According to report from Grand View Research, the global EV charging infrastructure is expected to grow to $121.09 billion by 2030.
Growth in the segment is being driven heavily by government subsidies, new EPA emission standards, EV adoption by consumers looking to lower cost of ownership and increasing fuel costs to name a few. All of this is driving growth in the EV charging infrastructure segment.
Here are some key takeaways from the report. Fast charging or Level 3 charging is the fastest growing segment. This segment uses DC charging instead of AC allowing to vehicles to fully charge in less time. Ultimately, consumers are going to want this for home although most of the growth is being driven by retail outlets and so on. I would expect more research and innovation in this fast growing segment.
CCS or the Combined Charging System connectors segment is anticipated to emerge as the fastest-growing connecter segment over the forecast period owing to the adoption by a higher number of automobile manufacturers. A few EV's use their own proprietary connector but think of this as the universal connector.
Stringent vehicle emission standards and a high focus on research and development of electric vehicles are some of the major factors driving the electric vehicle charging infrastructure market in the North America region.
As you have seen from our previous posts, there is also a lot of private sector investment in the segment. Companies from Chipotle to BP are all embracing and adding EV charging.
