EV Charging Infrastructure Market

The global EV Charging Infrastructure Market is valued at USD 24.9 Billion in 2023 and is projected to reach a value of USD 185 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 25% between 2024 and 2032.

Key Highlights of EV Charging Infrastructure Market

• In 2023, Asia Pacific dominated the EV Charging Infrastructure market, capturing 66.5% of the total market share
• Europe is expected to be the fastest-growing region during the forecast period
• The Fast Charger segment played a crucial role in the market’s growth, making up over 73.2% of the overall revenue share in 2023
• Based on Application, the Commercial category led the market in 2023, accounting for a significant 52.4% of the total revenue

EV Charging Infrastructure Market: Regional Overview

• The Asia Pacific EV Charging Infrastructure market exhibited noteworthy dominance in 2023, capturing 66.5% of the total revenue.
• A significant increase in the adoption of electric vehicles has been triggered by rise in awareness of environmental issues, coupled with the need to reduce greenhouse gas emissions. In order to facilitate the growth of the EV market, this growing demand calls for a robust and wide charging infrastructure network throughout Asia Pacific.
• Efforts geared towards fostering regional integration and standardization of EV Charging Infrastructure are gaining momentum in the Asia Pacific area. Led by entities like the Asian Development Bank (ADB) and the Electric Vehicle Association of Asia Pacific (EVAAP), initiatives aim to harmonize charging standards and facilitate seamless cross-border EV travel. There is a growing emphasis on the sustainability of transport solutions in countries like China and Indonesia that are driven by rapid urbanization and Smart Cities initiatives.

China EV Charging Infrastructure Market Overview

• China's EV Charging Infrastructure market has witnessed remarkable growth, escalating from a value of USD 4.78 Billion in 2023 to a staggering projection of approximately USD 81 Billion by 2032. The projected compound annual growth rate of 37% from 2024 to 2032, which indicates a significant market share, fuels this meteoric growth.
• China leads the global arena in the installation of public slow charging points, with 360,000 out of over 600,000 installed globally in 2022. This surge in infrastructure brings the country's slow charger stock to over 1 million, accounting for more than half of the world's public slow chargers.
• The strategic placement of publicly accessible fast chargers, particularly along motorways, not only facilitates longer journeys but also alleviates range anxiety, a significant hurdle to EV adoption. China's dominance in this area is evident, with almost 90% of the global growth in fast chargers in 2022 coming from the country. With a total of 760,000 fast chargers, China has strategically deployed over 70% of its public fast charging infrastructure in just ten provinces, effectively supporting its ambitious goals for rapid EV deployment while addressing the challenges of densely populated urban areas.

EV Charging Infrastructure Market: Charger Type Overview

• In 2023, the Fast Charger segment dominated the Global EV Charging Infrastructure market with a 73.2% revenue share.
• The surge in the Fast Charger segment of the Global EV Charging Infrastructure Market can be attributed to the concerted efforts of various governments to accelerate the deployment of public fast-charging infrastructure. Organizations worldwide are deploying Level 3 DC fast chargers and Level 2 AC charging stations, enabling electric vehicles to be fully charged within a span of 30 minutes to 4 hours, thus promoting widespread adoption.
• ABB has changed the market by launching Terra 360, which is considered to be the world's most powerful charger for electric vehicles. By fully charging an EV in 15 minutes, this innovative technology could provide a range of up to 100 km within three minutes. In addition, its unique design allows it to deliver up to 4 vehicles with dynamic power distribution at the same time which results in reduced wait times for drivers.​ Terra 360 is designed to meet a wide range of EV users' needs, by providing rapid charge capability while accommodating fast top ups in regular activities such as grocery shopping, thanks to the high production capacity of 360 kW.
• Blink Charging Co. has unveiled its latest innovation, the 240 kW DC Fast Charger, designed to meet the evolving needs of the global market. This compact yet powerful charging station incorporates both NACS & CCS connectors, ensuring compatibility with a wide range of electric vehicles and supporting the development of reliable and accessible EV Charging Infrastructure.

Key Trends

1. With the increasing demand for EVs, there is a growing need for fast charging infrastructure to reduce charging times and enhance convenience for EV drivers. Top companies like Tesla have been expanding their Supercharger network globally, offering high-speed charging for their electric vehicles. Other networks, such as Ionity in Europe and Electrify America in the United States, are also rapidly expanding their fast-charging networks.
2. Integrating renewable energy sources in the infrastructure to charge electric vehicles is an important trend as the world becomes more sustainable. For e.g., Envision Solar's EV ARC is a portable solar-powered EV charging station that generates its own clean energy, providing off-grid charging solutions. It helps reduce the carbon footprint of EV charging by integrating solar panels into parking lots and rooftops of charging stations.
3. Wireless charging technology is gaining traction in the EV market, offering convenience and eliminating the need for physical plugs-cords. Qualcomm's Halo Wireless Electric Vehicle Charging (WEVC) technology is an example of this trend. It enables EVs to charge through magnetic resonance, allowing for automatic alignment and charging without physical contact, thus simplifying the charging process for EV owners.
4. As EV adoption gains momentum, there is a shift towards home energy solutions to make life easier for EV drivers. Companies like ChargePoint offer home charging stations that can be installed in residential garages or driveways. Such stations allow EV owners to charge their vehicles overnight, taking advantage of lower electricity rates and ensuring their vehicles are ready for daily use.
5. In order to optimize energy use and network stability, smart grids technology is being incorporated in the infrastructure for electric vehicles. For example, eMotorWerks, a subsidiary of Enel X, offers JuiceNet, a smart grid charging platform that enables EV charging stations to communicate with the grid. This enables efficient and sustainable charging solutions to be achieved through demand response capabilities, load balancing as well as integration of renewable energy sources.

