Global public EV charging pile deployment is constrained by land availability and grid planning, compounded by slowing NEV market growth, TrendForce said.
As the world's largest electric vehicle (EV) market, China also has the most charging facilities in the world.
China is expected to have 3.6 million public charging piles by the end of 2024, accounting for nearly 70 percent of the global total, market research firm TrendForce said in a report released today.
China will continue to dominate the number of public EV charging piles globally, while at the same time, South Korea will lead the growth, with a projected annual growth rate of 39 percent, and is expected to achieve its goal of 500,000 public charging piles by 2025, the report said.
Notably, global public EV charging pile deployment is constrained by land availability and grid planning, compounded by slowing growth in the new energy vehicle (NEV) market, according to TrendForce.
Growth is expected to be 30 percent in 2024, down sharply from 60 percent in 2023, TrendForce said.
Meanwhile, major markets face the challenge of over-concentration of charging piles, according to the report.
As of October 2024, nearly 20 percent of China's public charging piles are located in Guangdong province, TrendForce noted.
In Europe, the Netherlands, Germany and France together account for 58 percent of public charging piles. And in the US, 26 percent of public charging piles are concentrated in California, according to the report.
The large gap between leading regions and others exacerbates challenges such as route-planning constraints and charging anxiety, ultimately hindering growth in NEV adoption, TrendForce said.
Range anxiety continues to be a drag on battery electric vehicle (BEV) market growth and is unlikely to be resolved in the near term, according to the report.
The plateauing energy density of batteries further exacerbates the problem, which has limited advancements in driving range, the report said.
While the growth of public charging piles is likely to slow, it will maintain steady positive momentum as it plays a key role in addressing range anxiety and supporting the NEV market, TrendForce noted.
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