EV Charging Infrastructure Market - 41% CAGR Up to 2025, Says Global Market Insights, Inc.
New research on electric vehicle (EV) charging infrastructure market covering analysis on segments of current [AC {level 1, level 2}, DC], charging site (public, private), regional outlook, price trends, growth potential, competitive market share and forecasts for 2019-2025, by Global Market Insights, Inc., forecasts more than 41% CAGR for the worldwide industry up to 2025.
Soaring emissions from diesel-based, on-road vehicles have necessitated strict government reforms to back the implementation of sustainable alternative for fuels to power vehicles and promote higher installation of EV charging infrastructure. Myriad state and federal benefits will also stimulate demand and minimize the up-front costs for electric vehicles, which will help bridge the cost-gap between these systems and their gas-powered counterparts.
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Rising demand for electricity along with increasing number of green energy vehicles will influence industry growth. Technological advancements combined with mounting investments in EV charging infrastructure development is set to increase market penetration. Moreover, increasing focus towards clean power equipment to accomplish the set energy levels, coupled with an improvement in the air quality, are the underline parameters augmenting the market outlook.
Public charging segment value exceeded USD 4 billion in 2018, within the overall EV charging infrastructure industry. The growing production of electric vehicles along with promotional government subsidies and incentives is anticipated to stimulate product adoption. Progressive advancements in battery technology leading to gradual installation of battery swapping stations will strengthen the business landscape. Additionally, improved and efficient charging stations for a faster charging process, in comparison to the conventional units, will boost the business scenario.
DC charging segment of the EV charging infrastructure market is projected to grow rapidly owing to ongoing R&D activities, connections to the grid, ability to store energy along with capability to receive & send utility pricing signals. Efficient connector standards including CCS, CHAdeMO, GB/T and Tesla Supercharger complemented by the surging demand for fast & efficient charging stations is set to foster the industry landscape. The ability of systems to add extra miles of range to vehicles amounting up to 90 miles with 30 minutes of charging will boost the product adoption.
On the regional front, Germany EV charging infrastructure industry will witness commendable growth prospects as a result of stringent policies aimed towards reducing the impact of GHG emissions on environmental and human health. The upsurge in fuel costs and the subsequent rise in EV adoption will also foster overall electric vehicles' charging infrastructure market outlook in the region.
Netherlands market is set to surpass 200 thousand units by 2025. Favorable government initiatives for the mitigation of carbon emissions, myriad financial benefits in the form of monetary incentive programs and vehicle tax credits & rebates will enhance the business outlook. Growing concern regarding the adverse impact of the ever-increasing carbon footprint stemming from extensive use of fuel in powering vehicles, is set to proliferate demand for charging stations.
List of key industry participants in EV charging infrastructure market includes:
Pacific Gas & Electric
Volkswagen
Shell
Greenway Infrastructure
Exxon Mobil
E.ON
Schneider Electric
Nissan Motor
Mercedes
Eaton
BMW
Hyundai
ABB
Blink
RWE
EVgo
ChargePoint
Renault
EVBox
Siemens
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SOURCE Global Market Insights, Inc.
