Global Market for EV Charging Technologies to Reach More Than $380 Billion By 2031
Market for EV charging equipment is driven by expectations that PEVs are going to replace the ICE in decarbonization efforts
A new report from Guidehouse Insights provides an overview of the technologies and applications that make up the global EV charging market.
Electrification of the transport sector is a cornerstone of the energy transition. Driven by policy-maker imperatives and the public’s growing climate-consciousness, the availability of EV charging technology is key to electrifying transport. According to a new report from Guidehouse Insights, total charge-point revenue across all applications is expected to more than double, with the market now expected to reach more than $380.5 billion by 2031.
“An unexpectedly resilient PEV market, despite the disruptions of the coronavirus pandemic, combined with strong EV adoption rates and continued policy support, have led to an especially strong EV market overall,” says Serkan Birgel, research analyst with Guidehouse Insights. “The US Bipartisan Infrastructure Law provides nearly $5 billion to support establishing a 500,000-station EV charging infrastructure along designated Alternative Fuel Corridors and the Inflation Reduction Act will provide tax credits for the purchase of EVs, and the purchase and installation of related charging infrastructure.”
A growing number of government targets for internal combustion engine (ICE) bans and corporate targets for supply chain decarbonization have prompted fleets and automakers to announce that they will abandon the ICE within the next 5 to 15 years. Whilst none of these initiatives are in and of themselves new, there is certainly a growing cross-sectoral momentum in the drive towards the electrification of the transportations sector across numerous geographies.
Furthermore, the European Union’s Green Deal, announced in December 2019, targets one million charging points by 2025 to reduce greenhouse gas emissions from transport by 90% compared to 1990 levels. The UK and various countries on the European continent have introduced national, regional, and city level incentive schemes, targeting the uptake of EVs and other alternative fuel vehicles, as well as a charging infrastructure.
The report, Market Data: EV Charging Technologies, 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 Guidehouse Insights’ market analyses to 2031. It focuses on five technology groups (AC, DC, pantograph, wireless, and battery swapping) and five charging applications (residential, 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.
*The information contained in this press release concerning the report, Market Data: EV Charging Technologies, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.