The global electric vehicle charging as a service market size was valued at USD 25.6 billion in 2021 and is expected to reach around USD 113.9 billion by 2030 with an increasing CAGR of 18.04% during the forecast period 2022 to 2030.
The electric vehicle charging station developed for charging of the electric vehicles, Electric vehicles contains the batteries installed in the vehicle and charged by the supplying the electric power to the battery and energy is stored in the batteries and can be utilized while driving the vehicle. Charging of the electric vehicle alternate charging and direct current transfer. Development of the on-board charging station of charging the electric vehicles with increased benefits such as high efficiency of the electric vehicles, low emission of the carbon which contributes for the global economy and reduced pollution of air, noise drives the market to grow.
Development of the charging stations for charging of the electric vehicle with increasing number of infrastructures. Standards developed for charging with the power and connector plug in method develop for charging. Increased research and development in electric vehicle charging as a service with improved technologies in charging stations. Increased benefits such as high efficiency of the electric vehicles, increased performance, low emission of the carbons reduced noise and air pollution and increased performance of the vehicles rising population with increasing demands from the market for electric vehicle and improved charging stations. Increased in automobile industry with wide developments in electric vehicle charging system with new innovations and reducing the charging period required for electric vehicle with faster charging application and reduced cost and environment friendly urge the market to grow.
Impact of covid-19 on the market of electric vehicle with increased rules and regulations and lack down imposed by the government and ceased the transportation and shutdown of the industries and negative impact on the market. With reduced demands for automobile section and decrease the growth rate of automobile sector and post pandemic with rising rate of electric vehicle during the forecast period.
The advance developed technologies developed i electric vehicle charging with developed batteries and improved charging system such as electric charging system hardware and software developed smart car charging method charging of the vehicle before the plugging of connector in to the socked with fast charging system. A major factor that propels the market to grow such as green effect with reduced air pollution, noise pollution with reduced emission of carbon, increased efficiency of the electric vehicles with rapid technologies in the developments with electric vehicle charging networks and improved connection may drive the market growth.
Electric vehicle charging in commercial and residential areas significant market growth in commercial areas for with increasing adoption of the electric vehicle with developed infrastructures. Increased research and development in electric vehicle charging system and development in automobile industry with rapid technologies enhance the market to grow during the forecast period. Increased government interest for developing the electric vehicle charging as a service market with enhance investment from the government for improving the charging system. The key market players involved in introducing the electric vehicle charging with new launching with increased providence from the key market player in automobile industry which enhance the market of electric vehicle charging.
Report Scope of the Electric Vehicle Charging as a Service Market
|Market Size in 2022||
USD 30.22 Billion
|Market Size by 2030||
USD 113.9 Billion
|Growth Rate from 2022 to 2030||CAGR of 18.4%|
|Forecast Period||2022 to 2030|
|Segments Covered||Voltage Level of Charging, Charging Point Type, Application, Charging Infrastructure Type, DC Fast Charging, Internet Connectivity, Charging Service, Electric Bus Charging Type, Class, Drive Type, and Geography|
|Companies Mentioned||Tesla (US), Volkswagen AG (Germany), SAIC Motors (China), BYD (China), Stellantis (Netherlands), Toyota Motor Corporation, Honda Motor Co. Ltd, Ford Motor Company, Nissan Motor Corporation ltd, ABB, Charge point, Shell International BV, Schneider Electric, BP Chargemaster, Eaton, Siemens, SemaConnet.Inc, ClipperCreek, Inc, AeroVironment, Inc, General Electric Company|
Key Market Drivers
Increased sale of electric vehicle charging and demand for charging stations
Key Market Challenges
Key Market Opportunities
Charging Infrastructure Type Insights
Based on the charging infrastructure type segmentation of electric vehicle charging as a service with increased developments and increased options for charging of the electric vehicle for running the vehicle smoothly. Increased demands from the market for installing the infrastructure for charging the vehicles with less period of time.
CHAdeMo segment with the largest market share with increased value in the market with increase in compatibility in numerous vehicles. Increased flexibility in electric vehicles. Combined charging system also with highest market share with increased acceptance from the market with rising demands from the customer and increasing the growth of automobile industry strives the market of electric vehicle charging as a service to grow at a larger extend.
Based on the applications, the commercial vehicles with largest market share with increased revenue and the size of the market growth with increased public transport vehicles developed by the automobile industry with the increased focus on green society with reduced pollution and developing charging station with infrastructures strives the market.
Increased government interest and introducing the electric buses increased facility for the public transport and enhance the market to grow with developed commercial charging points. Private electric vehicles also with highest market share with increased in purchase of the electric vehicles with enhance benefits and developing residential charging point with increased demands propels the market size during the forecast period.
The Asia Pacific region to hold the largest market share 60% in 2021 with increased research and developments the charging of the electric vehicles and developing charging stations in the region with increasing demands from the customer for electrical vehicle charging and requirements for developing the infrastructures, Increased focus on the society with reduced emission of the carbons from the electric vehicles and reduced pollution is major factor which helps to drive the market to grow.
Enhance efficiency, increased performance of the electric vehicle helps to boost the market with an increase in providence by the government for developing the electric vehicle charging which helps to enhance the market of electric vehicle charging as a service market to grow to a larger extend.
Segments Covered in the Report
By Voltage Level of Charging
By Charging Point Type
By Charging Infrastructure Type
By DC Fast Charging
By Internet Connectivity
By Charging Service
By Electric Bus Charging Type
By Drive Type
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