SNE Research has released a report forecasting significant expansion in the global electric vehicle (EV) charging infrastructure market. The study, “2024 EV Charging Infrastructure – Global Trend and Market Outlook (~2030),” projects market growth from US$44.1 billion in 2022 to US$418.2 billion by 2030, representing a compound annual growth rate (CAGR) of 32%.
In South Korea, the market is expected to increase from US$1.1 billion in 2022 to US$22.4 billion by 2030, with a CAGR of 45%. Factors contributing to this growth include increased EV adoption, supportive government policies, and expansion of charging stations in urban areas.
The report identifies potential challenges to market growth, including recent industry concerns and battery-related fire incidents. The resolution of these issues and improvements in battery safety may influence the market’s expansion rate.
To address these challenges, the report suggests that industry stakeholders focus on developing enhanced battery technologies, improving charging efficiency, and implementing strategies to maintain consumer confidence. Ongoing government support and regulatory oversight are also noted as important factors for industry development.
SNE Research will host the 15th Korea Advanced Battery Conference 2024 (KABC 2024) in Seoul this September, providing a platform for industry professionals to discuss market trends and exchange insights on the EV and battery sectors.
The global market analysis encompasses 12 countries, including South Korea, China, Japan, the United States, and several European nations.
Source: SNE Research
