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Guidehouse Insights has issued a new report examining the global plug-in EV charging market, providing an assessment of charging technologies and their applications, market drivers and challenges, the competitive landscape, and the extent by which the market is likely to grow to 2030.

According to the report, the plug-in EV charging market will exceed $21 billion in 2020. From there, it is anticipated to slow in 2021 and 2022 and then accelerate again to reach more than $70 billion by 2030.

The growing fleet of plug-in EVs demands significant investment in technologies and services for charging equipment, installation, and O&M.

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Ubiquitous electrical infrastructure in developed geographies is enabling these investments to take place in a variety of locations such as homes, apartment complexes, workplaces, fleet depots, driver destinations, and retail fuel sites. This variety is also creating a highly diverse market with hundreds of competitors.

However, the market is still young, and the potential value that vehicle electrification offers drivers via charging remains largely untapped although the market has many types of technologies. 

Reduced vehicle downtime through increased charging speed; improved charging convenience through wireless and on-demand mobile charging; and more efficient charging through grid and renewables integration are major areas for development as PEV adoption increases.

Scott Shepard, senior research analyst with Guidehouse Insights, said: “Though the plug-in EV (PEV) market contracted in 2019 and is likely to do so again in 2020, due to the coronavirus pandemic, the market for charging infrastructure has been and will likely remain resilient.

“This market more than doubled its market size in 2018, an increase driven almost entirely by a surge of charge point deployments, estimated at nearly 800,000 stations, in China. As the balance of supply and demand in China corrects in 2021 and 2022, growth is expected to slow before increasing again toward the end of the decade.”