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% [https://www.transparencymarketresearch.com/materials-for-electric-vehicle-charging-infrastructure-market.html].
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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
[https://www.transparencymarketresearch.com/electric-vehicle-market.html
] 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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