Originally published on Technavio:Analysis of the Electric Vehicle (EV) Charging Infrastructure Market in APAC, North America, Europe, South America, Middle East, and Africa - US, China, Japan, Germany, UK - Size and Forecast 2024-2028

 

Key Drivers, Trends, and Challenges

 

The Electric Vehicle Charging Infrastructure Market is experiencing dynamic growth propelled by the global increase in electric vehicle (EV) adoption. Governments worldwide, driven by stringent emission and fuel economy norms, incentivize EVs, thereby fostering economic activities in manufacturing. Leading players, such as Ather Energy and Octopus Energy Generation, are investing in innovative technologies like wireless charging and autonomous charging robots. In the UK, Octopus Energy Generation's substantial GBP 110 million investment in Manchester-based EV public charging network Be underscores the rapid growth of the UK's EV charging infrastructure. Initiatives like Ather Grid, public fast charging points, and high-power charger Sicharge D demonstrate the industry's dedication to supporting EV users and advancing vehicle production.

 

Key Driver

 

The significant increase in government initiatives supporting the installation of charging stations is a key factor driving market growth. The global demand for EVs is on the rise, fueled by government initiatives in various countries to adopt environmentally friendly transportation systems. Governments are offering incentives, including subsidies, for the installation of charging infrastructure. For instance, in January 2020, the Government of India approved the installation of 2,636 stations in 62 cities across 24 states and union territories as part of the second phase of the FAME India scheme. Thus, government initiatives for charging infrastructure installation are expected to support the growth of the electric vehicle charging infrastructure market during the forecast period.

 

Key Trends

 

Powering EV charging stations through renewable energy is a predominant trend shaping market growth. The use of renewable energy to reduce reliance on power grids has gained traction. Charging stations powered by solar panels, such as Envision Solar's EV ARC, contribute to this trend. The decreasing cost of solar panels and their easy installation on business buildings and shopping malls drive this trend. Additionally, this trend supports energy programs where excess energy generated by solar panels can be sold back to the grid. These factors are estimated to drive market growth and trends during the forecast period.

 

Key Challenge

 

The lack of standardized charging networks and adequate electricity poses a challenge affecting market growth. In some Asian and African countries, insufficient electricity infrastructure hampers infrastructure growth. Countries like India and South Africa still struggle to provide electricity to all citizens due to inadequate electrical equipment infrastructure and power plants. The lack of access to electricity is a significant challenge inhibiting the electric vehicle charging infrastructure market.

 

Customer Landscape

 

The market trends and analysis report covers the adoption lifecycle of the market, focusing on adoption rates in different regions based on penetration. The report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop growth strategies.

 

Major Market Companies

 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

 

Shell plc: The company offers a comprehensive range of electric charging solutions, including charging points, chargers, and electric fluids. The market growth and forecasting report includes detailed analyses of the competitive landscape of the market and information about 20 market companies.

 

Qualitative and quantitative analyses of companies have been conducted to help clients understand the wider business environment, as well as the strengths and weaknesses of key market players. Companies are categorized as pure play, category-focused, industry-focused, and diversified; they are quantitatively analyzed to categorize them as dominant, leading, strong, tentative, or weak.

 

Growing Segments in the Market

 

The fast charger segment is estimated to witness significant growth during the forecast period. Direct current (DC) chargers, considered fast chargers, can recharge EV batteries to 100% in less than 20 minutes. The market for fast chargers is expected to grow as manufacturers focus on providing fast-charging infrastructure to address EV owners' range anxiety. The fast charger segment was the largest segment, valued at USD 13.18 billion in 2018. This technology, capable of recharging EV batteries quickly, is expected to drive high growth in the EV charging infrastructure market.

 

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APAC is estimated to contribute 63% to the global market growth during the forecast period. The APAC market is growing rapidly due to high demand for EVs from countries like China, Japan, and South Korea. Initiatives in South Korea and China to decrease greenhouse gas emissions by promoting EV use through subsidies and incentives are driving the increase in demand for EVs. This rise in demand for EVs is expected to drive the demand for EV charging infrastructure.

 

The market growth analysis report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

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