Global EV Charging Infrastructure Market – Overview
Growing awareness about creating a sustainable environmental conditions, growing urbanizations and industrialization, and introduction of new energy efficiency standards are some of the key reasons behind the growing popularity of the global EV charging infrastructure market. The market is expected develop further over the course of the given forecast period of 2019 to 2027 on account of growing activities of research and development for producing more efficient and reliable units. With the development of technology and the growing popularity of electric vehicles, it is only natural for the development of the charging infrastructure. The AC charging stations are expected to witness the most promising growth in the near future.
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Global EV Charging Infrastructure Market – Notable Developments
Some of the key developments in the global EV charging infrastructure market are given below:
- In September 2019, Greenway, a leading player in the global EV charging infrastructure market, announced that the company is investing around 34 million euros for the development of EV charging infrastructure for the regions of Central and Eastern Europe. The company has also signed an agreement of 17 million euros with the European Investment Bank for the execution of the plan.
- Recently Schneider Electric has announced that the company has planned to launch a new digital ecosystem for scaling up the EV charging infrastructure.
Global EV Charging Infrastructure Market – Drivers and Restraints
There are several factors that are helping to drive the growth of the global EV charging infrastructure market. The leading players in the market are constantly striving to deploy more efficient charging stations in their parking spaces and garages. This is driving the demand for private charging units of EV charging infrastructure. This is ultimately helping in the overall development of the global market. In addition to this, increasing activities of research and development for enhancing the ability to store energy is also an important factor that is driving the growth of the global EV charging infrastructure market.
In recent years, due to growing environmental concerns and subsequent initiatives by the government for environment conservation has also helped in spreading the reach of the global EV charging infrastructure market.
Global EV Charging Infrastructure Market – Geographical Outlook
In terms of geography, there are five key regions to understand the working dynamics of the global EV charging infrastructure market. These regions are North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Of these regional segments, the global market is dominated by the North America segment. In the coming years of the given forecast period, the US market is expected to witness a promising growth. The growth of the North America market is primarily attributed to the growing penetration of single-family homes. Moreover, the growing adoption of EV, specifically in California and Pacific Northwest is also helping the North America market to grow. Another important factor for the development of the North America EV charging infrastructure market is the growing prices of energy coupled with increasing concerns about adverse impact of fuel utilization on the environment.
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The Asia Pacific segment is projected to exhibit a promising CAGR over the course of the given forecast period. The growth of the regional segment can be attributed to the growing adoption of EV charging infrastructure in emerging nations such as India and China. China in particular is installing large number units in recent. In 2018, over 500 thousand units were installed in China.
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