Global Electric Vehicle Charging Infrastructure Market to Grow Up to 552 Trillion Won

SNE Research Outlook
$44.1 Billion in 2022 → $418.2 Billion in 2030
Electric Vehicle Chasm and Fire Accidents as Variables

The global electric vehicle (EV) charging infrastructure market is projected to grow at an average annual rate of 32%, reaching $418.2 billion (approximately 552 trillion KRW) by 2030.

According to the report "2024 EV Charging Infrastructure - Global Trends and Market Outlook (~2030)" by energy market research firm SNE Research on the 26th, the global charging infrastructure market expanded from $9 billion (about 11 trillion KRW) in 2018 to $44.1 billion (about 58 trillion KRW) in 2022. SNE Research forecasts that this market will grow at an average annual rate of 32%, reaching $418.2 billion by 2030.

SNE Research also projected that the size of the Korean charging infrastructure market will expand from $1.1 billion (about 1.45 trillion KRW) in 2022 to $22.4 billion (about 29 trillion KRW) by 2030, predicting an average annual growth rate of 45%. They explained that this forecast takes into account the expansion of EV adoption, active government support policies, and the increase in charging station installations in major cities.

However, recent EV chasm situations and fire incidents are expected to pose variables to the charging infrastructure market. SNE Research emphasized, "If the chasm is not overcome or fire incidents continue, the growth rate of the charging infrastructure market may slow down more than expected along with a slowdown in EV adoption rates." They added, "EV manufacturers and charging infrastructure suppliers will need to develop battery technologies that provide better safety, improve charging speeds, and strengthen marketing strategies to restore consumer trust." They also noted that continuous government support and strengthened regulations are important factors in expanding charging infrastructure.