Electric Vehicle Charging Station Market Size, Share and Growth Analysis (By Charging Station Type: AC Charging, DC Charging, and Wireless Charging; By Power Output: <11KW, 11KW-50KW, and >50KW; By Supplier Type: OE Charging Station and Private Charging Station; By End User: Private Type and Public Type) - Global Industry Analysis, Trends, Regional Outlook, Forecast 2022 - 2030


The global electric vehicle charging station market size was estimated at USD 35.50 billion in 2021 and is projected to reach over USD 417.35 billion by 2030 and poised to grow at a compound annual growth rate (CAGR) of 31.5% during the forecast period 2022 to 2030.

Key Takeaway

  • As per a report published by International Energy Agency (IEA) in 2020, China own total 52% of slow chargers and 82% of fast chargers globally.
  • In 2021, the public chargers application segment accounted market share of around 85%
  • DC charging station segment garnered revenue share of around 73% in 2021
  • Based on mode of charging, the plug-in charging system segment hit largest revenue share 78.5% in 2021

The rise in carbon emissions and other hazardous pollutants from transportation has necessitated the adoption of electric vehicles. As a result, there is a growing demand for electric vehicle charging infrastructure in business and residential settings. Increased cooperation among automobile manufacturers for charging infrastructure, as well as a subscription model, are also projected to boost market expansion.When opposed to residential areas, commercial spaces have a far higher market penetration of electric vehicle charging equipment. With the increased usage of electric vehicles, the number of commercial charging stations is expected to rise. Efforts to improve charging infrastructure in commercial areas would be critical in increasing the use of electric vehicles, as overnight charging at residential complexes or individual residences would not be adequate for long-distance travel.

The major factors driving the market’s growth are government initiatives to encourage the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicles fast charging infrastructure, and increased deployment of electric vehicles by shared mobility operators. The market players can benefit from increased research and development in vehicle-to-grid technology and rising acceptance of electric mobility in emerging nations.

Electric Vehicle Charging Station Market Size 2022-2030

Rising demand for electric vehicles is one of the prime factors for the aggressive growth of EV charging station market. The growth is further propelled by the government funding to the Original Equipment Manufacturers (OEM) for the deployment of charging stations. For instance, in December 2016, ChargePoint Inc. was awarded USD 4 million by California Energy Commission (CEC) for completing the West Coast Electric Highway that connects Baja California to British Columbia with electric vehicle charging stations.

Additionally, increasing popularity of Mobility as a Service (MaaS) also expected to flourish the market growth. Further, the growth of the EV charging station is fuelled by the significant emphasis on the subscription-based charging models. As per the model, many utilities such as Vattenfall AB, Duke Energy Corporation, and New York Power Authority have signed a partnership agreement with the OEMs to provide the subscription-based services to their customers. For instance, in April 2019, Duke Energy Corp. signed a partnership agreement with ChargePoint Inc. for offering subscription-based services to its EV drivers in the U.S. state of North Carolina.However, various costs associated to the EV charging infrastructure that includes maintenance cost, installation cost, and operational cost are impacting negatively on the market growth.

The governments all around the globe have shifted their focus from other activities to medical and health care facilities due to COVID-19 pandemic. During the outbreak, strict lockdown rules were imposed in all countries. These restrictions hampered the work process of every industry. People were forced to stay at home and maintain social distancing norms and prevent the coronavirus from spreading, affecting the availability of the labor. However, as all countries lifted the lockdown restrictions, the ongoing projects resume, and the electric vehicle charging stations market is likely to rise significantly.

Market Dynamics

Drivers

Growing adoption of vehicle-to-grid electric vehicle charging station

Vehicle-to-Grid electric vehicle charging is a system in which plug-in electric vehicles and the power grid exchange electrical energy in both directions. Electric vehicles may store and discharge unused energy to the grid using Vehicle-to-grid technology. This can improve the performance of the electrical component and increase the value of electric vehicles. 

Restraints

Stringent government regulations

Various governments have enacted strict regulations governing the placement of charging stations. When installing charging stations, service providers must adhere to a set of guidelines. When the installation is on private property, they need permission from plot owners, local governments for regulatory mandates, and utility companies for energy transfer.

Opportunities

Surge in sales of electric vehicles

The increased acceptance and use of electric vehicles has highlighted the need for charging infrastructure development. Leading electric vehicle markets are spending heavily in electric vehicle charging infrastructure as well as R&D to develop faster and effective charging methods. Auto manufacturer are anticipated to make noteworthyoutflows to meet the growing demand for electric vehicles and to play a key role in the market's evolution.

