“Global charging infrastructure is expected to grow by an average of 32% annually until 2030… with South Korea at 45%.”

SNE Research Outlook Report… “Kazum · Electric Car Fires are Risks to Growth”

Global scale of charging infrastructure
[SNE Research provided. Resale and DB prohibited]

‘(Seoul=Yonhap News) By Han Sang-yong = It is forecasted that the global electric vehicle charging infrastructure market will grow annually by over 30% until 2030.’

“On the 26th, energy specialist market research firm SNE Research released a report on ‘2024 Global Trends and Market Outlook for Electric Vehicle Charging Infrastructure’, predicting that the global charging infrastructure market will grow from $44.1 billion in 2022 to $418.2 billion in 2030.”

“During this period, the global charging infrastructure market is expected to grow at an average annual rate of about 32%. In 2018, the size of the market in its nascent stage was $9 billion, and SNE Research expected rapid expansion of charging infrastructure worldwide.”

“In particular, the size of the charging infrastructure market in Korea is expected to expand from $1.1 billion in 2022 to $22.4 billion in 2030. The projected annual growth rate is about 45%.”

“Korea’s rapid growth in the charging infrastructure market is attributed to the expansion of electric vehicle adoption, proactive government support policies, and increasing installation of charging stations in major cities.”

Electric car fire extinguishing demonstration
[Yonhap News photo]

“However, SNE Research stated, ‘The temporary demand stagnation (Chasm) situation of electric cars and incidents of electric car fires could act as major risks hindering the growth of this market,’ and emphasized that ‘the impact of these risks could depend on how effectively responses such as improvement in electric vehicle technology, strengthening regulations, and enhancing safety are carried out.'”

“If the Chasm phenomenon is not overcome or incidents of electric car fires continue to occur, not only could the rate of electric vehicle adoption slow down, but also the growth rate of the charging infrastructure market could be slower than expected.”

“Therefore, SNE Research pointed out that in addition to developing battery technologies that provide higher safety, improving charging speeds, and enhancing marketing strategies for consumer trust recovery, it is also important for electric vehicle manufacturers and charging infrastructure suppliers to receive continuous government support and strengthened regulations.”

“Moreover, SNE Research plans to hold a battery-related seminar at the Korea Science and Technology Center on the 24th and 25th of next month to discuss the current status and outlook of the electric vehicle market.”

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