The Global Electric Vehicle Charging Infrastructure Market Will Grow by $17.6 Billion by 2024

1. The market for electric vehicle charging equipment is growing rapidly

Technavio, an international market research organization, said that from 2020 to 2024, the electric vehicle charging infrastructure market is expected to grow by US$17.64 billion. During the forecast period, the compound annual growth rate of the electric vehicle charging infrastructure market is 52%. As the demand for electric vehicles increases year by year, and some participants in the market improve the infrastructure of charging piles, the momentum of demand for electric vehicle charging infrastructure will not be underestimated.

From the current point of view, the market for electric vehicle charging equipment, such as the market for electric vehicle charging plugs and cables, is still fragmented. International and regional electric vehicle charging equipment manufacturers are also expanding their market share through mergers and acquisitions. But the lack of standardization and infrastructure will still challenge the growth of market participants.

2. The Asia-Pacific region is the largest market for electric vehicle charging equipment

In terms of market area, from 2019 to 2020, the Asia-Pacific region is the largest regional market for electric vehicle charging infrastructure. It is expected that more than 39% of the market growth will come from the Asia-Pacific region during the forecast period. Among them, China, Japan, Singapore, India, Thailand and South Korea will grow faster than the regional average growth rate during the forecast period.

In terms of electric current, the charging infrastructure is mainly divided into DC charging and AC charging modes. Alternating current is converted to direct current and then into the battery pack, which is one of the most common charging methods. In order to increase the market share of AC charging, many governments have taken measures to promote its development. But overall, during the forecast period, the growth rate of AC charging infrastructure will be lower than that of DC charging methods.

As a professional electric vehicle charging equipment manufacturer, AG Electrical will always follow the pace of industry development and provide customers with the latest standard charging equipment. Welcome to call us and make an order.