A new report from Guidehouse Insights analyzes technologies and applications that make up the global electric vehicle (EV) charging market, identifying forces driving and challenging the market, and providing forecasts for market growth through 2030.
Driven by increasing environmental concerns, EV fleet adoption is poised to grow significantly by 2030 as a ban on gas-fueled vehicles is gathering momentum among governments, corporations, and automakers. A projected global fleet of more than 185 million plug-in electric vehicles (PEVs) by 2030 has increased forecasts for spending on EV charging infrastructure. According to a new report from Guidehouse Insights, the EV charging infrastructure market is expected to reach more than $207.5 billion by 2030 at a compound annual growth rate (CAGR) of 24.6%.
“While government internal combustion engine (ICE) bans and targets are not new, nor corporate sustainability targets and climate action plans, the broad, industry-wide recognition of the magnitude of these demands is,” says Scott Shepard, principal research analyst with Guidehouse Insights. “Increased investment is not only a product of higher PEV volumes but also of earlier than expected introductions and expansions of new charging innovations.”
The market for EV charging equipment is strong and its prospects highly positive, but there are challenges common to rapidly evolving technologies and markets. Standardization issues are at the forefront as there is no common way for PEV drivers to charge their vehicles. Furthermore, fundamental adjustments to grid transmission and distribution capacity, load visibility, and distributed generation and storage technologies, among others are necessary.
The report, Market Data: EV Charging Equipment, provides an overview of the technologies and applications that make up the global EV charging market, identifies forces driving and challenging the market, and provides forecasts to 2030. Forecast data is segmented by five technology groupings: AC, DC, pantograph, wireless, and battery swapping. It is also broken out by five charging applications: private, destination, fast charging services, fleet, and heavy commercial vehicle (HCV) fast charging services. An executive summary of the report is available for free download on the Guidehouse Insights website.