Electric Vehicle (EV) Charging Infrastructure Market Expected To Grow Exponentially As Consumer Trends Shift Towards Usage Of Electric Vehicles Worldwide Till 2025 | Million Insights

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According to new report available with Million Insights, The global electric vehicle charging infrastructure market was valued at USD 1.16 billion in 2016 and is expected to be growing at a faster rate during the forecast period. Increasing demand for electric vehicles has led to the growth of the product market.

Industry Insights

The global electric vehicle charging infrastructure market was valued at USD 1.16 billion in 2016 and is expected to be growing at a faster rate during the forecast period. Increasing demand for electric vehicles has led to the growth of the product market. In the recent years, there has been a significant increase in the volume of these vehicles sold owing to the government-sponsored subsidies such as tax credits to support and promote the use of electric vehicles and make consumers aware of the benefits of using an EV.

Passenger cars segment is expected to grow at the fastest rate as compared to the commercial vehicles segment. The increase in the variety of EV models, which will come equipped with the latest technology. Moreover, some research and development activities are being carried out to provide the vehicles with latest technologies and advancements are being made in the Electric Vehicle Supply Equipment (EVSE) for making them more reliable and consumer friendly.

Direct Current Chargers hold the capacity to charge an EV in less than 20-30 minutes. These DC charges convert the high voltage alternating current to direct current thereby storing the electricity in the EVs. They are further classified as Combined Charging System (CCS), CHAdeMO, and others connectors such as China GB/T and Tesla Supercharger

Japan Electric Vehicle Standard (JEVS) have stated CHAdeMO as reliable connectors owing to their ability to supply 62.5-kilo watts of DC. Tokyo Electric Power Company, Mitsubishi Group, Inc., Fuji Heavy Industries Ltd, Nissan Motor Company Ltd. and Toyota Motor Corporation together form a CHAdeMO association.

Tesla Superchargers manufactured by Tesla Motors, Inc. is structured distinctively and offer some charging options including the superchargers. The Chinese GB/T supports level 2and 3, 250-voltand 400-volt DC and three-phase AC. GB/T pin design is similar to IEC connector; however, the functions are completely different.

Full Research Report On Global Electric Vehicle Charging Infrastructure Market Analysis available at: https://www.millioninsights.com/industry-reports/electric-vehicle-ev-charging-infrastructure-market

Type Insights

Two varieties of chargers are currently available in the market which includes AC and DC chargers. Alternating Current Chargers are the one which is basically used in homes to charge an EV which uses AC. These chargers are further classified as Type-1 charges (up to 3.7 kilowatts), Type-2 (greater than3.7 kilowatts and less than or equal to 22 kilowatts), and Alternating Current rapid chargers (capacity up to 43 kilowatts). They can charge an electric vehicle in six to eight hours, three to four hours, and 40 to 50 minutes, respectively.

Fast chargers accounted for a significant market share in 2016 owing to their high potential charging capacity which can charge an electric vehicle battery, to 80% in less than 30 minutes. These types of chargers include rapid AC chargers (up to 43kW), Tesla superchargers and DC chargers. They are super quick and help the driver to reduce nervousness and recharging time of the batteries.

Application Insights

Numbers of initiatives have been taken by the Government. To promote publicly available chargers and make consumers aware of the availability of chargers in their respective areas thereby boosting the EV sales. However, the commercial segment is expected to capture a larger market share than the residential sector. Furthermore, government and automakers are expected to make massive investments in the expansion of public infrastructure.

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Regional Insights

In the recent years, countries such as China have witnessed a substantial growth in electric vehicles and also have worked on improving their charging infrastructure. Furthermore, it is willing to invest in the electric vehicle infrastructure market so as to accomplish the target for about 5 million EVs, on the road, by 2020. Owing to this, Asia Pacific region is expected to dominate the market and account for about 50% revenue share by 2025.

Similarly, Japan Government has also taken initiatives to increase the number of petrol stations with EV charging points. Such collaborative initiatives taken by the governments and automakers are projected to enhance the EV infrastructure globally. The year 2016 has also seen a considerable investment from South Korea valuing USD 180.3 million for improving the EV infrastructure in the region.

Competitive Insights

The key players dominating the market include AeroVironment, Inc., ABB Group, Elektromotive Limited, Schneider Electric SE, ChargePoint, Inc., Chargemaster Plc, Siemens AG, Eaton Corporation, SemaConnect, IncTesla Motors, Inc., ClipperCreek, Inc., Delphi Automotive LLP, Leviton Manufacturing Co., Inc. and General Electric Company.

These companies are continuously focusing towards new product developments and up gradation of their existing product portfolio. They have strategically collaborated with other niche players and electric vehicle manufacturers to sustain the market competition. For example, in 2016, ChargePoint, Inc. teamed up with BMW, Volkswagen and LLC came together to set up approximately 100 DC, fast-charging stations across east and west coasts of the U.S. Moreover, they are improving their market shares by undertaking mergers and acquisitions.

Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/automotive-and-parts

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