Global[1] Charging Infrastructure Market Expected to Grow at CAGR of 32% (2022 – 2030)
- Growth expected from US$44.1 in 2022 to US$418.2 in 2030
(Source: SNE Research)
On Aug 26, SNE Research released a report titled <2024> EV Charging Infrastructure – Global Trend and Market Outlook (~2030). According to the report, the global charging infrastructure market was US$ 9 billion in 2018 and US$ 44.1 billion in 2022 and is expected to grow to US$ 418.2 billion in 2030 at a CAGR of 32%, indicating that the market would rapidly expand.
Particularly in Korea, the report shows that the charging infrastructure market was US$ 1.1 billion in 2022 and is forecasted to reach 22.4 billion in 2030, which is equivalent to CAGR of 45%. The report points out major reasons for such a high growth as follows: increasing distribution of electric vehicles, government policies supporting electric vehicles and related infrastructure, and increasing installation of charging stations in major cities in Korea.
While such fast growth of EV charging infrastructure market would be still possible, the chasm phase that EV industry has been going through recently and a series of fire incidents may become major risks for crippling the growth of market. These risks would be subject to fluctuate, though, depending on technical enhancement in electric vehicles, regulatory issues, and battery safety strengthening measures.
If it takes longer to overcome the chasm period and fire incidents continue to occur, the growth of charging infrastructure market may slow down along with declining penetration of electric vehicles. In that case, demand for charging station may decline, bringing about a negative influence on the charging infrastructure market.
In order to deal with those risks, EV makers and charging infrastructure suppliers should exert their efforts to further development safer battery technology, improve the charging speed, and strengthen marketing strategies to rebuild consumer trust. In addition, it is important for the industry to have continuous support from the government including strengthening related regulations.
SNE Research will host ‘the 15th Korea Advanced Battery Conference 2024 (KABC 2024)’ from September 24(Tue) to 25(Wed) at the Korea Science and Technology Center in Seoul, Korea, to provide an opportunity for EV industry players to gather and listen to detailed analysis on EV market status and outlook as well as exchange various opinions and thoughts with industry professionals.
[1] 12 countries including Korea, China, Japan, the US, Europe, and others