Electric vehicle charging infrastructure comprises components which are installed for private BEV (Battery Electric Vehicles) and PHEV (Plug-in Hybrid Electric Vehicles). Components include chargers, management of charging, electric utility support for charging, and compliance with local and federal standards/codes. The infrastructure charging market is typically delineated by charger type (slow/fast), by connector protocol (CHAdeMo, CCS, others), by application (commercial/residential), and by charging method (AC/DC).
By application, commercial adoption is expected to gain majority market share by 2026. The segment is expected to grow at a CAGR of 41.0% over the forecast period.
The market size for the globalresidential electric vehicle charging infrastructure segment is anticipated to increase from USD 324.7 million in 2016 to USD 22,430.5 million by 2026, growing at a CAGR of 40.6% from 2018 to 2026.
CHAdeMO is expected to account for the largest market share among the fast charging standards available throughout the forecast period. However, CCS (Combined Charging System/AC and DC) is anticipated to be the fastest growing service segment, with an estimated CAGR of 46.9% over the forecast period, primarily due to strong adoption expected in the western European region. The Asia Pacific (AP) region is expected to stay the predominant region over the forecast period. This is driven by the Japanese auto manufacturers’ focus on developing electric cars. Also, China registered more than 300,000 new electric vehicles (EV) in 2016 and further Chinese government focus has placed a priority on creating favorable circumstances for various EV stakeholders, including investors. The AP region is anticipated to grow at a CAGR 41.0% over the forecast period.
The growth of the commercial and private electric vehicle market is attributed majorly due to initiatives undertaken by the Governments. Based on regions, the market is classified into North America, Europe, and Asia Pacific. While Asia Pacific is expected to remain the largest market, the North America region is anticipated to emerge as the fastest growing region through 2026. Currently, the Asia Pacific market is roughly 4x larger than the European market, 3x the North American region. The Global market is forecast to rise from $2.118 Billion in 2017 to $56.959 Billion in 2026, signaling rapid adoption of Electric Vehicles, both residential and commercial.