BOULDER, Colo., Oct. 13, 2021 /PRNewswire/ — A new report from Guidehouse Insights analyzes technologies and applications that make up the global electric vehicle (EV) charging market, identifying forces driving and challenging the market, and providing forecasts for market growth through 2030.
Driven by increasing environmental concerns, EV fleet adoption is poised to grow significantly by 2030 as a ban on gas-fueled vehicles is gathering momentum among governments, corporations, and automakers. A projected global fleet of more than 185 million plug-in electric vehicles (PEVs) by 2030 has increased forecasts for spending on EV charging infrastructure. According to a new report from Guidehouse Insights, the EV charging infrastructure market is expected to reach more than $207.5 billion by 2030 at a compound annual growth rate (CAGR) of 24.6%.
«While government internal combustion engine (ICE) bans and targets are not new, nor corporate sustainability targets and climate action plans, the broad, industry-wide recognition of the magnitude of these demands is,» says Scott Shepard, principal research analyst with Guidehouse Insights. «Increased investment is not only a product of higher PEV volumes but also of earlier than expected introductions and expansions of new charging innovations.»
The market for EV charging equipment is strong and its prospects highly positive, but there are challenges common to rapidly evolving technologies and markets. Standardization issues are at the forefront as there is no common way for PEV drivers to charge their vehicles. Furthermore, fundamental adjustments to grid transmission and distribution capacity, load visibility, and distributed generation and storage technologies, among others are necessary.
The report, Market Data: EV Charging Equipment, 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 forecasts to 2030. Forecast data is segmented by five technology groupings: AC, DC, pantograph, wireless, and battery swapping. It is also broken out by five charging applications: private, 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.
About Guidehouse Insights
Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.
Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.
* The information contained in this press release concerning the report, Market Data: EV Charging Equipment, 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.
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