EV Charging Infrastructure Market Size, Share & Trends Analysis Report By Applications (Public, Private), By Mode of Charging (Wired, Wireless), By Voltage (Level 1, Level 2, Level 3-5), By Operation Sites (Petrol Pumps, Offices, Supermarkets, Public Parks, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

EV Charging Infrastructure Market Size

The global EV charging infrastructure market size was valued at USD 25.83 billion in 2023 and is projected to reach from USD 31.7 billion in 2024 to USD 153.6 billion by 2032, registering a CAGR of 22.7% during the forecast period (2024-2032). The increase in the EV charging infrastructure market share during the forecast period is related to government policies and initiatives and a decline in electric vehicle prices.

Charging infrastructure, also known as charging points, charging ports, charging ports, and charging devices, are charging systems installed in various locations across countries. An electric vehicle (EV) is connected to a power source by a charging infrastructure, which allows for recharging hybrid electric cars and community EVs. These infrastructures include an electrical grid, a facility meter, an electric vehicle recharge, a software platform, an energy controller, and a network operating system. In addition, they provide special connectors that adhere to numerous charging connector standards. A charging infrastructure for electric vehicles reduces maintenance costs and environmental damage, eliminates greenhouse gas (GHG) emissions, and improves public health. It also provides varying levels of charge, which aids in determining the level of detrimental vehicle emissions.

The EV charging infrastructure market is rapidly expands as electric vehicle adoption accelerates worldwide. Key factors driving this growth include increased government incentives for EV usage, advancements in charging technology, and the rising focus on reducing carbon emissions. Public and private sectors are heavily investing in expanding charging networks to meet the increasing demand from EV users, particularly in urban areas and along critical highways. Governments in regions like North America, Europe, and Asia-Pacific have announced ambitious plans to develop extensive charging infrastructures, offering subsidies for setting up public and private charging stations. Technological advancements, such as ultra-fast and wireless charging systems, are anticipated to enhance the market growth further, making EVs more convenient for consumers and fueling the market's expansion through 2032.

Top 4 Key Highlights 

1. The private station segment is the most significant contributor to the market share by application.
2. The wired segment owns the highest EV charging infrastructure market share by mode of charging.
3. The level 2 segment dominates the global market by voltage.
4. The petrol pumps segment accounts for the largest EV charging infrastructure market share by operation sites.

EV Charging Infrastructure Market Drivers

Government Policies and Initiatives

Government policies across the globe continue to drive the growth of the market, aiming to reduce greenhouse gas emissions and meet sustainability goals. In 2024, various countries have ramped up their initiatives to accelerate electric vehicle (EV) adoption. For example, the European Union has set ambitious goals to cut CO? emissions by 55% by 2030, leading to increased subsidies for EV purchases and infrastructure development. Similarly, the United States government passed the Infrastructure Investment and Jobs Act, allocating $7.5 billion for EV charging networks, which is expected to add 500,000 public charging stations by 2030. India's FAME II scheme continues to promote the domestic production of electric vehicles, with over 1,000 new charging stations sanctioned in 2024. These initiatives, alongside incentives like tax breaks and grants for EV buyers and manufacturers, are crucial drivers for expanding EV charging infrastructure. 

Decline in Electric Vehicle Prices

The decreasing cost of EVs, driven by falling battery prices, is another crucial factor boosting the market. By 2024, the average battery cost per kilowatt-hour (kWh) has dropped below USD 90, a significant reduction from previous years, making EVs more affordable. BloombergNEF reports that battery costs have decreased by 30% between 2020 and 2024, leading to lower production costs for EVs. As a result, the price gap between internal combustion engine (ICE) vehicles and EVs is shrinking, encouraging more consumers to switch to electric vehicles. Major automakers like Tesla have committed to further reducing battery prices by investing in new technologies like lithium-iron-phosphate (LFP) batteries. This shift is expected to result in EVs surpassing ICE vehicles in sales in key markets by 2030. As EV adoption grows, so will the demand for comprehensive and widespread charging infrastructure to support the rising number of EVs on the road.

