The Electric Vehicle Charging Infrastructure Market is being driven by Rise in government initiatives that support installation of EV charging stations
The Electric Vehicle Charging Infrastructure Market is expected to grow at a CAGR of 44.8% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 196654 million. The integration of renewable energy sources, particularly solar panels, into Electric Vehicle (EV) charging infrastructure is gaining significant traction in the industry. This trend is driven by the decreasing cost of solar panels and their ease of installation on commercial buildings and shopping malls. For instance, Envision Solar's EV ARC, a portable solar-powered EV charging structure, consists of a parking pad and a solar canopy, capable of charging a 21.6 kWh battery. This innovation not only reduces the demand for electricity from power grids but also enables users with excess solar energy generated from residential or commercial solar installations to sell it back to the grid through net metering programs. This mutually beneficial approach is set to revolutionize the EV charging landscape.
Get more information on Electric Vehicle Charging Infrastructure Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
201 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 44.8% |
|
Market growth 2025-2029 |
USD 196654 million |
|
Market structure |
market_structure.ucfirst |
|
YoY growth 2024-2025(%) |
32.2 |
|
Key countries |
US, China, Japan, India, Canada, UK, Germany, France, Brazil, and Spain |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The EV charging market is experiencing significant growth due to factors such as tax exemptions, advanced battery technology like Lithium-ion, increasing environmental awareness, autonomous and shared mobility trends, and the introduction of models like the Model 3 and Model S. Fast charging stations with real-time data, CCS connectors, smart meters, and cell phone connectivity are key features. Transformer levels and connector types vary between slow and fast chargers. Plug-in hybrids and network access are also important aspects of this market. Load curve management is crucial for optimizing energy usage and reducing peak demand.
The Electric Vehicle Charging Infrastructure Market is a significant segment of the larger Global Electrical Components and Equipment Market. This market encompasses businesses specializing in the manufacturing of electric vehicle charging components, including GB/T connectors and CCS connectors. Factors driving growth include tax incentives, environmental consciousness, advancements in battery technology, particularly Lithium-ion, and the rise of autonomous and shared mobility. Key players in this sector include Tesla with their Model 3, Model S, and Model X, along with Level 2 and Level 3 charging stations. Commercial applications and the residential segment are the primary consumers, with plug-in hybrids and smart meters also contributing. The market size is determined by the combined revenue generated from manufacturers of electrical components and equipment, such as motors, automation solutions, and HVAC systems, as well as rental and leasing services to industrial, commercial, and residential clients.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
