Government Initiatives Drive Electric Vehicle Fast-Charging Infrastructure Market

In 2021, the size of the electric vehicle fast-charging infrastructure market stood at $3,240.7 million; it is expected to grow at a CAGR of 21.7% from 2021 to 2030 and hit the $18,909.8 million value by 2030. The environmental concerns are booming the demand for electric vehicles led by zero emissions to save the earth from global warming, greenhouse gas emission and climate change. Government initiatives to promote electric vehicles are also driving the market. 

Electric Vehicle Fast-Charging Infrastructure Market 2022-30

Under the application segment, the public fast chargers dominate the electric vehicle fast-charging infrastructure market, attributed to the mass installation of public fast chargers for electric vehicles. Numerous original equipment manufacturers and electric vehicle network manufacturers are installing fast chargers at various sites such as parking lots, fuel stations, government offices, and hospitality facilities. For example, the U.S. government announced an investment of around $7 billion by implementing the Bipartisan Infrastructure Law, intending to deploy 500,000 public chargers by 2030. 

The increased investments to facilitate the mass adoption of electric cars with the construction of appropriate infrastructure such as installing fast-chargers boost the market. The countries such as the U.S, China and Germany are making heavy investments in R&D to cater to the rising demand for fast and efficient electric vehicle charging. For instance, Ford is planning to make investments to increase the production of electric vehicles to reach the number of 600,000 units by 2023. 

APAC holds the most-significant electric vehicle fast-charging infrastructure market share, attributed to the rising trend for clean transportation, creating an opportunity for network operators to expand. Governments’ initiatives to promote electric vehicles through state regulations and announced investments for infrastructure development drive the market, leading to increased adoption of zero-emission automobiles. For instance, the installation of fast-charging stations is rising in Australia, facilitated by government initiatives to promote zero-emission transportation.

Therefore, the government initiatives to promote electric vehicles, attributed to the environmental concerns to control the greenhouse gas emission resulting in global warming, are driving the market.