Public Charging Infrastructure Market: Current Analysis and Forecast (2022-2030)

Public Charging Infrastructure Market: Current Analysis and Forecast (2022-2030)

Public charging infrastructure refers to the network of charging stations that are available to the public for charging electric vehicles (EVs). These charging stations are strategically located in various public spaces such as parking lots, shopping centers, highways, and residential areas to provide convenient access to charging for EV owners

The Public Charging Infrastructure Market is expected to grow at a strong CAGR of 31.3% during the forecast period. This expansion can be attributed to several factors, including the increasing adoption of electric vehicles (EVs) worldwide and the growing demand for convenient charging solutions. One key driver behind the growth of public charging infrastructure is the rising number of EVs on the roads. As governments and consumers become more environmentally conscious, there has been a steady shift towards electric vehicles as a cleaner alternative to traditional gasoline-powered cars. This surge in EV sales has created a pressing need for reliable and accessible charging infrastructure to support the growing number of EV owners. Governments and regulatory bodies around the world have recognized the importance of supporting EV adoption and have taken steps to promote the development of public charging networks. In many countries, government incentives, subsidies, and grants are being offered to private companies and organizations to invest in and expand charging infrastructure

• Based on the Charger type, the market has been categorized into AC and DC. Among them, the AC segment will attain largesest share of the market owing to the push for sustainability and the need to reduce greenhouse gas emissions have led to a shift towards electric mobility. AC EV chargers play a crucial role in facilitating the charging infrastructure required to support the widespread use of EVs, encouraging more individuals to make the switch. Moreover, slow chargers can increase the life of the battery. Tesla also launched advanced EV chargers, boosting the market’s growth. For instance, on Oct 17 2022, Tesla launched a home charging station, or Wall Connector as it calls it, that works with other electric cars, not just Tesla vehicles. Unlike all other electric automakers, Tesla uses its own proprietary connector for vehicles produced for the North American market. This means the company’s charging network and products, like home chargers, only work with its own electric vehicles.
• Based on the power outage, the market has been categorized as <11KW, 11KW-50KW, and >50KW. Among them, the <11KW has a high market share as these chargers are commonly known as level 1 or level 2 chargers, which are typically designed for residential or workplace use. They offer slower charging speeds compared to higher-power chargers and are generally less expensive to purchase, install, and maintain compared to higher-power chargers. This affordability factor has contributed to their widespread adoption, especially among individual EV owners or small businesses with limited budgetary constraints.
• For a better understanding of the market adoption of the Industrial Relay industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Korea, and Rest of Asia-Pacific), Rest of World. APAC countries have made substantial investments in EV charging infrastructure. For example, China has been at the forefront of EV adoption and has established a vast network of charging stations across the country. In addition to China and Japan, other APAC countries are also ramping up their efforts in building EV public infrastructure. For instance, South Korea, aims to have over 100,000 charging stations by 2023, with a focus on establishing them in residential areas, workplaces, and public spaces. India has also set ambitious targets for EV adoption and has launched various initiatives to promote the development of charging infrastructure. Furthermore, supportive policies and incentives play a crucial role in the growth of EV public infrastructure in APAC. Countries like Singapore and Malaysia offer tax incentives, grants, and subsidies to encourage EV adoption and the development of charging infrastructure. Taiwan has implemented a policy that mandates all public buildings, shopping centers, and parking lots to install EV charging stations.
• Some of the major players operating in the market include ABB Ltd; AG; ChargePoint, Inc.; EVgo Services LLC; Allego; Schneider Electric.; Blink Charging Co; Wi Tricity Corporation; Toshiba Corporation; AeroViroment, Inc; Chargemaster plc.

The public charging infrastructure market was valued at US$ 6412.2 Million in year 2021 and is expected to grow at a strong CAGR of around 31.3% during the forecast period (2022-2030) owing to the growing vehicle sales. Automotive wheel alignments are a crucial aspect of vehicle maintenance that involves adjusting the angles of the wheels to ensure they are perpendicular to the ground and parallel to each other. In addition, proper wheel alignment is essential for vehicle safety, tire performance, and fuel efficiency. Moreover, the use of advanced technologies such as 3D imaging and laser-guided wheel alignment system, high demand for used vehicles, and growing awareness of vehicle maintenance are the factors driving the growth of the market.

Some of the major players operating in the market include ABB Ltd; AG; ChargePoint, Inc.; EVgo Services LLC; Allego; Schneider Electric.; Blink Charging Co; Wi Tricity Corporation; Toshiba Corporation; AeroViroment, Inc; Chargemaster plc. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst charging type, the DC segment will also attain a considerable share of the market during the forecast period.”

Based on charging type, the DC segment will also attain a considerable share of the market during the forecast period. The growth of DC EV chargers can be attributed to several factors that are driving their increasing demand and widespread adoption. One significant factor is the need for faster charging times and DC chargers offer significantly faster charging speeds, making them ideal for on-the-go charging and reducing overall charging time. For instance, long-distance travel often requires quick recharging stops, and DC chargers, also known as fast chargers, can replenish an EV's battery much more rapidly compared to AC chargers. This capability is particularly crucial in enabling long-distance travel for electric vehicle owners, providing them with the confidence that they can conveniently recharge their vehicles during extended journeys. The market’s key players are launching DC fast Chargers which is driving the growth of the market. For instance, In 2023, Evocharge Launches DC Fast Charger Product Line To Serve A Full Range Of Electric Vehicle Markets Across North America.

“Amongst power outage, the >50KW held a considerable share of the market in 2021.”

As electric vehicle fleets continue to grow, businesses, municipalities, and charging operators are investing in high-capacity charging infrastructure to meet the demands of EV users. For instance, highway rest areas, shopping malls, and parking facilities are increasingly equipped with fast-charging stations capable of charging multiple vehicles simultaneously. The increasing prominence of electric buses is another driving force behind the growth of chargers with capacities over 50 kW. With the electrification of public transportation, charging infrastructure needs to accommodate the charging requirements of large-capacity electric buses. High-capacity chargers are essential in ensuring quick turnaround times for buses, allowing them to remain operational throughout the day without lengthy charging delays.

“Europe holds the second largest share of the public charging infrastructure market in 2021.”

The public charging infrastructure services market in Europe holds the second-largest share globally. One of the main factors is the European Union's (EU) push towards reducing greenhouse gas emissions and meeting climate change targets. As a result, many European countries have implemented policies to incentivize the use of EVs, such as tax breaks, subsidies, and free charging stations. For instance, in Norway, electric cars are exempt from the heavy taxes imposed on gasoline and diesel vehicles, making them more affordable than traditional cars. Moreover, the growing adoption of EV batteries in Europe is the increase in charging infrastructure. In recent years, the number of charging stations across Europe has increased significantly, making it easier for EV owners to recharge their vehicles. For example, the Netherlands has one of the densest charging networks in the world, with over 60,000 charging points available.

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