| Status : Published | Published On : Apr, 2024 | Report Code : VRAT4079 | Industry : Automotive & Transportation | Available Format :
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Page : 185 |
Global Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market – Analysis and Forecast (2025 – 2030)
Industry Insights by Vehicle Type (Passenger Car, Commercial Vehicle), by Charging Station (Normal, Super), by Charger Type (Slow charger, Fast charger stations), by Connector Type (CHAdeMO, combined charging system (CCS), more), by Application (Commercial, Residential), by Power (1.8 kW, 1.9 kW to 7.8 kW, 7.9 kW to 25 kW, 26 kW to 100 kW, more than 100 kW), by Charging Level (Level 1 chargers, Level 2 chargers, DC chargers) and by Geography (North America , Europe, Asia-Pacific Rest of the World)
Industry Overview
The global electric vehicle (EV) and electric vehicle infrastructure market was valued at USD 13.5 billion in 2023 and is estimated to be USD 36.7 billion by 2030 with a compound annual growth rate (CAGR) of 17.8%.
The primary factors that influence the growth of the electric vehicle and electric vehicle infrastructure market are favorable government policies and several tax incentives, subsidies, and grants, along with other benefits offered in the form of carpool access. Also, the technological advancements to improve performance and longevity and the innovations in vehicle electrification play an important role in the growth of the global electric vehicle (EV) and electric vehicle infrastructure market.
The manufacturers of these vehicles are also offering handsome discounts and lucrative promotional offers during the purchase of new vehicles, which has also fueled the market growth because it has mitigated the common belief of the consumers regarding the high cost of these vehicles and the negative impacts.
Also, the growing concern over the environmental impact and de-carbonization of vehicles by manufacturers to reduce global warming and its ill impacts has pushed this market further northward.
Market Segmentation
Insight by Vehicle Type
According to the vehicle type, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into passenger cars and commercial vehicles. Out of them, the passenger cars segment accounts for the larger share of the market and is expected to grow more during the forecast period due to the larger participation of France, Italy, Canada, the U.K., the U.S., and other developed countries to raise the adoption of electric vehicles.
Insight by Charging Station
According to the charging stations, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into normal and supercharging stations. Out of them, the normal charging station segment accounts for a larger share of the market and is also expected to register a much higher growth rate during the forecast period.
Insight by Charger Type
According to the charger type, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into slow charger and fast charger stations. Among these two segments, the fast charger segment accounts for the larger market share and is expected to grow at a faster rate during the forecast period due to its efficiency and rising investments and initiatives from government bodies.
Insight by Connector Type Insights
According to the connector type, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into CHAdeMO, combined charging system (CCS), and more. Out of them, the combined charging system (CCS) segment holds the larger share of the market. These sockets use shared communications protocols and pin architecture allowing higher compatibility.
Insights by Application
According to the application, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into commercial and residential. Out of these segments, the commercial segment holds the larger share and will grow more in the forecast period due to increasing demand.
Insights by Power
According to power, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into less than 1.8 kW, 1.9 kW to 7.8 kW, 7.9 kW to 25 kW, 26 kW to 100 kW, and more than 100 kW. Out of these. The 1.9 kW to 7.8 kW is most popular due to the optimal blend of performance, speed, and cost-effectiveness.
However, the 7.9 kW to 25 kW segment is expected to grow at a much faster rate during the forecast period due to higher contributions by the commercial spaces and workplaces.
In terms of revenue, the more than 100 kW power chargers are expected to be the highest contributor. This is mainly due to the growth in demand for quicker charging stations with high power potential.
Insight by Charging Level
Based on the level, the global electric vehicle (EV) and electric vehicle infrastructure market is divided into Level 1 chargers, Level 2 chargers, and DC chargers.
Out of these, the Level 2 chargers are the highest contributors to the market due to faster charging ability and 240-volt AC compatibility and suitability for both BEVs and PHEVs. The demand for them is expected to grow at a faster rate during the forecast period due to extensive installation and use in commercial setups such as shopping centers, car parks, and public parking.
The DC fast chargers, also known as Level 3 chargers, offer the fastest charging speeds but operate at a higher voltage. These chargers are usually found in urban areas, along highways, and at commercial charging stations. Lower charging time and higher efficiency will allow this specific segment to grow at a faster rate in terms of revenue during the forecast period.
Global Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
|
Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
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Market Size in 2023 |
U.S.D. USD 13.5 billion Billion |
|
Revenue Forecast in 2030 |
U.S.D. 36.7 Billion |
|
Growth Rate |
17.8% |
|
Segments Covered in the Report |
Vehicle Type, Charging Station, Charger Type, Connector Type, Application, Power and Charging Level |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America , Europe, Asia-Pacific Rest of the World |
Industry Dynamics
Growth Drivers
The most significant growth driver of the global electric vehicle (EV) and electric vehicle infrastructure market is the stringent government rules and regulations towards vehicle emissions. This is higher in traditional gas-powered vehicles due to the combustion process that creates carbon dioxide, greenhouse gasses, and water as waste products of the fuel burnt. There is a significant growth in the demand for more fuel-efficient vehicles with lower emission levels all over the world. This has also propelled the growth of the global electric vehicle (EV) and electric vehicle infrastructure market which produces high-performance vehicles.
