Electric Vehicle Charging Infrastructure Market, Market Research and Industry Forecast Report, 2027 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Electric Vehicle Charging Infrastructure Market


The global electric vehicle charging infrastructure market was valued at USD 11.74 billion in 2019 and is expected to register a CAGR of 32.0% from 2020 to 2027. The growing demand for Electric Vehicles (EVs) is a major factor responsible for the aggressive growth. The growth is further fueled by the rising focus of government agencies on providing funds to Original Equipment Manufacturers (OEMs) for the development of charging stations. For instance, in December 2016, the California Energy Commission (CEC) provided funding worth 4 million to ChargePoint, Inc. for the installation of charging stations across highways in California (U.S.).

The major automotive manufacturers are also heavily investing resources in developing and introducing new charging stations. The manufacturers are working on developing new technologies, such as lithium-ion batteries, autonomous park-and-charge, ultra-fast DC charging networks, and wireless charging to increase the adoption of EVs. Lower operating cost, reduced maintenance, and rising consumer awareness regarding the environmental benefits are further attracting consumers towards EVs. This, in turn, is driving the demand for electric vehicle charging stations.

Various automotive manufacturers, such as Volkswagen Group, BMW Group, and General Motors, among others, are investing in the development of Car2X technology for charging infrastructure that is further driving the market growth. Volkswagen Group is working on the development of V-Charge, an EU research project focusing on automating the parking and charging of electric vehicles. V-Charge completely automates the process of identifying a parking spot and charging slot through the usage of a network that consists of multiple sensory devices, including 3D cameras, wide-angle cameras, digital maps, ultrasound sensors, and the Car2X technology for the vehicles to communicate with the charging infrastructure.

The growing popularity of the Mobility as a Service (MaaS) model is also anticipated to contribute to market growth. The growth of the electric vehicle charging infrastructuremarket is further fueled by the utilities emphasis on subscription-based charging models. Under this model, several utilities such as Duke Energy Corporation, Vattenfall AB, and New York Power Authority have partnered with OEMs to offer electric vehicle charging subscription services to their customers. For instance, in April 2019, Duke Energy Corporation partnered with ChargePoint, Inc. for providing electric vehicle charging subscription services to EV drivers in the U.S. state of North Carolina.

Furthermore, various companies, such as Enel X and E.ONare emphasizing on the development of Peer-to-Peer (P2P) EV charging stations that bodes well for the market growth. For instance, June 2017, Enel X, in partnership with innogy SE, developed a P2P electric vehicle charging network in Germany consisting of more than 1,250 chargers.

However, several costs associated with the infrastructure, including installation costs, maintenance costs, and operational costs are negatively impacting the market growth. Furthermore, the looming underinvestment in developing electric vehicle recharging infrastructure projects in various countries is affecting the market growth. According to the European Environment Agency (EEA), only 10 out of 28 European countries have received incentives for the development of electric vehicle charging infrastructure as of May 2016. The European Automobile Manufacturers Association (ACEA) has also underlined the need to increase investments in the development of electric charging infrastructure if carbon dioxide (CO2) emissions stemming from the conventional ICE vehicles were to be reduced.

Charger


Type Insights of Electric Vehicle Charging Infrastructure Market

Based on the charger type, the market has been segmented into slow charger and fast charger. The fast charger segment held the dominant market share in 2019, owing to the increasing demand for its deployment in commercial stations. The fast charger segment includes rapid AC chargers (up to 43 kW), DC chargers, and Tesla Superchargers. These chargers have the potential to charge an EV battery, up to 80%, within 30 minutes. The major factor driving the segment growth is the rising adoption of technologies, such as Radio Frequency Identification (RFID) and Near-field Communication (NFC), in charging stations installed on highways. Electric bus manufacturers are establishing partnerships with OEMs for the development of fast-charging stations. For instance, in April 2016, VDL Bus & Coach BV established a partnership with Heliox for providing 100 fast chargers for the electric bus fleet of Amsterdam (Netherlands).

The slow charger segment accounted for a significant market share in 2019, owing to the initiatives by various governments for accelerating the deployment of public charging infrastructure, which mostly employs the slow chargers.There has been a significant rise in demand for vehicles equipped with onboard charging stations that use AC voltage. Moreover, most manufacturers such as Volkswagen Group, BMW of America, and General Motors provide slow chargers along with the purchase of the EV, which is further driving the segment growth. For instance, General Motors provides a slow charger with the purchase of its electric car model-Chevrolet Bolt EV.

Connector Insights

Based on the connector, the market has been segmented into CHArge de MOve (CHAdeMO), Combined Charging System (CCS), and others. The CHAdeMO segment accounted for a significantly higher market share in 2019, owing to easy integration with smart grid infrastructure and bi-directional charging capability of CHAdeMO connectors. The present CHAdeMO connectors are capable of delivering 62.5 kW of DC and are specified by Japan Electric Vehicle Standard (JEVS). They are global industry standards set by the CHAdeMO Association that was formed by Nissan Motor Company Ltd.; Tokyo Electric Power Company, Inc.; Fuji Heavy Industries Ltd.; Mitsubishi Group; and Toyota Motor Corporation.

