EV Charging Market to Grow at 28.2% CAGR by 2030
Rapid increase in demand for fuel-efficient and low-emission automobiles is the major factor in growth of the EV Charging Market.
According to a new research report by Next Move Strategy Consulting, the global Electric Vehicle (EV) Charging market was valued at USD 14.49 billion in 2021, and is expected to reach USD 128.13 billion by 2030, with a CAGR of 28.2% during the forecast period,
EV charging has been witnessing rapid growth in sale, owing to government support and financial assistance to accelerate installation of EV charging infrastructure. Moreover, rise in number of sales in EVs increases demand for EV charging stations, which is a crucial factor leading to growth of the EV charging market.
On the contrary, absence of standardization of current EV charging infrastructure hinders the market growth. However, increase in adoption of vehicle-to-grid (V2G) EV charging stations for electric vehicles create ample growth opportunities for the market. In addition, introduction and integration of smart infrastructure and IoT in EV charging stations to manage load is the key factor benefiting the EV charging market growth.
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According to the report, leading market players in the manufacturing of EV charging include ABB, ChargePoint, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.
Key Insights from the EV Charging Market Report:
The information related to key drivers, restraints, and opportunities and their impact on the EV charging market is provided in the report.
Value chain analysis in the market study provides a clear picture of the roles of each stakeholder.
The market share of players in the global EV charging market, along with their competitive analysis is provided in the report.