and upcoming opportunity areas, within the electric charging infrastructure market.
  • Detailed discussion on the likely impact that the recent COVID-19 pandemic is anticipated to have on the electric vehicles industry.
  • Informed insights on the competitive landscape of the electric vehicle charging infrastructure market.

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