The Global Electric Vehicle Charging Station Market size is valued at USD 6.60 billion in 2023 and is predicted to reach USD 12.96 billion by the year 2031 at an 8.91% CAGR during the forecast period for 2024-2031.
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.
The sales of electric vehicles have expanded exponentially in recent years, along with their improved performance, wider model availability, and longer range. The IEA's Global EV Outlook 2024 states that sales of electric vehicles approached 14 million in 2023, with the United States, China, and Europe accounting for 95% of these sales.
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.
Competitive Landscape:
Some of the electric vehicle charging station market players are:
- ABB Ltd.
- AeroViroment, Inc.
- Alfen N.V.
- Allego
- Blink Charging Co.
- Chargemaster plc.
- ChargePoint, Inc.
- ClipperCreek
- Denso Corporation
- Efacec
- Elix Wireless
- Engie
- Evatran Group
- EVgo Services LLC.
- General Electric
- HellaKGaAHueck& Co.
- Infineon Technologies AG
- Leviton Manufacturing Co., Inc.
- Mojo Mobility, Inc.
- Qualcomm Technologies, Inc.
- Robert Bosch GmbH
- Scheinder Electric
- Siemens AG
- Tesla Inc.
- Toshiba Corporation
- Wi Tricity Corporation
Market Segmentation:
The electric vehicle charging infrastructure market is segregated based on charging point type, level of charging, installation type, vehicle type, charging service, dc fast charging type, charging infrastructure type, and end-user. Charging point type segment includes AC and DC charging, Level of charging segment includes Level 1, Level 2, and Level 3, Installation type segment includes fixed and portable. Vehicle type segment includes Passengers Cares, Battery electric vehicle, plug-in hybrid vehicle, heavy commercial vehicles, light commercial vehicles, and two wheelers & scooters. The charging service segment includes EV charging and battery swapping services. DC fast charging type segment includes Slow DC (<49 kW), Fast DC (50-149 kW), DC Ultra-Fast 1 (150-349 KW), and DC Ultra-Fast 2 (>349 kW). Charging infrastructure type segment includes Normal Charging, Type 2, CCS, CHAdeMO, Tesla SC (NACS), and GB/T Fast. End-user segment includes residential and commercial EV charging stations.
The DC Charging Segment Has Emerged As A Significant Contributor To The Electric Vehicle Charging Infrastructure Market, By The Type Of Charging Point.
The category of DC charging gained the largest revenue share, and it is expected that this trend will persist over the projected period. EV Fast charging, also referred to as Level 3 charging or DC charging, provides vehicles with significantly quicker charging durations in comparison to AC charging. The development of rapid DC adapters for rapid charging of electric vehicles is the primary factor propelling the expansion of the worldwide market. Rapid DC charging has enabled vehicle owners and drivers to recharge their devices while traveling or taking a brief break, as opposed to having to leave them connected overnight for several hours to fully charge. Range anxiety has been reduced by the expansion of public—and specifically rapid charging—infrastructure. An increasing preference among consumers to reduce the time required to recharge electric vehicle (EV) batteries has led to a surge in the need for DC rapid charging stations.
The Commercial Segment Witnessed Growth At A Rapid Rate
The commercial category is anticipated to grow at a significant rate over the forecast period. Public electric vehicle charging infrastructure is in greater demand as a result of the historic move to electric automobiles. The development of a charging infrastructure has not yet kept pace with the surge in sales of electric vehicles. The demand for public charging infrastructures would only grow as the price of electric vehicles fluctuated and dropped, entering new markets, notably for inhabitants of multi-unit buildings. The ideal candidates for hosting electric vehicle charging infrastructures would also be stores.
The Asia Pacific Electric Vehicle Charging Infrastructure Market Holds A Significant Revenue Share In The Region
The Asia Pacific electric vehicle charging infrastructure market is expected to report the highest market share in revenue in the near future. The Asia Pacific market is projected to be fueled by China's rapid expansion of EV charging infrastructure, rising consumer demand for reasonably priced EVs for daily usage, and government-led EV promotion. The IEA projects that China is leading the way in the worldwide electric vehicle market in its annual Global EV Outlook. 2023 year witnessed 8.1 million new electric car registrations in China, a 35% rise from year 2022. Robust sales of electric vehicles is the primary factor driving regional growth in the EV charging infrastructure market.
The nation's rapid economic growth will support the spread of cutting-edge technologies to enhance electrification in China during the predicted period. In addition, Europe is projected to grow at a rapid rate in the global electric vehicle charging infrastructure market due to the location of important market participants. Market expansion in this region is probably going to be fueled by consumer adoption of EVs, driverless vehicles, and shared mobility. The market in this region is anticipated to be driven by factors including the tightening government regulations on car emissions, the quick adoption of new technologies, and the significant investment in product innovation.
Recent Developments:
- In March 2024, Ford and Allego announced their collaboration to deploy high-speed charging stations for Ford customers and the general public at numerous European dealerships of the U.S. carmaker. Allego will install charging stations with a capacity of up to 400 kilowatts, providing continuous charging options for electric vehicle (EV) drivers. The chargers would primarily target the automaker's core markets in the United Kingdom, Germany, Netherlands, France, Italy, and Spain, as well as smaller markets such as Norway.
Electric Vehicle Charging Station Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 6.60 Bn |
|
Revenue Forecast in 2031 |
USD 12.96 Bn |
|
Growth rate CAGR |
CAGR of 8.91 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments Covered |
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 |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia |
|
Competitive Landscape |
ABB Ltd., AeroViroment, Inc., Alfen N.V., Allego, Blink Charging Co., Chargemaster plc., ChargePoint, Inc., ClipperCreek, Denso Corporation, Efacec, Elix Wireless, Engie, Evatran Group, EVgo Services LLC., General Electric, HellaKGaAHueck& Co., Infineon Technologies AG and Others |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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