EV Charging Infrastructure Market - Government Initiatives

• Standardization and Accessibility: The Federal Highway Administration (FHWA) mandates that all federally funded EV charging stations adhere to national standards, ensuring consistent plug types, power levels, and accessibility features. Such standards streamline user experience by enabling easy location of charging stations via mapping applications and providing transparent data on pricing, availability, and accessibility. They promote interoperability by facilitating a single method of identification across all chargers and ensuring compatibility with future-forward capabilities like Plug and Charge. In addition, chargers are required to maintain a high operational uptime of 97% under normal conditions in order to increase users' reliability.
• Ambitious Fuel Economy Standards: The U.S. Department of Transportation (USDOT) announces landmark fuel economy standards for model years 2024-2026, aligning with President Biden's vision for clean transportation. Such standards will lead to considerable cost savings for consumers, reduce emissions and advance energy independence by requiring an industry wide fleet average of around 49 miles per hour in the period from 2026. With an 8% annual increase in fuel efficiency for model years 2024-2025 and a 10% increase for model year 2026, these standards mark a substantial leap in environmental sustainability and economic efficiency.
• Emission Reduction Initiatives: The Environmental Protection Agency (EPA) introduces stringent final standards to further reduce harmful air pollutant emissions from light-duty and medium-duty vehicles, commencing from model year 2027. Leveraging developments in clean car technology, these standards aim to improve public health by curbing smog- and soot-forming pollution, mitigate climate change, and reduce fuel & maintenance costs for drivers. Phased in over model years 2027 through 2032, these standards signify a significant stride towards a cleaner and healthier environment.
• FedRAMP Approval for EV Charging Providers: ChargePoint emerges as one of the pioneering EV charging providers to receive Federal Risk and Authorization Management Program (FedRAMP) approval from the U.S. Federal Government. With its cloud software meeting all FedRAMP requirements, ChargePoint ensures top-notch data security, dedicated cloud hosting, and stringent authorization standards.
• NEVI Program and Fast Charger Deployment: Tritium secures a groundbreaking order to provide all fast chargers for the State of Hawai’i's first phase of the National Electric Vehicle Infrastructure (NEVI) Formula Program funding. This milestone positions Tritium as the first manufacturer to win a fast charger order through NEVI program funding, highlighting its leadership in delivering innovative and efficient DC fast chargers for electric vehicles.
• Enabling Regulatory Framework: The Ministry of Power (MoP) introduces Charging Infrastructure Guidelines and Standards, laying the groundwork for the implementation of EV Charging Infrastructure. Such guidelines clarify that the operation of EV charging services does not require licensing under the Electricity Act 2003, fostering a conducive environment for industry players. Several governmental bodies, including the Central Electricity Authority (CEA), State Electrical Regulatory Commissions (SERCs), Ministry of Housing and Urban Affairs (MoHUA), and Urban Development Departments at the state level, collaborate to define technical standards, set tariffs, and amend urban planning frameworks to include provisions for EV charging, ensuring a holistic approach towards promoting electric mobility infrastructure.

Premium Insights

Mainly in densely populated urban areas where home charging is less feasible, public charging infrastructure has become increasingly important to the global EV market.​ By the end of 2022, the number of public charging points worldwide reached 2.7 million, with over 900,000 installed that year alone—a 55% increase from 2023. Europe saw significant growth, with slow chargers rising by 50% to 460,000, led by the Netherlands, France, and Germany. In the U.S., slow charger stock grew by 9%, while Korea's stock doubled to 184,000. The number of fast chargers in Europe surged by 55%, totaling over 70,000, driven by Germany, France, and Norway. The U.S. added 6,300 fast chargers, predominantly Tesla Superchargers, bringing the total to 28,000. In particular, in congested cities where home charging is no longer economically viable, the infrastructure to charge vehicles will become more important on the worldwide EV market.