The CCS segment is expected to expand at the highest CAGR over the forecast period owing to increased preference by major automobile manufactures on the adoption of CCS connectors in their electric vehicles. For instance, in July 2019, Tesla announced the introduction of a CCS connector to support Model 3, with expected near future compatibility with Model S and Model X in Europe. Furthermore, Tesla Inc. plans to initiate retrofitting their European supercharger stations with dual charge cables to both support the CCS standard along with the existing connector. In addition, the support from major auto manufacturers and OEMs, including Daimler AG, Ford Motor Company, General Motor Company, and Volkswagen Group, is expected to drive the segment growth.

Application Insights of Electric Vehicle Charging Infrastructure Market

The commercial segment accounted for a significantly high market share in 2019 owing to the initiatives and allocation of funding by the governments and automobile manufacture for expanding public EVCI infrastructure. The growing emphasis of several companies, including BMW of North America; Tesla, Inc.; Volkswagen Group of America, Inc.; ChargePoint, Inc.; and Efacec on the installation charging stations across various destinations, such as shopping malls, movie theatres, playgrounds, stadiums, airports, and hotels is anticipated to drive the product adoption in the commercial segment. Furthermore, several public transport agencies are partnering with automotive manufacturers for the installation of charging stations for electric buses that is driving the segment growth. For instance, TRAFIKSELSKABET MOVIA signed an agreement Siemens for the installation of electric bus charging stations with a top-down pantograph for electric buses operated by 45 municipalities, including the City of Copenhagen and Region Zealand.

Manufacturers are now focusing on the development of residential and commercial EV chargers to ensure higher availability and increased vehicle range. OEMs are collaborating with EV manufacturers, charging network operators, corporates, and utility service providers to deploy fast-charging stations to expand their geographical presence and to enable cost-effective deployment of the EV charging network. Various manufacturers such as Efacec; EVE Australia Pty Ltd.; and Tesla, Inc. are entering into partnerships with contractors of residential complexes. For instance, in May 2019,EVE Australia Pty Ltd. completed the installation of 40 electric vehicle chargers at the Infinity Cove apartment located in Sydney.

Regional Insights of Electric Vehicle Charging Infrastructure Market

Governments in various countries such as China, Japan, and South Korea are heavily investing in the development of charging infrastructure that bodes well for the market growth in Asia Pacific. For instance, in October 2015, the Chinese Government announced its intention to invest in the deployment of EV infrastructure to accomplish their target for supporting 5 million EVs, on-road, by 2020. Besides, in 2017, the Singapore government launched an EV car-sharing program. Under this initiative, BlueSG (Singapore), a subsidiary of Bollore Group, will install 2,000 EV chargers in 500 charging stations across Singapore. Moreover, various automakers are collaborating to develop charging infrastructure that bodes well for the growth. For instance, in May 2014, Toyota Motor Corporation, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., and Mitsubishi Motors Corporation formed a new company called Nippon Charge Service, LLC to encourage the installation of EV chargers in Japan. As a result, Japan successfully surpassed the number of petrol stations with EV charging outlets in 2016.

Various European countries have set ambitious targets for curbing carbon emission and electric car stock commitments by 2020. For instance, in July 2018, the U.K. government passed the Automated and Electric Vehicles (AEV) Act. It provides the government with new powers to ensure the rapid development of EVCI on motorways and fuel stations. Furthermore, in October 2014, Germany established the German National Platform for Electric Mobility, an advisory body of the German Government, to analyze the development of electric mobility and development of publicly accessible electric vehicle charging infrastructure. Other European countries, such as France, U.K., Germany, and Belgium, are also focusing on developing the EV charging and support infrastructure to enable interoperability of the EVs throughout the region.

Market Share Insights of Electric Vehicle Charging Infrastructure Market

The key market players include AeroVironment Inc.; ABB; BP Chargemaster; ChargePoint, Inc.; ClipperCreek; Eaton; General Electric; Leviton Manufacturing Co., Inc.; SemaConnect, Inc., Schneider Electric; Siemens; Tesla, Inc.; and Webasto. These players are continuously working toward new product development and upgrades of their existing product portfolio. For strategic growth, these players prefer collaborations with other players or EV manufacturers. For instance, in 2016, ChargePoint, Inc. collaborated with BMW of North America, LLC and Volkswagen of America, Inc. for setting up approximately 100 DC fast-chargers across east and west coasts of U.S.
Moreover, these players are consolidating their market shares by undertaking M&A activities. In 2017, Chargemaster Plc announced the acquisition of Elektromotive Limited, an infrastructure supplier, along with its subsidiary (Charge Your Car). Through this acquisition, the former company is planning to expand its existing portfolio and customer services. Furthermore, in 2018, BP plc acquired Chargemaster Plc, U.K.s leading supplier of EV chargers and the largest EV charging network. Post-acquisition, Chargemaster Plc has rebranded BP Chargemaster. The acquisition enabled BP plc to deploy fast and ultra-fast charging network on BPs U.K. forecourts.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electric Vehicle Charging Infrastructure Market Research Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global electric vehicle charging infrastructure market report based on charger type, connector, application, and region:

Charger Type Outlook (Volume, Units; Revenue, USD Million, 2019 - 2030)

  
Slow Charger
  
Fast Charger

Connector Outlook (Volume, Units; Revenue, USD Million, 2019 - 2030)

  
CHAdeMO
  
CCS
  
Others

Application Outlook (Volume, Units; Revenue, USD Million, 2019 - 2030)

  
Commercial
  
Residential