The Global Electric Vehicle Charging Station Market size is valued at 21.94 billion in 2022 and is predicted to reach 239.62 billion by the year 2031 at a 30.94% CAGR during the forecast period for 2023-2031.
The ever-increasing amounts of carbon emissions and other potentially harmful compounds that are caused by transportation are what pushed the government to mandate the use of electric vehicles. As a immediate consequence of this, there is a growing demand for an infrastructure capable of charging electric vehicles (E.V.'s) in both commercial and residential contexts. It is projected that increased cooperation amongst manufacturers to supply charging stations utilizing a subscription model would fuel the rise of the sector. Green energy is also anticipated to be a significant factor in public and private electric vehicle charging stations. Carbon emissions are the main issue for E.V. owners.
Companies are quickly developing their electric vehicle charging networks' charging technologies to solve these worries. Although they offer a more affordable and practical method of charging electric vehicles than commercial charging stations, E.V. chargers for domestic areas have huge growth potential.
- In October 2022, the Luxembourg government announced that the first call for projects offering financial aid to businesses engaging in charging infrastructure projects for electric vehicles resulted in 29 projects being chosen.
- In January 2021, Siemens AG introduced the Sicharge D, a new high-power charger. It has high, scalable charging power that can reach 300 kW. Additionally, the charging station can handle charging currents of up to 1,000 and voltages ranging from 150 to 1,000 volts.
Some of the electric vehicle charging station market players are:
- ABB Ltd.
- Aerovironment Inc.
- Borgwarner, Inc.
- BP Chargemaster (Luton, UK)
- BYD (China)
- ChargePoint Inc. (California, U.S.)
- Delta Electronics, Inc.
- Eaton Corporation Plc
- EVBox (Amsterdam, Netherlands)
- General Electric Company
- Moser Services Group, LLC
- Plugless Power Inc.
- Robert Bosch GmbH
- Schneider Electric
- Shell Global
- ChargePoint (US)
- Shell International BV
- Siemens AG,
- Tesla Inc.
- Webasto Group
The electric vehicle charging station market is segregated on the Level of charging, charging point type, application, charging infrastructure type, installation type, D.C. fast charging, IoT connectivity, charging service and electric bus charging type. Based on the Level of charging, the market is segregated into level 1, level 2 and level 3. Based on charging point type, the market is segmented as A.C. (normal charging) and D.C. (supercharging). Based on application, the market is segregated as private and public. Based on charging infrastructure type, the market is segmented into Normal Charging, Type-2, CHAdeMO, CCS, Tesla, SC and GB/T. Based on installation type, the market is segregated into fixed and portable.
Based on D.C.'s fast charging the market is segmented into faster and ultra-fast chargers. Based on IoT connectivity the market is segmented into non-connected charging stations and smart connected charging stations (networked). Based on charging service, the market is segmented into E.V. Charging Services and Battery Swapping Services. Based on electric bus charging, the market is segmented into off-board top-down pantograph, on-board bottom-up pantograph and charging via a connector.
Based On Charging Point Type, The D.C. Charging Segment Is A Major Contributor To The Electric Vehicle Charging Station Market
The DC charging category is expected to hold a major share of the global electric vehicle charging station market in 2022. D.C. charging stations had the biggest revenue share in the market for electric vehicle charging stations worldwide. This is primarily attributable to D.C. charging stations' quick charging capabilities and competitive pricing. The D.C. charging station charges the battery directly by converting the power before it enters the car's converter. As it converts the electricity before entering the car's converter, the D.C. charging station charges the battery directly. The fast-paced adoption of technologies like Near-field Communication (NFC) and Radio Frequency Identification (RFID) in charging stations placed along roads further fosters the expansion of the D.C. charging market.
The Private Charging Segment Witnessed Growth At A Rapid Rate
The electric vehicle (E.V.) charging stations market is dominated by the private charging segment, commonly referred to as the home charging segment. In this section, personal E.V. charging stations that have been placed at residences and apartments are discussed. The residential charging segment dominates the E.V. charging stations as more E.V.'s are being bought for personal use, creating a greater demand for simple and accessible charging options at home.
The Asia Pacific Electric Vehicle Charging Station Market Contains A Significant Revenue Share In The Region
The Asia Pacific electric vehicle charging station market is expected to register the highest market share in revenue shortly. China is the region's biggest market for electric vehicles, including buses. China's battery electric vehicle market, which also receives considerable government assistance, is a strong supporter of the country's electric vehicle charging station business. China increased the incentives for buying electric automobiles (NEVs). As demand for vehicles without emissions rises, the market for electric vehicles in Japan is expanding.
The market for electric cars is receiving significant government investment as well. In addition to this, it is anticipated that Asia Pacific will expand its share of the global market for electric vehicle charging stations as a result of increasing environmental concerns, rapid industrialization, initiatives taken by the government, and increasing funding in a variety of different industries.
In addition, the United States holds the largest share of the market for charging stations for electric vehicles in the North American region. The number of people driving electric cars is shooting up across the continent of North America. According to the International Council on Clean Transportation, the market for electric cars in the United States is the third largest in the world. The state of California has initiated the construction of a network of charging stations in an effort to encourage the widespread usage of electric vehicles. As a result, it is anticipated that North America would dominate the market during the time of the forecast.
Electric Vehicle Charging Station Market Report Scope:
Market size value in 2022
USD 21.94 Bn
Revenue forecast in 2031
USD 239.62 Bn
Growth rate CAGR
CAGR of 30.94 % from 2023 to 2031
Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2023 to 2031
2019 to 2022
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends
Level Of Charging, Charging Point Type, Application, Charging Infrastructure Type, Installation Type, D.C. Fast Charging, IoT Connectivity, Charging Service And Electric Bus Charging Type
North America; Europe; Asia Pacific; Latin America; Middle East & Africa
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia
ABB (Switzerland), Shell (Netherlands), ChargePoint (U.S.), Tesla (U.S.) and BYD (China)
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