Market Restraint

Lack of Standardization in Charging Infrastructure

One of the major restraints in the global industry is the need for more standardization across charging systems. In 2024, this issue remains prominent, particularly in regions with diverse EV manufacturers and charging networks. For instance, Europe has been working to standardize charging protocols. Yet, technical discrepancies exist between countries and manufacturers, such as varying charging connector types (CCS, CHAdeMO) and different grid capacities. In North America, Tesla's proprietary Supercharger network contrasts with the open systems used by other manufacturers, further complicating efforts for a universal standard. The absence of a unified global standard has led to inefficiencies, including long charging times and incompatibility between charging stations and specific EV models. Governments and private stakeholders must work toward creating uniform policies to harmonize charging technology. This lack of standardization challenges seamless EV adoption, slowing the expansion of reliable and efficient charging infrastructure.

Market Opportunity

Wireless Charging Systems for Electric Taxis

The growing demand for wireless charging solutions presents a significant opportunity for the global EV charging infrastructure market. Wireless charging systems, which eliminate physical plugs, offer benefits like reduced maintenance costs and increased convenience for drivers, especially for fleets like electric taxis. In 2024, wireless EV charging is gaining momentum, with cities like Oslo continuing to lead the way. Oslo’s induction-based charging initiative for electric taxis, which began in 2023, aims to create a zero-emission taxi fleet by 2025. This system allows taxis to charge while waiting at taxi stands, improving efficiency and reducing idle emissions. Other cities like London and New York are also exploring similar projects to promote sustainable urban transport. With over 75% of new taxi purchases expected to be electric by 2030, integrating wireless charging systems into public transit infrastructure will be essential for reducing emissions and driving EV adoption. This presents a significant growth opportunity for companies specializing in wireless charging technology.

Regional Insights

Asia-Pacific: Dominant Region with a CAGR of 37.37%

Asia-Pacific's EV charging infrastructure industry share is estimated to exhibit a CAGR of 37.37% during the forecast period. China, Japan, South Korea, and India are some of the fast-growing markets in the Asia-Pacific region. The regional electric vehicle charging infrastructure market is expected to witness steady expansion during the forecast period because of the surging adoption of electric vehicles at the commercial level over the next few years. In addition, significant developments in EV charging have occurred due to the rising pollution rates in the countries. However, the knowledge gap has been a major challenge for consumers and manufacturers attempting to penetrate the market rapidly.

Unlike China, where commercial and passenger electric vehicles account for a significant share of the automobile industry, India's electric commercial and passenger EV market is still nascent. However, the Indian government has planned an initiative to build around 2,640 charging systems in around 62 cities. Similarly, the Indian government's scheme called Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME II) is driving growth opportunities for EVs and charging infrastructure.

Europe: Growing Region

Europe is predicted to exhibit a CAGR of 31.50% over the forecast period. Europe has one of the most established charging infrastructures globally. Wireless connectivity is becoming the norm in EV charging facilities in the region. The region's vendors support the charging infrastructure, system deployment, government organizations, and other private companies. For instance, ABB supports the European company Vattenfall to develop an EV charging network in Sweden. In addition, the region is targeting investment areas. Partnerships and M&As will further support the market in Europe.

• For instance, in November 2020, Scania, a transport solution provider, teamed with EVBox Group and ENGIE to hasten the introduction of electric bus and truck solutions across Europe. Automobile manufacturers such as BMW Group, Ford Motor Company, Volkswagen Group, Audi, Porsche, and Daimler have joined hands to form a joint venture called Ionity4 to create a robust charging network across Europe by 2021.

In North America, automobile manufacturers like Tesla, BMW, and Volkswagen, as well as charging systems providers, have pooled their efforts as public charging continues to grow in areas of strong EV adoption. Vendors provide low prices, multiplugs, and other advantages to attract customers as the market becomes competitive. For instance, drivers can charge for free at over half of ChargePoint's stations, North America's largest supplier of plugs. The EV industry is reaching a tipping point, with over a million electric cars on U.S. roads, and prices are expected to reduce due to more innovation and scale. Such factors all together drive the regional market growth.

