Infrastructure investments in electric vehicle charging
infrastructure drive demand for materials for electric vehicle
charging infrastructure
WILMINGTON, Del., July 18,
2024 /PRNewswire/ -- The global materials for electric
vehicle charging infrastructure industry were valued at
US$ 661.8 million in 2023. Between
2024 and 2034, US$ 18.1 billion is
expected to be generated, growing at a CAGR of
32.7%.
A sufficient drive range can only be achieved with electric
vehicles if the batteries they use are lithium-ion ones. The
growing popularity of electric vehicles drives up demand for
additional infrastructure for charging as battery technology
advances, leading to increased energy density and faster charging
times.
The building of EV charging stations needs a lot of cutting-edge
materials, like steel, concrete, and composites. Using sustainable
building materials and methods is another way to reduce the
environmental impact of charging infrastructure.
Standardization of charging protocols and hardware will ensure
interoperability between electric vehicle models and charging
networks. A standard charging connector, cable, and communication
interface will be crucial for smooth integration and
compatibility.
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Even though wireless charging technology for electric vehicles
is still in its infancy, it is expected to have an enormous impact
on convenience and user experience in the future. Material
efficiency and reliability will be increased in wireless charging
pads, coils, and power transfer systems.
Key Findings of the Market Report
- Based on material type, composite materials are expected to
dominate the market.
- Rising EV sales are likely to create a market for charging
stations, leading to increased demand for materials for electric
vehicle charging infrastructure.
- In terms of charging stations, the battery swapping stations
segment will create a market for materials for electric vehicle
charging infrastructure.
- Commercial charging infrastructure will be in high demand over
next few years.
- Electric vehicle sales in Asia
Pacific are expected to fuel demand for materials for
electric vehicle charging infrastructure market.
Global Materials for Electric Vehicle Charging Infrastructure
Market: Growth Drivers
- A charging station's ability to convert and distribute power
effectively depends on power electronics and cutting-edge
semiconductor components. In addition to fast charging, this
material is also capable of bidirectional power transfer and smart
grid integration.
- Renewable energy sources like solar and wind power a large
number of EV charging stations. In order to reduce greenhouse gas
emissions related to EV charging, materials like solar panels, wind
turbines, and energy storage devices are essential for the
implementation of renewable energy-powered charging
infrastructure.
- Data connectivity and communication devices are essential
components of EV charging infrastructure for network management,
remote monitoring, and payment processing. For EV charging networks
to be dependable and secure, materials for data centers,
cybersecurity, and telecommunications are necessary.
- Government policies, incentives, and subsidies largely
influence electric vehicle uptake and charging infrastructure.
Government initiatives supporting sustainability, innovation, and
energy efficiency may have an impact on the materials used in the
production of EVs and the infrastructure needed to charge
them.
Materials for Electric Vehicle Charging Infrastructure Market
Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 661.8 Mn
|
Forecast (Value) in
2034
|
US$ 18.1 Bn
|
Growth Rate
(CAGR)
|
32.7 %
|
No. of
Pages
|
233
Pages
|
Segments
covered
|
By Material Type, By
Component, By Charging Station Type, By End-use, By
Region
|
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Global Materials for Electric Vehicle Charging Infrastructure
Market: Regional Landscape
- Materials for electric vehicle charging infrastructure are
likely to be in high demand in Asia
Pacific. Electric vehicles are being encouraged by numerous
nations in the Asia Pacific region
through incentives and ambitious laws. Support for electric
vehicles will encourage investments in charging stations, grid
connectivity, and renewable energy sources.
- Asia Pacific, especially
nations like China, India, Japan,
and South Korea, is a center for
technical innovation. For electric vehicle charging infrastructure
to be effective and sustainable, battery technology, materials
science, and smart grid solutions must remain at the forefront of
innovation.
- Sustainable transportation solutions will become more and more
important as people in many Asian cities become more conscious of
environmental problems and air pollution.
- Sustainability must be given top priority when choosing
materials for EV charging infrastructure. This includes integrating
renewable energy sources, using recycled materials, and designing
with low energy consumption.
- Asia Pacific cities' urban
planning programs will place a greater emphasis on creating
EV-friendly infrastructure, including charging stations in public
places, business districts, and residential areas. The materials
utilized in urban infrastructure projects must be able to withstand
the rigors of various environments and patterns of use.
Global Materials for Electric Vehicle Charging Infrastructure
Market: Competitive Landscape
A number of key players are offering products designed
specifically for the power connection of electric vehicle charging
infrastructure in the global market for electric vehicle charging
infrastructure materials. Halogen-free and flame retardant (HFFR)
properties are offered by these products.
Key Players Profiled
- Prysmian Group
- Nexans
- Southwire Company LLC
- Leoni AG
- LAPP Group
- TE Connectivity Ltd.
- Amphenol Corporation
- Furukawa Electric Co., Ltd.
- Sumitomo Electric Industries, Ltd.
Key Developments
- In March 2023, Southwire, a
leading producer of wire and cable in North America and an emerging player in the
electrical sector, became the official wire and cable supplier for
Formula E.
- In February 2024, the Prysmian
Group joined CharIn, an industry group dedicated to standardizing a
super-fast charging infrastructure that allows electric vehicle
(EV) drivers to recharge their vehicles on the road easily and
quickly during long-distance trips by promoting the Charging
Interface Initiative.
Global Materials for Electric Vehicle Charging Infrastructure
Market: Segmentation
By Material Type
- Metals
- Polymers
- Composites
- Ceramics
- Conductive Materials
- Others
By Component
- Charging Stations
- Power Distribution Units (PDUs)
- Charging Cables
- Connectors and Plugs
- Power Electronics
- Energy Storage Systems (ESSs)
- Others
By Charging Station Type
- AC Charging Stations
- DC Charging Stations
- Battery Swapping Stations
By End Use
- Commercial Charging Infrastructure
- Residential Charging Infrastructure
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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