Press Releases

Electric Vehicle Charging Market to See 22.5% Annual Growth Through 2023

Industry Boosted by Growing Number of Electric Vehicles

May 22, 2019

WELLESLEY, Mass., May 22, 2019–The growing number of electric and hybrid electric vehicles—everything from sports cars to scooters—is boosting growth of the global electric vehicle charging infrastructure market, according to a report by BCC Research, "Electric Vehicle Charging: Infrastructure and Global Markets."

The market expects to see a compound annual growth rate (CAGR) of 22.5% through 2023, when it could be worth $13 billion.

Major players in the market include ChargePoint, EVBox, Mitsubishi Electric (TYO: 6503), Bosch (NYSE: BOSCHLTD), Tesla (NASDAQ: TSLA) and TEPCO (TYO: 9501).

Research Highlights

  • Private charging stations lead the market by size, with a 2018 value of $3.7 billion, followed by public stations, with a 2018 value of $982.8 million.
  • For level 1 charging, growth will be strongest in the Asia-Pacific region, which expects a CAGR through 2023 of 20.8%, followed by Europe at 17.6% and North America at 13.3%.
  • In North America, public level 1 charging stations will lead the market by growth, with a CAGR through 2023 of 19.4%, followed by private level 1 stations at 12.6%.

“Global warming, climate change and air quality issues have combined with the dramatic fluctuation of oil prices to deliver an imperative for motor vehicle manufacturers to introduce radically more fuel-efficient vehicles to the market,” the report’s authors note. “The emergence of electric vehicles has provided an environmentally friendly alternative for transport and reduce our dependence on fossil fuelled vehicles.”

Market Challenged by Lack of Charging Infrastructure and Power Supply Challenges

As of 2017, there was one publicly-available charging port for every seven electric vehicles worldwide, and while this ratio is acceptable, more stations will need to be built as the number of electric vehicles increases rapidly in coming years. Other challenges to infrastructure include the growing popularity of dense housing, which may have insufficient charging stations, and the large number of charging stations which only serve specific vehicle brands.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Electric Vehicle Charging: Infrastructure and Global Markets( FCB045A )
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