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Market Dynamics

• Blink Charging Co. collaborates with EdgeEnergy to introduce ultra-fast EV charging solutions without the need for costly power infrastructure upgrades. Through this memorandum of understanding (MOU), EdgeEnergy's proprietary power source, the EdgeEV, utilizes cutting-edge technology to convert single-phase power into three-phase power for EV DC fast chargers, facilitating rapid and efficient charging.
• ABB E-mobility revolutionizes EV Charging Infrastructure by launching Terra AC Wallbox solutions across Canada. These fast (Level 2) chargers, equipped with advanced safety features, cater to residential and commercial applications. ABB's Terra AC Wallbox product family sets a new standard in intelligent & networked charging, offering tailored solutions for various settings including businesses, homes, commercial facilities, and fleet parking lots.
• Blink Charging Co. secures an exclusive agreement with Mitsubishi Motors North America to provide EV Charging Infrastructure for its national dealer network. Through this partnership, Blink will supply its advanced Level 2 and DC Fast Chargers to all 323 U.S. Mitsubishi dealerships, playing a pivotal role in accelerating EV mass adoption and enhancing the automaker's ecosystem.
• Blink Charging Co. expands its international footprint by acquiring UK based Electric Blue Ltd. (EB Charging), a leader in integrated EV charging and sustainable energy solutions. This strategic acquisition adds over 1,150 EV chargers to Blink's global portfolio, marking its entry into the UK market and bolstering its presence in Europe and beyond.
• To enhance the availability of EV users in North America, POWER BTC announces plans for integrating a North America Charging Network connector with its Charging Infrastructure that will make it easier and more accessible than ever before. BTC POWER reiterates its commitment to provide the best customer experience and expands access to EV charger solutions around the world, through compatibility with NACS along with other connector types such as CCS.

Competitive Landscape

• A dynamic interplay of factors, including regional expansion, strategic acquisitions, partnerships and collaborative initiatives, shapes the EV Charging Infrastructure market. Such factors are designed to secure market leadership and drive the development of sustainable energies.
• A proactive approach to the capture of emerging markets is highlighted by Blink Charging Co.'s strategic expansion into Latin America. With regional specific product offers, the company has strengthened its position as a leader of an evolving electric vehicle charging market in the region.
• ABB E-mobility's expansion into North America exemplifies the competitive push towards offering cutting-edge solutions tailored to specific market needs. Their introduction of new AC and DC charging solutions, including the Terra 360 and Terra AC Wallbox series, underscores a commitment to meeting the surging demand for reliable & user-friendly charging systems in the region. With the rapid rise in EV adoption, ABB's focus on North American markets reflects a strategic effort to capitalize on the burgeoning opportunities.

Recent Market Developments

Blink Charging Co. Secures Contract as Official EV Charging Provider for New York

• In May 2024, Blink Charging Co., a prominent global entity in electric vehicle (EV) charging equipment and services, has secured a contract as an official EV charging provider for the state of New York. This agreement paves the way for Blink Charging and New York to electrify state and municipal fleets, as well as offer public charging solutions for employees, residents, and visitors. Under this contract, Blink now stands as one of the selected contractors on the OGS award, providing the state with advanced electric vehicle charging stations, encompassing both Level 2 and DC fast chargers.

ChargePoint Introduces Three Megawatt Charging Architecture for Trucking Industry

• In May 2024, ChargePoint, a leading provider of networked charging solutions for electric vehicles (EVs), has unveiled its latest innovation - the Three Megawatt Charging Architecture, aimed at revolutionizing the trucking industry's transition to electric power. This system, a new addition to ChargePoint's esteemed DC fast charging lineup, is estimated to deliver enough energy to power approximately 1000 homes.

bp Launches First US bp pulse EV Charging Gigahub™ in Houston

• In March 2024, bp introduced its first US bp pulse EV charging Gigahub™ at its Houston headquarters, marking a significant step in expanding EV Charging Infrastructure accessibility. Open to the general public, the Gigahub™ features 24 EV DC fast-charging points, underscoring bp's commitment to fostering sustainable transportation solutions.

Other Key Developments

• In February 2024, ABB E-mobility, announced the delivery of Build America-Buy America and NACS-ready EV chargers to the inaugural NEVI site in the Southeastern U.S. Celebrating this milestone, the Governor of Kentucky Andy Beshear and Federal Highway Administrator Shailen Bhatt broke ground at Circle K in Richmond, Kentucky. Equipped with ABB E-mobility's Terra 184 chargers, compliant with Phase II Build America, Buy America rules and J3400 (NACS) standards, the site promises reliable charging experiences with over 97% uptime.
• February 2024 witnessed Blink Charging's installation of 11 new fast chargers in the city of Antwerp, marking the commencement of enhanced EV Charging Infrastructure in the region. Koen Kennis, Antwerp's alderman for mobility, attended the unveiling of the inaugural fast charger on Britselei, signaling the city's commitment to sustainable mobility solutions.
• In February 2024, Transom Capital Group, headquartered in Los Angeles, USA, announced its majority stake acquisition of the Charging solutions business of Webasto, a top supplier to the automotive industry. While Webasto retains a minority share, this strategic move signifies Transom Capital Group's intent to bolster its presence in the EV charging solutions sector.

The global EV Charging Infrastructure market can be categorized as Charger Type, Installation Type, Charging Type, Connector, Level of Charging, Connectivity, Operation, Deployment, Application, and Region.