Global Public EV Charging Piles Growth to Slow Significantly in 2024, Led by China and South Korea, Says TrendForce

TrendForce's latest findings report that global public EV charging pile deployment is being constrained by land availability and grid planning, compounded by a slowdown in the growth of the NEV market. The 2024 growth rate is a projected 30%—a sharp drop from the 60% recorded in 2023.

China will continue to dominate with the largest number of public EV charging piles globally. China’s public charging piles are expected to reach 3.6 million units by the end of 2024, accounting for nearly 70% of the global total. Meanwhile, South Korea is set to lead in growth, with an anticipated annual increase of 39%. The country remains on track to achieve its target of 500,000 public charging piles by 2025. 

Nations are increasingly adopting DC public charging piles in a bid to boost charging efficiency. TrendForce projects that DC chargers will account for 37% of global public charging piles in 2024—a 2% increase from 2023. However, the expansion rate of public charging infrastructure is slowing, and key markets face challenges related to the over-concentration of charging piles. As of October 2024, nearly 20% of China’s public EV charging piles are located in Guangdong Province. In Europe, the combined share of public charging piles in the Netherlands, Germany, and France stands at 58%. And in the U.S., 26% of public charging piles are concentrated in California.

TrendForce highlights that the significant disparity between the leading regions and the rest exacerbates challenges such as limitations in route planning and charging anxiety, which ultimately hinder the growth of NEV adoption rates. Range anxiety continues to weigh on BEV market growth and is unlikely to be resolved in the short term. This is further compounded by the plateauing energy density of batteries, which has limited advancements in driving range. As a result, continued expansion of public charging infrastructure remains one of the most viable solutions. While the growth of public EV charging piles may slow, it will maintain steady positive momentum due to its crucial role in addressing range anxiety and supporting the NEV market.

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