Major Trends in EV Charging Infrastructure Market
The global EV charging infrastructure market was valued USD 19.87 Billion in 2021 and is expected to exhibit a CAGR of 33.90% over the forecast period from 2021 to 2030, as per a market study by Quince Market Insights.
EV charging infrastructure is used to connect electric automobiles to a charging source. The battery electric vehicles require charging after a specific number of hours to charge the battery in the vehicles and provide output in the form of electric propulsion.
Increased adoption of electric vehicles around the world, demand for public and private charging infrastructure, innovation and development in EV charging, government support and subsidies for EV charging, and government mandates for the use of electric vehicles are factors that will propel the global EV charging infrastructure market during the forecast period. In addition, low purchasing power of customers, and the high initial costs of DC charging cables are some of the primary challenges limiting the growth of the EV charging infrastructure industry.
EV charging infrastructure manufacturers are working on cooling high-power charging cables, illuminating charging cables in charging infrastructures, providing high charging power up to 500 KW in heavy-duty electric vehicles. Hence, technological advancement in charging cables, and increasing government and private sector investment in R&D is expected to propel market growth. As a result, the impact of this aspect on the EV charging infrastructure market is projected to grow soon as technology advances.
North America, Western Europe, Eastern Europe, Asia Pacific, the Middle East and Africa, and South America are the major regions of the global EV charging cables market. The Asia-Pacific region dominates the global EV charging infrastructure market in terms of revenue. The region's dominance is due to a growth in the number of important companies in the EV charging industry, government subsidies for constructing EV charging infrastructure manufacturing plants, increased innovation, and development in charging infrastructures, and rising electric vehicle sales. One of the primary factors driving the usage of EV charging cables in the Asia Pacific area is an increase in environmental concerns and established electric vehicle charging infrastructure.
Furthermore, increasing foreign direct investment, expansion of supply and distribution networks, and expansion of production facilities by major EV charging infrastructure manufacturers in key countries such as China, South Korea, and Indonesia are fueling EV charging cable growth in the Asia Pacific.
EV Charging Infrastructure Market Trends
· Manufacturers and original equipment manufacturers (OEMs) have enormous opportunity to improve and upgrade charging infrastructure as the demand for EV adoption grows.
· While most EV charging is done at home and at work, the roll-out of publicly accessible charging will be crucial when countries leading in EV deployment reach a point where EV owners will expect easier and improved autonomy.
· There are some initiatives underway to build megacharger standards. The CHAdeMO organization and the China Electricity Council collaborated to create an ultra-high power charging standard (up to 900 kW)
· To assist the rollout of electric HFTs, industry specialists addressing worldwide standardization are investigating options to harmonize megacharger standards for mutual compatibility.
· Regional initiatives to construct megacharging infrastructure are also underway. Stimulus financing is in place.
· Electric mobility is predicted to gain traction among OEMs.
· Electric heavy-duty vehicle (HDV) types are becoming more widely available in major worldwide markets. 1 Although buses were the first and most successful electrified vehicles in the HDV market, the growing demand for electric trucks is forcing manufacturers to expand their product lines.
Recent Developments in the Global EV Charging Infrastructure Market
· November 2021 - Hero Electric (India) partners EV charging start-up Charzer (India) and will establish 10,000 charging stations.
· September 2021 - EV charging infra start-up goEgoNetwork (India) has installed its electric vehicle charging facility at Kaza in the Spiti Valley, Himachal Pradesh, making it the world’s highest EV charging station, a release said on Saturday.
· December 2021 - U.S. Secretary of Energy and U.S. Secretary of Transportation signed a memorandum of understanding to create a Joint Office of Energy and Transportation to support the deployment of USD7.5 billion from the President's Bipartisan Infrastructure Law to build out a national electric vehicle charging network that can build public confidence, with a focus on filling gaps in rural, disadvantaged, and hard-to-reach locations.
· November 2020 - Mayor of City of Toronto and Toronto Hydro (Canada) have officially launched the new on-street electric vehicle (EV) charging station pilot across the city.
· December 2020 - Rivian (U.S.) the electric automaker designed and had plans to build out a network of electric vehicle charging stations throughout the United States as it prepared for the first deliveries of its R1T pickup truck and R1S sport utility vehicle.
Aptiv Plc. (Dublin), Dyden Corporation (America), Leoni AG (Nuremberg, Germany), BESEN International Group(Nanjing, Jiangsu, China), TE Connectivity (Schaffhausen), Brugg Group (USA), Sinbon Electronics (Taipei, Taiwan), Coroplast (North America), Phoenix Contact (Blomberg, Ostwestfalen-Lippe), EV Teison, Systems Wire and Cable (Yangzhou,China), and General Cable Technologies Corporation (Tesseneer Drive, Highland Heights, Kentucky).