Electric vehicle charging infrastructure market expected to reach USD 144.22 billion in 2028
Electric vehicle charging infrastructure market size – USD 15.04 billion in 2020, market growth – at a CAGR of 32.6%
NEW YORK, NY, USA, Feb. 3, 2022 /EINPresswire.com/ — Government policies and subsidies supporting the sale of electric vehicles are driving the need for well-developed electric vehicle charging infrastructure, thereby supporting the growth of market income
According to the latest Reports and Data report, the global electric vehicle charging infrastructure market size is expected to reach USD 144.22 billion in 2028 and register a revenue CAGR of 32.6% over the forecast period. The growing adoption of electric vehicles across the globe coupled with the growing need to develop electric vehicle charging infrastructure are major factors driving the revenue growth of the global electric vehicle charging infrastructure market.
Governments in various countries around the world are focusing and investing in the development of electric vehicle charging infrastructure which is expected to create revenue opportunities for original equipment manufacturers (OEMs) and expand their business. The Asia-Pacific and Europe markets are expected to account for larger revenue shares in the global market due to the high adoption of electric vehicles to reduce the level of air pollution and greenhouse gas emissions. greenhouse effect (GHG). However, the high cost required for the initial investment, overhaul and maintenance is a major factor that might hamper the market revenue growth to some extent. Reduced air pollution, greenhouse gas emissions, and lower oil requirements of the transport sector through the adoption of electric vehicles are expected to lead to a breakthrough in the transport sector in the coming years. future.
The [email protected] project is a policy case emphasizing greater adoption of electric vehicles (EVs) in line with the [email protected] campaign, which began at the Eighth Clean Energy Ministerial Meeting in 2017. campaign set the combined aspirational goal for all EVIs. (Electric Vehicle Initiative) members of 30.0% share of electric vehicles in the total number of vehicles (excluding two-wheelers) by 2030. Under the [email protected] scenario, sales of electric vehicles are expected to reach 44 million vehicles/year by 2030. Such initiatives by governments of various countries are expected to continue driving the revenue growth of the global electric vehicle charging infrastructure market.
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Companies profiled in the global market report include Chargepoint, Inc., ABB Ltd., Tesla Inc., BP Chargemaster, EVGO Services LLC, Semaconnect Network, Greenlots, EV Connect, Electrify America LLC, and Opconnect, Inc.
Main highlights of the report
• In February 2020, Avis India, a car rental service provider, announced its partnership with Quikk India, an electric mobility service provider. The companies have partnered to develop integrated solutions for corporate electric mobility services. The collaborative companies have developed a revolutionary, integrated AI-powered model that combines transport services and provides access to robust charging infrastructure at approximately the same costs as existing ICE vehicles.
• The CPO segment accounted for a significant portion of revenue in 2020. A charge point operator (CPO) is a supplier that operates a network of charge points and is responsible for obtaining energy for the charge point. A CPO verifies that the network is operating efficiently. This can include maintenance, diagnostics, pricing and POI (point of interest) data management.
• The Tier 1 (120V) segment accounted for the largest revenue share in 2020. All EVs are equipped with a 120 Volt Tier 1 portable charger. These chargers plug into a simple household outlet and do not require any special installation. Most manufacturers supply a basic level 1, 120 volt charger, and these can take between 8 and 20 hours, depending on the capacity of the vehicle’s battery.
• E-bikes offer new potential and are in high demand in various tourist destinations. To keep the environment clean, the development of e-bike charging infrastructure is crucial. Some of the most popular locations for e-bike charging stations are places such as tourist attractions, restaurants, snack bars, accommodations and recreational facilities.
• The Asia-Pacific market accounted for a large share of revenue in 2020 due to high deployment of electric vehicles in countries in the region, electrification of automobiles, and various government initiatives to establish a electric vehicle charging infrastructure.
• Growing environmental concerns including traffic congestion and pollution in Asia-Pacific led to a greater emphasis on electric vehicle sales with 56.0% of sales coming from East Asia and 37.0 % from Southeast Asia.
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For the purposes of this report, Reports and Data has segmented the global electric vehicle charging infrastructure market on the basis of infrastructure provider, type of charging infrastructure, level of charging, type of vehicle, type of installation, application and region:
Infrastructure Provider Outlook (Revenue, USD Billion; 2018-2028)
• Charging station operator
• Electric mobility service provider
• Charging hubs
Charging Infrastructure Type Outlook (Revenue, USD Billion; 2018-2028)
• Normal load
• Tesla Supercharger
• TYPE-2 (IEC 62196)
Charge Level Outlook (Revenue, USD Billion; 2018-2028)
• Level 1 (120V)
• Level 2 (208V – 240V)
• Level 3 (up to 600 V)
Vehicle Type Outlook (Revenue, USD Billion; 2018-2028)
• Electric bike
• Plug-in hybrid PHEV
• EV passenger cars
• Heavy delivery vans
Plant Type Outlook (Revenue, USD Billion; 2018-2028)
• Laptop charger
• Fixed charger
Application Outlook (Revenue, USD Billion; 2018-2028)
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Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
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