Global EV Charging Infrastructure Market Projected to Grow at a CAGR of 34.9% and Surpass $18,589.0 Million from 2019 to 2026 - Exclusive Report [Pages-213] by Research Dive
The global market for EV charging infrastructure is projected to observe considerable growth over the forecast period, owing to the supportive government policies for EV charging infrastructure and key evolutions in EVs across the globe. By type, the AC charging system sub-segment is estimated to observe significant growth by 2026. Regionally, the Asia Pacific market is predicted to generate huge opportunities for the market investors in the estimated timeframe.
New York, USA, July 20, 2021 (GLOBE NEWSWIRE) -- As per a latest report published by Research Dive, the global EV charging infrastructure market is projected to register a revenue of $18,589.0 million at a CAGR of 34.9% during the forecast period from 2019 to 2026, increasing from $1,700 million in 2018. The comprehensive report provides a brief summary of the current market scenario including major aspects of the market such as growth factors, challenges, restraints, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the key evolutions in electric vehicles (EVs) and the supportive government policies for EV charging infrastructures are the major factors expected to boost the growth of the global market over the forecast period. For example, in January 2020, the Indian government approved 2,636 EV charging infrastructures in 62 cities across 24 states and Union Territories. In addition, technological advancements coupled with increasing investments by EV market players in EV charging stations infrastructure is projected to drive the market growth. Moreover, the increase in number of installation of solar power-based charging station solutions across the globe is predicted to generate lucrative growth opportunities for the market by 2026. However, the high costs and stringent requirement for installation of infrastructure are estimated to hinder the market growth in the coming years.
AC Charging System Sub-segment to Grow at Healthy CAGR
By type, the AC charging system sub-segment is estimated to grow at significant rate and garner a revenue $7,900.3 million by 2026. This is mainly because AC charging systems have the ability to maintain communication with the vehicle’s control system and provide controlled & safe charging to the vehicle. In addition, the ongoing technological advancements along with rising deployment of residential & public establishments is driving the sub-segment’s growth.
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Level 3 (300-600V) Sub-segment to Observe Considerable Growth
By charging level, the level 3 (300-600V) sub-segment valued for $487.0 million in 2018 and is estimated to grow at significant CAGR during the forecast period. This is majorly because level 3 charging in the public charging areas such as mall parking and city parking garages can decrease the charging time and make it more efficient for users on-the-go.
Private Sub-segment to Hold the Largest Market Share
By application, the private segment accounted for $1,067.6 million in 2018 and is projected to generate largest revenue share in the global industry by 2026. The owners of EVs are constantly looking to construct efficient charging station in their garages and parking area, as per their convenience. In addition, the adoption of EVs have rapidly increased across the globe. These factors are significantly impacting the growth of the sub-segment.
Asia Pacific Region to Grow Exponentially in the Coming Years
By region, the Asia Pacific market for EV charging infrastructure is projected to account for $5,762.6 million by 2026, and is anticipated to create huge opportunities for top investors of the market. This is mainly because the transition to EV’s is swiftly progressing in the region as these electric vehicles support in tackling climate change. Besides, Asian countries such as Taiwan, China, and others have announced to phase-out fossil fuel cars and focus more on zero-emission vehicles in order to fulfil the increasing demand for EV. These factors are anticipated to accelerate the growth of the Asia Pacific market during the analysis period.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global EV charging infrastructure industry are:
- ABB
- Tesla
- ChargePoint, Inc.
- Pod Point
- Eaton
- Leviton Manufacturing Co., Inc.
- ClipperCreek, Inc.
- Honeywell International Inc.
- Rittal GmbH & Co. KG
- GENERAL ELECTRIC.
These players are implementing numerous strategies to gain a leading position in the global industry.
For instance, in March 2021, Tesla Inc., an American electric vehicle and clean energy company, and Tata Power, India’s power generation & transmission company, announced to plan to set up EV charging infrastructure in India. Although, the companies have not signed any agreements and the discussion is in the initial stages. Tesla is expected to introduce its EVs in the Indian market as the automaker has registered as a new company based in Bangalore.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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