The booming electric vehicle market directly impacts the charging infrastructure required to achieve the energy transition.
According to a report by ResearchAndMarkets.com, the electrified car charging infrastructure market will reach $125.39 billion by 2030 at a CAGR of 25.4%.
The global electric vehicle charging infrastructure market is forecast to reach $125.39 billion by 2030, expanding at a CAGR of 25.4% between 2024 and 2030.
“The growth of the electric vehicle charging infrastructure (EVCI) market is attributed to a growing consumer base adopting electric vehicles” states the report.
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Behavioral Factors
The publication adds that the shift is driven by green options, higher fuel costs, government incentives, and reduced ownership costs over the lifetime of the vehicle.
Growing interest in electric vehicles is amplifying the need for sufficient charging infrastructure, driving market growth.
Several electric vehicle manufacturers, including Kia Motors, Volvo, Ford, and Mercedes-Benz, are partnering with charging infrastructure providers to ensure convenient access to charging stations.
In addition, Ecotap BV, Delta Electronics and Enel X, among others, are focusing on developing solar-powered electric vehicle charging stations.
The study notes that several companies are working to improve electric vehicle supply equipment (EVSE) to improve convenience for long-distance travel.
Manufacturers such as Tesla, Inc. and Nissan are focusing on ensuring compatibility of their EVs with public charging networks.
The significant growth is mainly due to the increasing initiatives undertaken by both the public and private sectors to encourage people to switch to electric vehicles.