Latin America has experienced an enormous expansion in several commercial sectors due to the accessibility of inexpensive labor and an increase in foreign acquisitions. Other primary factors that have created significant market opportunities for the wireless EV charging industry in Latin America include improvements in the government policy to reduce pollution-related risks and infrastructural progress. Among the Latin American countries, Brazil is the major revenue contributor to the market, followed by Mexico, Argentina, and Chile. The region is expected to develop substantially due to rapid urbanization, construction activities, and deteriorating air quality in many countries. Moreover, rising indoor pollution and vehicular emissions are key drivers that have created EV charging infrastructure market opportunities in Latin America.

In Middle Eastern countries, the growing focus on environmental protection propels electric car sales and boosts the demand for electric car charging systems. Moreover, the increasing disposable incomes in Middle Eastern countries are also prompting electric vehicle producers to introduce high-end EVs, raising the number of charging systems in the area. 

Segmentation Analysis

By Applications

The market is further segmented by applications that are public and private. The private station segment is the most significant contributor to the market share and is anticipated to exhibit a CAGR of 33.04% over the forecast period. Charging systems installed in a private station (stations are run by private players and charge a fee for the usage of the device) are growing in number. Private charging stations may or may not be operated by the charger manufacturer. The value chain of private charging systems consists of the energy provider, charging infrastructure manufacturers, and other operating services and maintenance players.

Private charging stations are operated and maintained by collaborating with two or more players that provide different services. The cost of charging in these private charging stations depends on the location, levels of charging infrastructure, and electricity cost in the country or state. Although companies manufacturing charging infrastructure for private charging stations focus on developing new electric vehicle charging infrastructure and charging stations, policymakers collaborate with them to build EV charging infrastructure.

By Mode of charging

The market is further segmented by Mode of charging into Wired and Wireless. The wired segment owns the highest EV charging infrastructure market share and is predicted to exhibit a CAGR of 31.24% over the forecast period. A metal link between the electric vehicle supply unit (EVSE) and the battery charging inlet is necessary for wired charging. Wired electric charging infrastructure employs a power cord connected to the car inlet on one end and a wall outlet on the other to connect directly to the supply. Wired electric charging infrastructure is widely used in construction because these are easy to use and perform well. The growing demand for energy-efficient vehicles is one of the main drivers for growth in the wired EV charging systems market.

By Voltage

The market is further segmented by voltage into Level 1, Level 2, and Level 3-5. The level 2 segment dominates the global market and is projected to grow at a CAGR of 31.95% over the forecast period. Level 2 charging infrastructure is a low-cost, high-speed charging option. In most cases, Level 2 does not draw enough power to trigger demand charges (unless many are linked to a single meter), keeping the cost of owning or using one low. There are several exceptions, and in these situations, a reasonable rate design business model is used to run for long periods. In addition, the voltage range for L2 charging infrastructure is 208–240 V and can deliver 3–19 kW of AC power. This power output translates to a top speed of 18–28 mph. The standard electric car can be fully charged in 8 hours or less. The outcomes can vary depending on the charger and the EV because some L2 charging facilities can deliver more power than some EVs can handle.

By Operation Sites

The market is further segmented by operation sites into petrol pumps, offices, supermarkets, public parks, and others. The petrol pumps segment accounts for the largest EV charging infrastructure market share and is anticipated to exhibit a CAGR of 34.53% over the forecast period. The installation of EV charging infrastructure at petrol pumps has created a feasible and convenient network for EV drivers. Petrol pump stations are strategically located based on the driver's patterns and preferences. EV charging systems will be easy to install for vendors in stations where most equipment is already provided with proper station infrastructure and energy supply. Setting up EV charging stations at petrol pumps is anticipated to reduce the per-hour revenue of oil marketing companies.

Currently, EV charging infrastructure installed at petrol pumps can charge USD 2–3.5 per vehicle for up to 2 hours in major countries such as the US, China, India, and others. Therefore, many opportunities are expected to be created in petrol and gas stations, which is projected to boost the development of EV charging stations at petrol pumps across countries.

Recent Development

• June 2024 - LG and ChargePoint have partnered to improve the efficacy and accessibility of electric vehicle (EV) charging by integrating hardware and software.
• June 2024 - In Czechia, a strategic partnership has been established between Shell, Penny, and Billa to facilitate the establishment of electric vehicle charging facilities. The partners are committed to assisting Shell in achieving carbon neutrality by 2050 and Billa in 2040 by constructing public chargers for electric vehicles at Billa and Penny outlets in Czechia.