Top 18 Automotive Industry Innovations and Trends

2. Growth in Electric Vehicle Infrastructure Worldwide

Globally, the EV infrastructure market is projected to grow to approximately $100 billion by 2040. In the United States, the number of charging points is expected to increase from around 4 million today to an estimated 35 million by 2030. The electric vehicle supply equipment (EVSE) market in the U.S. could grow from $7 billion today to $100 billion by 2040, with a compound annual growth rate of 15%. Germany aims to establish one million public charging stations by 2030, according to the government’s Charging Infrastructure Master Plan. Currently, Germany has 23,840 public charging stations, with 12% being rapid chargers. This expansion is part of Germany’s effort to meet its climate change mitigation targets in the transport sector, aiming for a 40% reduction in greenhouse gas emissions by 2030. The government also plans to fund the installation of charging stations in shopping mall car parks, and automotive companies aim to create 100,000 additional charging stations at their facilities and dealerships.