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Electric Vehicle (EV) Charging Market size was valued at USD 14.49 billion in 2021 and is predicted to reach USD 128.13 billion by 2030 with a CAGR of 28.2% during the forecast period, 2022 to 2030.
Demand for EV charging has increased across the globe, owing to the rise in demand for fuel-efficient vehicles has increased, due to the surge in the price of petrol and diesel. This is attributed to the draining of fossil fuel reserves and the growth in the tendency of companies to gain maximum revenue from these oil reserves. These factors increase demand for EV infrastructure for transportation, which is thus expected to fuel the EV charging market share.
However, high initial setup costs of fast chargers including level 3 and ultra-fast chargers hamper the market growth. On the contrary, the rise in the adoption of vehicle-to-grid (V2G) stations that allow plug-in EVs and power grid to exchange electrical energy in both directions for electric vehicles is expected to create ample opportunities for key players operating in the EV charging market during the coming decade.
Asia Pacific market is projected to hold a dominant share by 2030.
Asia-Pacific dominates the electric vehicle charging market and is potently expected to remain dominant throughout the forecast period. This is attributed to a rapid increase in the number of EVs and government subsidies while purchasing EVs in emerging economies such as India, China, and Indonesia.
In addition, growth in support and packages announced by governments to install EV charging infrastructure across the region drive growth of the market. Moreover, the presence of key players such as BYD, Hyundai, and Tata Motors indulged in several innovations in EV chargers further propel the product growth.
ChargePoint, Inc. announced the launch of CP6000, which is its most flexible and serviceable global AC EV charging solution available for vehicles of all types and sizes. CP6000 is designed for scalability, flexibility, reliability, and a best-in-class driver experience and offers reliable AC charging for 1 or 3-phase power at an adaptable output of 3.7 to 22kw per port.
EVgo Inc. launched Autocharge+, setting a new standard for EV convenience by enabling streamlined charging for EV drivers across the country.
ABB’s e-mobility unit acquired a controlling stake in Numocity, an Indian digital platform for EV charging. It is already a shareholder in the business and is expected to increase to a controlling majority of 72%, having the right to become the sole owner by 2026. Under this acquisition, it will expand to Southeast Asia and the Middle East. The region has seen growing demand for charging solutions for two and three-wheelers.
BYD partnered with Shell to expand its electric vehicle charging network across China and Europe. The two firms developed EV charging networks in China, starting with a network of more than 10,000 charging points in Shenzhen
Siemens eMobility collaborated with Ford on the Ford Charge Station Pro, a custom electric vehicle (EV) charger for the Ford F-150 Lightning. This innovative charger was the first bidirectional-ready EV solution set for release at retail customer scale to receive certification under the newly expanded Underwriters Laboratories (UL) 9741.