EV Charging & Infrastructure: Global
The size of the electric vehicle charging infrastructure (EVCI) is $6.45 billion. It is expected to growth at 36.8% CAGR in the period 2019-2027.
EV Charging Infrastructure Global Market Size
- According to The Insight Partners, the size of the global EV charging infrastructure (EVCI) market is $6.45 billion.
- The EVCI market is expected to grow at a CAGR of 36.8% in the period 2019-2027 to $95.98 billion.
EV Charging Station Global Market Size
- The size of the electric vehicle charging station market is $2.5 billion.
- The electric vehicle charging station market is expected to grow at a CAGR of 34.7% to $27.7 billion by 2027.
- World over, governments and automobile companies "have introduced initiatives, such as tax rebates, grants, and subsidies, to encourage the adoption of EVs".
- Companies are also investing in the up-gradation of EV Supply Equipment (EVSE) to enable long-distance travel. The passenger segment is likely to see greater EV adoption than any other segment.
- The fast charger segment is expected to grow the fastest in the coming years as companies are increasingly focused on deploying high-end devices.
- Currently, charging overnight is insufficient to cover long distances and it is not feasible to stop for hours to charge while traveling. As this deters individuals from adopting EVs, companies are deploying chargers in public places like shopping centers, commercial buildings, and airports. BMW, Daimler, Volkswagen, and Ford collectively plan to create 400 charging sites in Europe.
- Major companies in the EVCI market include Siemens AG; ABB Ltd.; ChargePoint, Inc.; AeroVironment, Inc.; General Electric Company; ClipperCreek, Inc.; Eaton Corporation; Chargemaster PLC; Schneider Electric SE; Leviton Manufacturing Co., Inc.; SemaConnect, Inc.; Tesla, Inc.; and Webasto SE.
Insights from McKinsey's Report
- According to McKinsey, China, the United States, and Europe will require 40 million additional EV chargers by 2030. This will amount to a cumulative capital investment of $50 billion.
- The total charging energy demand in China, the United States, and Europe will grow from 20 billion kilowatt-hours in 2020 to around 280 billion kilowatt-hours in 2030.
- The EV market share in the United States is 1.2%. EV penetration in China is 2.2%, while that in France is 1.7%. Norway increased EV penetration from 11% to 32% in the last four years.
- Roughly 75-80% of EV owners in Europe and the United States will have access to home charging, which will meet 75% of their charging needs.
- The penetration of home charging depends on the concentration of single-family homes. As EVs become mainstream in Europe, the share of home charging will decline from 75% in 2020 to 40% in 2030.