Another significant growth driver is the growing concern over the depletion of natural resources and the search for an alternative source that is more sustainable and renewable. This has pushed the demand for electric vehicles. The economic aspect of these electric vehicles which can convert more than 50% of the electrical energy from the grid to the wheels, which is just 17 to 21% of the energy stored in gasoline used in traditional fuel-powered vehicles, also increases the demand for these vehicles.
The increase in the price of petrol and diesel has also resulted in the growth in demand for electric vehicles as cost-effective alternatives, pushing the market further forward.
Moreover, the companies want to make maximum profits from their oil reserves, This specific tendency has driven the need for new fuel-efficient technology, thereby contributing to the growth of the global electric vehicle (EV) and electric vehicle infrastructure market, especially in the field of transportation.
Trends
Several efforts are being taken now to promote the global electric vehicle (EV) and electric vehicle infrastructure market. One notable trend is the rising efforts to establish a large number of smart electric vehicle charging stations. These charging stations operate on intelligent back-end technology and are connected to the cloud and therefore are more sustainable energy systems.
Moreover, there is also an effort made to establish charging stations for electric vehicles that support Wireless Power Transfer (WPT) technology. These charging stations are more favored because there is no wire irritation which will improve the power transfer mechanism.
Challenges
The high manufacturing cost of electric vehicles is a significant challenge to overcome by the global electric vehicle (EV) and electric vehicle infrastructure market to ensure its growth, apart from the huge investment requirements. Also, the high cost, low performance, and frequent malfunctioning of batteries are causing hindrances to the market growth.
However, things are looking bright for the market to do well in the forecast period due to the higher adoption of electric vehicles across the globe and the increased production of electric vehicles, both of which will bring down the cost of these vehicles.
Geographic Overview
North America holds the largest share of the global electric vehicle (EV) and electric vehicle infrastructure market in terms of revenue due to the higher need for such vehicles in this region. Also, the major manufacturers, ancillary firms, and non-profit organizations are taking new initiatives and making huge investments to promote creativity, funding, development, and promotion of electric vehicles in North America which will increase the demand for electric vehicles during the forecast period.
The Asia Pacific region, on the other hand, is also expected to grow substantially during the forecast period being the most profitable region in terms of revenue. This is attributed to the growing demand for electric vehicles in developing countries like India, China, and Japan. In addition, several companies have started to make these vehicles in their factories in these regions, which reduces the cost of the vehicles. The governments in these regions also are very supportive of such a shift and offer several tax benefits for purchasing electric cars.
Competitive Insight
Some of the major players in the market for electric vehicle and electric vehicle infrastructure are Tesla, BYD, BMW, Volkswagen, Nissan, LG Chem, Panasonic, Chery, SAIC, and Bosch, among others. Tesla is one of the leading players in this market. The company continuously delivers new advanced electric vehicles and charging technologies. Despite the effect of COVID-19, Tesla sold more than 88,000 electric vehicles in the first quarter of 2020, surpassing deliveries of Volkswagen. Tesla continued to deliver in the U.S. despite shutting down production at its Fremont, California plant and also began delivering Model Y, its fifth electric vehicle.
Recent Developments by Key Players
Tesla (the electric vehicle (EV) manufacturer) has announced a significant update to its Supercharger network pricing structure in Europe which focuses at providing more affordable and accessible charging options for all EV owners. Under the new system, EV owners can be able to access reduced supercharging rates by becoming members, with Tesla owners automatically enrolled as members.
Panasonic Holdings Corporation and Marubeni Corporation collaborated to provide fleet management services for commercial electric vehicles. Panasonic HD and Marubeni focuses to provide integrated support for the introduction and operations of EVs to large fleet operators, contributing to the deployment of EVs and the realization of a decarbonized society.
While the adoption of EVs is gaining traction globally, there are limited numbers of use cases involving large EV fleets in Japan. Establishing economic rationality and operations unique to EVs is a prerequisite to the introduction of EVs for businesses operators of commercial vehicles. To introduce and operate many commercial EVs, important issues that must be considered include charging infrastructure, charging operations, monitoring of on-board batteries, and establishment of vehicle maintenance systems.
The JV will provide various solutions, from identifying issues to realizing efficient operations by EVs, when fleet operators introduce commercial EVs. The issues identified and solutions proposed will be tailored to the fleet operators through providing trial EV operations and environments for these operations, alongside charging management and on-board battery monitoring systems for efficient operation of multibrand chargers and EVs. In the future, the JV additionally aims to establish a circular economy model with a view to secondary use of EV and batteries.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data, and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behavior.
The Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
Segments Covered in the Report
- Vehicle Type
- Passenger Car
- Commercial Vehicle
- Charging Station
- Normal
- Super
- Propulsion Type
- BEV
- PHEV
- FCEV
Geographical Segmentation
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
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Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market