EV charging technology is rapidly expanding and evolving in the market of Asia, Europe and beyond. The global EV charging stations market is expected to grow by almost 50% over the next six years. As 2020 comes to an end, we have decided to take a look at the industry.
The global EV charging infrastructure market forecast will be $18,589.0 million by 2026, increasing from $1,700 million in 2018 at a healthy CAGR of 34.9%. Asia-Pacific EV charging infrastructure market is anticipated to grow at a healthy CAGR of 34.5% by registering a revenue of $5,762.6 million by 2026. This is mainly because of increasing popularity for zero emission vehicles and latest technological innovations in the EVs.
An electric vehicle charging infrastructure (EV charging networks) is the recharging point that is used to connect electric vehicles and recharge them. The EV charging infrastructure provides multiple applications such as workplace, parking, fleet and others. Moreover, some EV charging infrastructures have advanced features such as cellular capability, network connectivity and smart metering. This infrastructure is also called as electric vehicle supply equipment (EVSE) which provides AC EV charger, and DC quick charger.
AC Charging System for EV Charging Infrastructure market size is anticipated to grow at a healthy rate, and is forecasted to account for $7,900.3 million by 2026, rising from $674.9 million in 2018. The key advantage of AC charging system is that it provides low-cost AC charging station feeding power directly from the electric grid to the electrical vehicles. These chargers have ability to maintain communication with control system of the vehicle and provide safe and controlled charging to the vehicle. Moreover, ongoing technology developments coupled with rising deployment of residential and public establishments is expected to drive the growth of the global market.
EV charging Infrastructure market share of DC charging system is anticipated to grow at a CAGR of 34.0% rate, and it will generate a revenue of $10,688.7 million, during the forecasted period.
Heavy investment on R&D activities by top players is one of the major factors for the growth of the global market. Charging process by DC charging system is precisely controlled by the parameters of battery control system. Furthermore, increasing number of charging stations coupled with growing popularity of clean power equipment is expected to drive the demand for DC charging system, which will eventually foster the growth of the global market.