Jun 23, 2022, 10:20 EST
Shibuya-ku, Tokyo, Japan, Japan, Jun 23, 2022, 10:20 /Comserve / -- EV Charging Infrastructure Market Share & Industry Analysis Reports, Global Forecast till 2022-2031
The EV charging infrastructure market forecast shall be $18,589.0 million by 2031, rising from $1,700 million in 2022 at a CAGR of 34.9%.
Electric vehicle charging infrastructures are the recharging points that are utilized to recharge electric motor vehicle. These EV charging infrastructure offers wide range of application places like workplace, fleet and parking. In addition, some of the EV charging infrastructures have highly integrated features like smart metering, cellular capability, and network connectivity. Furthermore, EV charging infrastructure offers DC quick charger and AC EV charger.
The significant evolutions in EVs coupled with heavy investment in R&D by major players are expected to drive the growth of global market. Public perceptions for the reduction of carbon footprints is one of the driving factors for the EV charging infrastructure market growth. In addition, the rapid progress of novel technology along with supportive government policies is projected to fuel the global market growth.
However, the high cost of the fast-charging infrastructure and complexity of charging infrastructure will decline the global EV charging infrastructure market growth.
Solar based electric car charging infrastructure is mainly incorporated with solar panels. These infrastructures support to meet the rising demand of electric motor vehicles of upcoming years. This advanced technology is majorly emphasizing on technical and economic feasibility. These market trends are projected to create vast opportunities for the growth of the market.
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AC Charging System for EV Charging Infrastructure market size is anticipated to grow at a healthy rate, and is forecasted to account for $7,900.3 million by 2031, rising from $674.9 million in 2022.
DC charging system for EV Charging Infrastructure market share is anticipated to grow at a CAGR of 34.0% rate, and it will generate a revenue of $10,688.7 million, during the forecasted period.
Level 3 (300-600 V) charging segment will witness a significant growth and is projected to surpass $5,688.4 million by 2031, with the rising from $487.05 million in 2022.
Level 1 (120 V) charging segment has significant market share and is projected to grow at a CAGR of 33.7% rate, and it will register a revenue of $661.3 million, over the forecasted period.
Private segment will witness a significant growth and is anticipated to account for $10,855.9 million by 2031, with an increase from $1,067.6 million in 2022.
Public segment is expected to cross $7,733.0 million by 2031, with an increase from $632.4 million in 2022.
The EV charging infrastructure market size for Asia-Pacific is expected to experience substantial growth; this market has generated a revenue of $538.9 million in 2022 and is anticipated to account for $5,762.6 million, during the forecasted period.
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Some of the significant EV charging infrastructure market players include ABB, Eaton., ChargePoint, Inc., ClipperCreek, Inc., GENERAL ELECTRICE, Honeywell International Inc, Rittal GmbH & Co. KG, Pod Point., Leviton Manufacturing Co., Inc., Tesla.
Market Players prefer inorganic growth strategies to expand into local markets. EV charging infrastructure Charging Infrastructure market players are emphasizing more on merger & acquisition and advanced product development. These are the frequent strategies followed by the established organizations.
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