 Electric Vehicle Charging market to grow to more than US$ 15bn by 2030
Ev Chargers North America Is Lagging Europe Overall market growth is mainly driven by China with its large EV fleet. North American EV fleet penetration is expected to lag Europe's development. The other Asian markets besides China are still small but with some dynamic growth perspectives from a small overall EV fleet. It is expected that the market will mature in most regions after 2030. The exception is South East Asia which will be growing rapidly only after 2030. With the increasing EV penetration of personal vehicles, residential charging will become the most important use case followed by depot charging. Depot-based charging is expected to be a major use case due to the ongoing electrification of last-mile delivery and food distribution fleets. City & school will enforce the growth of depot charging. En-route fast charging might grow slower. Growth will slow down with network expansion being limited in line with increased focus on charger utilization. Workplace and public charging will stay exciting niches but with smaller market size compared to the dominant use cases. Hardware will be the dominant EV charging components in terms of revenue. On the other hand, services & software will grow fast with high margins. This is due to declining average prices for chargers. Therefore, EV charging software and services (e.g. energy management, fleet management, maintenance) HPC Dominates En-Route Charging, UHPC staying niche market Although AC chargers are large in terms of sales volume, DC chargers represent the larger market when it comes to charger types. The average price point for a DC charger is higher than the average price of an AC charger. Having a look at the DC charger segment, high-power chargers (HPC) will grow in line with their frequent usage in en-route fast charging. Ultra high power charging (UHPC) above 350 kW will stay niche market with low volumes. It is mostly used in en-route fast charging for trucks. The vehicle per charger ratio is expected to increase with growing EV fleets for most vehicle types (light, truck, bus etc.). The ratio will vary across use cases. For example, en-route fast charging will be mostly used for trips exceeding the battery range. The number of vehicles using these chargers will be higher than for residential or depot charging. Therefore, the vehicles per charger ratio is relatively high. For more details on the EV charging market, refer Enlightened Mobility End
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