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.
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.
Electric Vehicle Charging Station Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Level of Charging (Level 1, Level 2, and Level 3), Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO, and Tesla Supercharger), DC Fast Charging (Fast, and Ultra-fast), and Installation Types (Portable Chargers and Fixed Chargers)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
ABB, Siemens AG, State Grid Corporation of China, TGOOD Global Ltd., ChargePoint Inc., Schneider Electric, BP Chargemaster, Shell International BV, Webasto Group, EVBox, Eaton, and Tesla Inc.
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.
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.
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.
The global electric vehicle charging station market has been segmented based on
Level of Charging
- Normal Charge
- Tesla Supercharger
DC Fast Charging
- Portable Charger
- Fixed Charger
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Siemens AG
- State Grid Corporation of China
- TGOOD Global Ltd.
- ChargePoint Inc.
- Schneider Electric
- BP Chargemaster
- Shell International BV
- Webasto Group
- Tesla Inc.
Some of the leading manufacturers in the global electric vehicle charging station market are ABB, Siemens AG, State Grid Corporation of China, TGOOD Global Ltd., ChargePoint Inc., Schneider Electric, BP Chargemaster, Shell International BV, Webasto Group, EVBox, Eaton, and Tesla Inc.
In August 2020, ChargePoint Inc. announced plans to raise USD 127 Million to expand its EV charging network in the US and Europe.
The State Grid Corporation of China has over 1 million charging stations, available across 273 cities in 29 provinces. The company is partnering with local players to expand its market share. While Siemens AG is continuing to invest in the development of innovative technologies for e-mobility charging.