The growth of the EVCI market can be attributed to the growing number of consumers adopting electric vehicles, which is driven by the need to make environmentally conscious decisions, increasing fuel costs, favourable government subsidies, and lower cost of ownership over the vehicle's lifecycle.
Key Industry Insights & Findings from the report reveal that the fast charger segment is anticipated to emerge as the fastest-growing segment over the forecast period. The ability to rapidly charge electric vehicles in lesser time compared to conventional AC chargers is the primary factor driving the demand for fast DC chargers.
The combined charging system (CCS) 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.
The level 3 charging segment is anticipated to register the fastest growth over the forecast period. Lever 3 charging infrastructure is a type of DC charging infrastructure that charges electric vehicles faster than level 1 and level 2 chargers. As the number of EV users is growing exponentially, the need for fast chargers is increasing day by day to keep up with the demand, thereby fuelling growth and innovation in the segment.
Non-connected charging stations dominated the electric vehicle charging infrastructure market in 2022. Non-connected charging stations are easy to deploy and they reduce the overall cost of deployment. As the existing charging infrastructure is not adequate, key market players are looking for quick deployment infrastructures to bridge the gap and keep up with the demand, contributing to the segment's dominant share.
Commercial segment is anticipated to gain traction owing to the rise in the deployment of fast charging stations across highways, hotels, shopping malls, and public parking facilities.
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.
Asia Pacific is expected to expand at the highest CAGR from 2023 to 2030 due to significant growth in electric vehicle sales in the region and extensive deployment of EV chargers in countries such as China and Japan.
The 125-page full market research report, "Electric Vehicle (EV) Charging Infrastructure Market Size, Share, & Trends Analysis Report By Charger Type, By Connector, By Level Of Charging, By Connectivity, By Application, By Region, And Segment Forecasts, 2023 - 2030", is available from Grand View Research.
