EV Charging Infrastructure Market Research Report and Outlook by 2028

The market for electric vehicle (EV) charging infrastructure was valued at approximately US$ 8,805.35 million in 2021 and is projected to grow to around US$ 23,395.77 million by 2028, reflecting a compound annual growth rate (CAGR) of 15.0% during this period.

The global electric vehicle sector is witnessing rapid growth, especially in regions like China and the United States, which has significantly increased the demand for electric vehicle charging solutions. This market is characterized by its dynamic nature and diverse applications. The expansion of EV charging stations is bolstered by various government initiatives across multiple countries. In China, the central government has sanctioned the establishment of fast-charging stations through national regulations. Likewise, the US government is actively involved by implementing mandatory regulations and allocating funds to facilitate the rollout of electric vehicle charging stations. However, certain countries or regions still face a shortage of commercial charging stations, compelling consumers to depend on charging facilities available at their homes or workplaces.

The Asia Pacific region is expected to witness substantial growth in the electric vehicle market, driven by extensive development of EV charging infrastructure in China, a rising demand for affordable electric vehicles for daily use, and supportive government policies promoting electric mobility. China's rapidly growing economy is anticipated to foster the adoption of innovative technologies aimed at enhancing electrification throughout the forecast period. By 2020, China had already invested approximately US$2.4 billion in its charging infrastructure. Looking ahead, both Japan and South Korea have announced ambitious plans to significantly increase the number of electric vehicle charging stations within their territories.

During the forecast period, North America is projected to lead the electric vehicle market in terms of growth. The expansion in this region is expected to be driven by stringent government regulations concerning vehicle emissions, a high acceptance rate for new technologies, and considerable investments in product innovation.

The COVID-19 pandemic resulted in a global slowdown of automotive and infrastructure activities in 2020, with all analyzed regions experiencing a notable decline in workload during the first half of that year. Nevertheless, the pandemic has accelerated the push for emission-free mobility, particularly in developed areas. According to the International Energy Agency (IEA), global electric car sales surpassed 3 million, achieving a market share exceeding 4%. Remarkably, in the first half of 2021, electric vehicle sales surged by 160% compared to 2020, representing 26% of total new sales in the global automotive sector. As electric vehicle sales continue to rise globally, key players in the global EV charging infrastructure market have been actively developing smart charging solutions across various nations to foster a supportive ecosystem for future-ready, connected, and efficient mobility. For instance, during the pandemic period from 2020 to 2021, companies like EVBox and Tritium formed strategic partnerships, acquired significant players, and concentrated on research and development of advanced EV charging infrastructure solutions.

Moreover, the systems that underpin EV charging infrastructure provide numerous advantages, including lower operational costs and reduced environmental impact for agencies and government bodies, especially when compared to the current landscape dominated by internal combustion engine (ICE) vehicles. This aspect has further enhanced the growth potential for major global players in the market. For example, the US government has introduced an EV Charging Action Plan that outlines measures for federal agencies to support the establishment and deployment of chargers in communities across the nation. Consequently, the COVID-19 pandemic has not significantly hindered the EV charging infrastructure market, which continues to experience steady growth in many parts of the world.

The global EV charging infrastructure market size has been assessed through a combination of primary and secondary research methodologies. Extensive secondary research has been conducted utilizing both internal and external sources to gather qualitative and quantitative data related to the market. This approach aims to provide a comprehensive overview and forecast for the EV charging infrastructure market across all segments. Additionally, numerous interviews have been conducted with industry participants and commentators to validate the data and obtain further analytical insights into the subject. Participants in this process include industry experts and external consultants specializing in the EV charging infrastructure market.