The global EV charging infrastructure market size is valued at $6.4 in 2023, according to a new report by GlobalData Plc. Growing demand for electric vehicles promoted by rising environmental awareness, government support, technological advancements, and decreasing battery costs are the major factors driving market growth. The expansion of EV charging infrastructure requires substantial investment. Governments, private companies, and stakeholders need to collaborate to ensure adequate funding for charging network expansion, especially in underserved regions.
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EV Charging Infrastructure Market FAQs
The global EV charging infrastructure market size will be valued at $6.4 billion in 2023.
The global EV charging infrastructure market is expected to grow at a CAGR of 18.5% over the forecast period (2023-2030).
Growing demand for electric vehicles promoted by rising environmental awareness, government support, technological advancements, and decreasing battery costs are the major factors driving the market growth.
The leading EV charging infrastructure companies are ABB Ltd, AeroVironment Inc, BYD Co Ltd, ChargePoint Holdings Inc, Eaton Corporation Plc, General Electric Co, Schneider Electric SE, Shell plc, Siemens AG, and Tesla Inc.
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EV Charging Infrastructure Market Dynamics
Advancements in EV charging technologies are instrumental in driving the growth of the charging infrastructure market. The evolution of faster charging solutions, such as DC fast charging, has significantly reduced charging times, making electric vehicles more convenient for daily use. Moreover, the development of smart charging systems, wireless charging technologies, and vehicle-to-grid (V2G) integration has enhanced the overall efficiency and flexibility of charging infrastructure, enabling seamless integration with the power grid, and maximizing the utilization of renewable energy sources.
While the growth of electric vehicle charging infrastructure has witnessed significant progress, several challenges need addressing for its widespread expansion. High initial infrastructure costs, range anxiety, grid capacity constraints, interoperability issues, regulatory hurdles, limited public funding, balancing charging speed and grid load, and future-proofing infrastructure are among the key challenges that must be overcome.
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EV Charging Infrastructure Market Report Highlights
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EV Charging Infrastructure Market Scope
GlobalData Plc has segmented the EV charging infrastructure market report by power, level, and region:
Global EV Charging Infrastructure Power Outlook (Revenue, $ Million; Volume, Units 2020-2030)
Global EV Charging Infrastructure Level Outlook (Revenue, $ Million; Volume, Units 2020-2030)
Global EV Charging Infrastructure Regional Outlook (Revenue, $ Million; Volume, Units 2020-2030)
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