Global Electric Vehicle Charging Infrastructure Market Size, Trends & Growth Opportunity and By Charger Type (Fast Charger and Slow Charger), By Connector (CHAdeMO (Charge De Move) and CCS (Combined Charging System)), By Application (Residential and Comme

Global Electric Vehicle Charging Infrastructure Market Size, Trends & Growth Opportunity and By Charger Type (Fast Charger and Slow Charger), By Connector (CHAdeMO (Charge De Move) and CCS (Combined Charging System)), By Application (Residential and Commercial), By Region and Forecast till 2027.

Global Electric Vehicle Charging Infrastructure Market

The Global Electric Vehicle Charging Infrastructure Market is expected to grow from US$ 17.2 Billion in 2021 to US$ 145.09 Billion by 2027. It is estimated to grow at a CAGR of 42.68% from 2022 to 2027.

Electric vehicle infrastructure system is a public charging source of electricity which helps to connect and recharge electric vehicles. Network connectivity, smart metering, and cellular capability are the enhanced features of electric vehicle infrastructure. Electric vehicle infrastructure have specially designed connectors that have ability to conform to variety of standards for electric charging connectors.

Market Drivers

Increase in production and sales of electric vehicles and hybrid vehicles awing to reduced maintenance and operational cost are the key driving factors which are expected to boost the global electric vehicle charging infrastructure market growth. Furthermore, increase in dependency on fossil fuels and rise in concerns regarding negative impact of carbon footprint will have the positive impact on market growth. Moreover, increase in number of initiatives and subsidies by government and environmental agencies across the various regions will fuel the market growth.

Market Restraints

However, electric vehicle adoption is slower in initial stage for these types of vehicles and substantial capital required for development of infrastructure is low which is major challenging factor expected to hinder the global electric vehicle charging infrastructure market growth. Also, high cost of electric vehicles will affect the market growth.

Impact of Covid-19

A significant economic depression has been brought on by the COVID-19 pandemic epidemic. Strict lockdowns were implemented in a number of nations in order to control the outbreak; as a result, manufacturing industries were shut down, supply lines were disrupted, and production schedules were thrown off. Globally, there has been a tremendous impact on the supply chains for technology. Sales of light vehicles have fallen off quickly as a result of the economic crisis, which has seriously impacted the automobile sector.

Segmentation By Charger Type: Electric Vehicle Charging Infrastructure Market is classified on the basis of Charger Type into Fast Charger and Slow Charger.

Segmentation By Connector: Electric Vehicle Charging Infrastructure Market is classified on the basis of Connector into (CHAdeMO (Charge De Move) and CCS (Combined Charging System). The combination charging system (CCS) category had the biggest market share of this type in 2020, accounting for 37.2%. CCS charging sockets combine AC and DC inlets using shared communications pins. Because of this, the CCS charging socket takes up less space than an equivalent CHAdeMO or GB/T DC socket with an AC socket.

Segmentation By Application: Electric Vehicle Charging Infrastructure Market is classified on the basis of Application into Residential and Commercial. The commercial segment had the biggest market share in this category in 2021. Infrastructure for public EV charging is in greater demand globally. The rapid growth in the sales of electric passenger vehicles has not been matched by an increase in the infrastructure for charging them.

Segmentation By Region: Electric Vehicle Charging Infrastructure Market is classified on the basis of Region into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2021, Asia Pacific led the market and took home more than 59% of worldwide revenue. The electric car industry is centred in nations like China, Japan, and South Korea, who are spending extensively in the construction of a charging infrastructure.

Market Key Players

Various key players are discussed in this report such as ABB Limited, XCharge, Tesla, Siemens, Heliox, Eaton, EVBox, ClipperCreek, ChargePoint, and AeroVironment.

Industrial Development

• A cooperation between Xpeng Motors and TELD, which manages the largest charging environment and infrastructure in China, was signed in October 2019. In accordance with the agreement, Xpeng and TELD would exchange charge and payment information nationally. Customers can search for TELD charging facilities through Xpeng's APP or vehicles thanks to TELD's 50,000 charging stations' availability in 183 Chinese cities. To finish payment, just scan a short code.