Report : Middle East and Africa EV Charging Infrastructure Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Platform (Hardware and Services), Hardware (AC Charger and DC Charger), Charger Type (Public Chargers and Private Chargers), and IEC Mode (2, 3, and 4)
At 11.2% CAGR, the MEA EV Charging Infrastructure Market is speculated to be worth US$ 882.02 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the MEA EV charging infrastructure market was valued at US$ 418.63 million in 2021 and is expected to reach US$ 882.02 million by 2028, registering an annual growth rate of 11.2% from 2021 to 2028. Smart charging and connected infrastructure and demand for EV charging in commercial buildings are the critical factors attributed to the market expansion.
The accelerated technological development of next-generation electric vehicles and their supporting components, along with the evolution of charging-technology providers, is leading to rapid technological advancements in EV charging technology. The operations of electric vehicle charging stations are transforming due to the rising penetration of artificial intelligence (AI), the internet of things, and cloud computing as many major players in the EV charging infrastructure market are beginning to shift their focus toward the development of smart charging stations, which enables data connection between stations and EVs. Many technology providers have a dedicated focus on next-generation EV charging technology to integrate cloud connectivity, AI, access via smartphone, and fast charging in their infrastructure. Furthermore, the emergence of new software solutions, such as cloud-based digital solutions for real-time fleet management and acceleration in electrification, is shaping the EV charging infrastructure market. For instance, the charging management software offered by EVBox enables users to track, manage, and optimize their EV charging infrastructure. Therefore, charging systems designed for high power and fast charging, incorporating the use of software solutions for a cloud connected EV charging infrastructure, are expected to pave the way for the market's growth and become a prominent trend in the coming years.
On the contrary, high cost of arthroscopy devices hurdles the growth of MEA EV charging infrastructure market.
- Based on operator type, the MEA EV charging infrastructure market is bifurcated into charge point operator and e-mobility service providers. The charge point operator segment held 98.1% market share in 2021, amassing US$ 70.38 million. It is projected to garner US$ 503.96 million by 2028 to expand at 32.5% CAGR during 2021–2028.
- Based on platform, the MEA EV charging infrastructure market is bifurcated into hardware and services. The hardware segment held 68.6% market share in 2021, amassing US$ 287.13 million. It is projected to garner US$ 578.44 million by 2028 to expand at 10.5% CAGR during 2021–2028.
- Based on hardware, the MEA EV charging infrastructure market is bifurcated into AC charger and DC charger. The AC charger segment held 74.7% market share in 2021, amassing US$ 312.62 million. It is projected to garner US$ 636.80 million by 2028 to expand at 10.7% CAGR during 2021–2028. The AC charger segment is further divided into level 1 charger (120 v) and level 2 charger (240 v).
- Based on charger type, the MEA EV charging infrastructure market is bifurcated into public chargers and private chargers. The private chargers segment held 68.6% market share in 2021, amassing US$ 286.99 million. It is projected to garner US$ 566.52 million by 2028 to expand at 10.2% CAGR during 2021–2028.
- Based on IEC mode, the MEA EV charging infrastructure market is segmented into 2, 3, and 4. The 3 segment held 55.9% market share in 2021, amassing US$ 233.86 million. It is projected to garner US$ 472.82 million by 2028 to expand at 10.6% CAGR during 2021–2028.
- Based on country, the MEA EV charging infrastructure market has been categorized into the UAE, Saudi Arabia, South Africa, and rest of MEA. Our regional analysis states that the UAE captured 44.4% market share in 2021. It was assessed at US$ 185.98 million in 2021 and is likely to hit US$ 397.00 million by 2028, exhibiting a CAGR of 11.4% during the forecast period.
Key players dominating the MEA EV charging infrastructure market are ABB Ltd.; Blink Charging Co.; BOSCH Auto Parts; Delta Electronics, Inc.; Driivz Ltd.; Eaton; EVBox; Leviton Manufacturing Co., Inc.; Siemens AG; Tesla, Inc.; Tritium; Wallbox Chargers, S.L.; and Webasto Group among others.
In 2020, Tritium launched the first platform, named MSC hardware platform, to offer truly scalable electric vehicle charging networks.
- In 2021, ABB has announced the launch of all-in-one EV charger for cars-Terra360. It can charge 4 vehicles at a time having different power distributions.
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