The global EV charging station market is projected to have a high-paced CAGR of 26.6% during the forecast period. The current valuation of the EV charging station market is US$ 10,768.2 Million in 2023. The value of the EV charging station market is anticipated to reach a high of US$ 113,889.1 Million by the year 2033.
The demand for EV charging stations is being fueled by stringent pollution and fuel economy regulations, government incentives, and a rise in the sales of electric cars. It is anticipated that improvements in software and technology for electric vehicle charging will alter how proprietors of EVs use and gain from these services.
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For instance, smart car API and charging networks correctly estimate the amount of time it will take to fully charge an electric vehicle before the user plugs it into a station. Additionally, it is anticipated that green energy will be significant in household and public electric car charging stations. Carbon emissions are a significant concern for EV owners.
Businesses are quickly advancing the charging technology of their electric vehicle charging stations to handle these issues. Commercial spaces have a much greater market penetration of EV charging equipment than do residential regions. Along with the rising popularity of electric cars, it is anticipated that there will be an increase in the number of corporate charging stations. As overnight charging at apartment buildings or individual homes would not be sufficient for long-distance driving, efforts to enhance charging infrastructure in commercial areas would be crucial in boosting EV adoption.
Furthermore, public charging infrastructure would permit the ultra-fast charging capabilities required for long-distance travel. EV chargers for home areas, on the other hand, have substantial development potential since they provide a cheaper and more convenient means of charging electric vehicles than commercial charging stations.
Electric vehicle manufacturers are partnering with car rental companies to integrate chargers into current infrastructure. For example, one market player recently announced a collaboration with Green Motion, a vehicle rental service provider, to supply integrated chargers inside buildings with energy storage.
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Various automakers are investing in the development of Car2X technology for charging infrastructure, which is fueling expansion even further. Several initiatives have been launched in France, India, the Netherlands, and Canada to increase the adoption of EV charging stations.
EVs are anticipated to attract major attention as governments around the world focus on emerging from the epidemic with a stronger and more resilient economy. In the United States, for example, California is emerging with aggressive electric car objectives, which are projected to have a favourable influence post-pandemic and enhance the global EV charging station market growth.
However, the high initial cost of Level 3 fast chargers and ultra-fast chargers, on the other hand, is the biggest impediment to the growth of the EV charging station market. People prefer to drive fossil-fuel vehicles for 5-7 minutes, but level 1 and level 2 chargers might take anything from 6 to 16 hours to charge completely. As a result, there is a market need for faster chargers that can charge EVs in less than 30 minutes.
Key Takeaways:
- During the forecast period, the U.K. is estimated to account for a significant share of the global EV charging station market. This is attributed to the government adopting the Automated and Electric Vehicles (AEV) Act. It gives the government enormous power to hasten the installation of EVCI in gas stations and on roads.
- The EV charging station market in Asia Pacific is predicted to hold the largest share, particularly in China and India, during the projected period. This is owing to key companies offering full end-to-end services ranging from captive charger installation to maintenance. Collaboration between various OEMs, automotive manufacturers, and charging infrastructure providers is also propelling the market growth.
- As they are more cost-effective to the providers, the “public charging” application type, accounts for a significant share and is the most innovative area for key players.
Competitive Landscape:
Industry participants participate in a flood of focused product launches and global expansion to boost the brand and money. In order to expand their consumer base and strengthen their position, they are also expanding their reach across several continents and entering new markets, particularly in emerging economies. Industry participants are offering new creative products to the market as a result of increased carbon emissions and the development of electric and hybrid vehicle technology. These factors are projected to drive the global EV charging station market growth.
Key Players:
- ABB Ltd.
- ChargePoint Inc.
- EVgo Services LLC
- Scheinder Electric
- Blink Charging Co.
- Toshiba Corporation
- Mojo Mobility Inc.
- General Electric
- Robert Bosch GmbH
- Chargemaster plc
- Siemens AG
- Denso Corporation
- Tesla Inc.
- Infineon Technologies AG
- Qualcomm Technologies Inc.
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Recent Developments:
- In 2015, ChargePoint Inc., Volkswagen Group, and BMW AG announced plans to construct 100 DC fast chargers on the United States’ West and East coasts. Some companies favor a merger and acquisition strategy to increase their market share.
- In 2018, BP Plc announced the acquisition of Chargemaster Plc, a prominent producer of EV chargers in the United Kingdom. Following the acquisition, ChargemasterPlc was renamed BP Charge master.
Key Segments Profiled in the EV Charging Station Market Survey
By Level of Charging:
- Level 1
- Level 2
- Level 3
By Charging Station:
- AC Charging
- DC Charging
- Wireless Charging
By Supplier Type:
- OE Charging Station
- Private Charging Station
By Vehicle Type:
- Passenger Cars
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Vehicle (PHEV)
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two-wheelers & Scooters
By Installation Type:
- Portable
- Fixed
- Residential
- Commercial
By Application:
- Private
- Public
By End User:
- Commercial Charging Stations (Private/Public)
- Residential Charging Stations
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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