Global plug-in EV charging market expected to exceed $70 Billion by 2030


The growing PEV fleet demands significant investment in technologies and services for charging equipment, installation, and operations and maintenance

A new report from Guidehouse Insights examines the global plug-in EV (PEV) charging market, providing an assessment of charging technologies and their applications, market drivers and challenges, the competitive landscape, and the extent by which the market is likely to grow to 2030.

The market for PEV charging infrastructure is composed of many types of technologies and nuanced approaches to serve PEV drivers and fleet operators. The market is also young, and the potential value that vehicle electrification offers drivers via charging remains largely untapped. Reduced vehicle downtime through increased charging speed; improved charging convenience through wireless and on-demand mobile charging; and more efficient charging through grid and renewables integration are major areas for development as PEV adoption increases. According to the report the global PEV charging market—inclusive of charger production, installation, and operations and maintenance (O&M)—is expected to exceed $21 billion in 2020. From there, it is anticipated to slow in 2021 and 2022 and then accelerate again to reach more than $70 billion by 2030.

Scott Shepard, senior research analyst with Guidehouse Insights commented that, though the plug-in EV (PEV) market contracted in 2019 and was likely to do so again in 2020, due to the coronavirus pandemic, the market for charging infrastructure has been and would likely remain resilient. This market more than doubled its market size in 2018, the increase had been driven almost entirely by a surge of charge point deployments, estimated at nearly 800,000 stations, in China. As the balance of supply and demand in China would correct in 2021 and 2022, growth would be expected to slow before increasing again towards the end of the decade.

According to the report, the growing PEV fleet demands significant investment in technologies and services for charging equipment, installation, and O&M. Ubiquitous electrical infrastructure in developed geographies enables these investments to take place in a variety of locations such as homes, apartment complexes, workplaces, fleet depots, driver destinations, and retail fuel sites. This variety creates a highly diverse market with hundreds of competitors.

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