Electric Vehicle Charging Station Market Size, Trends [2031]

Report Description

The global electric vehicle charging station market size was USD 5 billion in 2020 and is anticipated to expand at a CAGR of 44% during the forecast period, 2021-2028. The growth of the market is attributed to the rising environmental concerns and increasing demand for sustainable and energy-efficient transportation.

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A charging station for plug-in electric vehicles, such as electric cars, neighborhood electric vehicles, and plug-in hybrids, is part of an infrastructure that provides electric energy for recharging. The charging station functionality such as the amount of power generated, the transformer load level, and the load curve is affected by the number of EVs on the particular station.

Electric vehicle (EV) sales are increasing at a rapid rate across the world, particularly in China and the US. Several governments across the globe are playing key role in the development of automobile charging stations. For instance, under the national policy of China, the central government has permitted the construction of fast-charging stations. Similarly, the Government in the US is playing a major role in the development of the market by establishing obligatory regulations and funding the projects related to EV charging stations.

Market Trends, Drivers, Restraints, and Opportunities:

• Government initiatives to provide low-cost electricity to charging stations which driving the growth of the market. The Central Government of India aims to establish a charging station every 100 kilometers along the national route, allowing the market to grow during the projected timeframe.
• Stringent government regulations regarding carbon emissions is expected to spur the market growth.
• Longer charging time and limited range of EVs can restrain the growth of the market.
• Through the transition from conventional to electric transportation, intelligent mobility and electrification are reshaping the future of transportation. Several car manufacturers, as well as power utilities and facilities management firms, are now constructing high-capacity electric vehicle charging stations.
• Government initiatives to provide incentives and tax refunds to manufacturers and buyers is speculated to create remunerative opportunities during the forecast period.

Scope of the Report:

The report on the global electric vehicle charging station market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Global Electric Vehicle Charging Station Market Segment Insights

Level 2 charging segment to account a large market share

Based on the level of charging, the market is divided into Level 1, Level 2, and Level 3. The level 2 charging segment is anticipated to account for a large market share during the forecast period. The presence of major players that manufactures Level 2 chargers is driving the segment growth.

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Normal charge segment to grow at a rapid pace

On the basis of charging infrastructure, the market is segmented into normal charge, type-2, CCS, CHAdeMO, and tesla supercharger. The normal charge segment to grow at a healthy rate during the forecast period. This segment consists of AC charging devices, which are used to charge EVs at low cost than supercharging but at a slower rate than the same. Thus, the low cost of this charging equipment is increasing demand for this type of charging infrastructure among the working class, particularly in emerging countries with huge populations is driving the growth of the normal charge segment.

Ultra-fast segment to account a key share

In terms of DC fast charging, the market is segmented into fast & ultra-fast. The ultra-fast segment to account for a key market share during the forecast period. This type of charging enables ultra-fast charging and provides charging facility at a lower cost, which makes it preferable among EV owners.

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Portable chargers segment to grow at a robust rate

On the basis of installation types, the market is segmented into portable chargers and fixed chargers. The portable chargers segment to exhibit a robust CAGR during the forecast period. This type of charger enables EV drivers to carry the charger with them. A portable charger avoids the need of build stationary charging station. Portable chargers are generally compact and lightweight, which can provide enough power for short trips.

Asia Pacific to dominate the market

Based on regions, the market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to dominate the market during the forecast period. Rapid expansion of EV charging networks in China, growing demand for inexpensive electric vehicles, and government initiatives to push adoption of electric vehicles are driving the growth of the market in the region. Government state bodies in Japan and Korea have announced plans to dramatically increase the number of electric vehicle charging stations. Meanwhile, The Government of India has announced plans to install 65,000 electric vehicle charging stations around the country as part of its first phase of EV infrastructure expansion.