Challenges

High cost of chargers

The initial cost of level 3 fast chargers and ultra-fast chargers is significant. In fossil fuel-powered automobiles, most people prefer 5-7 minutes, however level 1 and level 2 chargers provide safe driving for 6-16 hours when fully charged. The charging time for these rapid chargers is less than 30 minutes.

Report Scope of the Electric Vehicle Charging Station Market

Report Highlights Details
Market Size USD 417.35 Billion by 2030
Growth Rate CAGR of 31.5% from 2022 to 2030
Largest Market Asia Pacific
Fastest Growing Market Europe and North America
Base Year 2021
Forecast Period 2022 to 20230
Segments Covered Charging Station Type, Power Output, Supplier Type, End User, Geography
Companies Mentioned ABB Ltd., ChargePoint, Inc., EVgo Services LLC., Allego, Scheinder Electric, Blink Charging Co., Wi Tricity Corporation, Toshiba Corporation, AeroViroment, Inc., Mojo Mobility, Inc., General Electric, Robert Bosch GmbH

 

Charging Station Type Insights

DC charging station led the global electric vehicle charging station market with largest revenue share in the year 2021. This is mainly attributed to fast charging capacity and attractive pricing of DC charging stations. The DC charging station directly charges the battery by converting the power before it enters the car's converter.

Electric Vehicle Charging Station Market Share, By Charging Station, 2020 (%)

The DC charging station charges the battery directly as it converts the electricity prior to entering in the cars converter. Additionally, rapid increase in the adoption of technologies, such as Near-field Communication (NFC) and Radio Frequency Identification (RFID), in charging stations installed on highways also flourishes the DC charging market growth.

Application Insights

Public type charging stations held major revenue share in the year 2021 as they are more cost-effective to the manufacturers. In addition, they have sufficient parking space and are accessible to all public.

Electric Vehicle Charging Station Market Share, By End User, 2020 (%)

On the other hand, private type charging stations are basically workplace based or residential based station that are only accessible to the owners or limited public. As a result OEMs and different utilities are also focused towards building public charging station. Thus significant benefits offered by public type over private type fuels the market growth.

Regional Insights

Asia Pacific dominated the global electric vehicle charging station market in 2021 and is expected to be the most lucrative region during the forecast period. This is majorly attributed to the increasing investments by the government of China, South Korea, Japan, and other Asian countries for installation of charging infrastructures. For instance, in April 2020, China announced its plan to invest USD 1.43 billion in 2020 to maintain its leadership in EV adoption race. Similarly, Singapore, India, Korea, and Japan are also investing in the electric vehicle charging infrastructure to promote its adoption in their region.

The market for EV charging station in Asia-Pacific region is being driven by the growing government initiatives. As of the end of July, members of the Alliance claimed that around 566,000 public charging stations had been erected and were operational across the country, according to figures released by the China Electric Charging Infrastructure Promotion in August 2020. Furthermore, by 2050, the Japanese government plans to convert all new cars sold in the country to electric or hybrid vehicles. By 2050, the government wants to reduce carbon dioxide emissions and other greenhouse gas emissions by around 80% per car. Thus, the market growth in region is expected in the near future. 

Electric Vehicle Charging Station Market Share, By Region, 2020 (%)

Europe and North America witness moderate growth in the global electric vehicle charging station market. This is mainly due to the government’s ambition in Europe & North America to curb the carbon emission and increase the adoption rate of electric vehicles. Nearly, 76% of total charging stations in Europe are just concentrated in four countries that are Germany, France, UK, and the Netherlands. In June 2019, Volkswagen Group announced its plan to install 36,000 electric vehicle charging points in various parts of Europe by 2025. Similarly in June 2018, three major states of U.S. that include New York, New Jersey, and California announced to spend USD 1.3 billion in the deployment of EV charging infrastructure to boost their EV adoption.

The U.S. is dominating the electric vehicle charging station market in the North America region. Electric vehicle use is fast expanding throughout North America. The U.S. is the third-largest market for electric vehicles, according to the International Council on Clean Transportation, with around 320,000 new electric vehicle sales in 2019. According to the International Energy Agency, about 1.8 million electric automobiles were recorded in the U.S. as of 2020, which is more than three times the number registered in 2016. The total number of electric vehicles registered in the U.S. increased from under 300,000 in 2016 to over 1.1 million in 2020. California began establishing charging station networks to help with the broad adoption of electric vehicles. As of 2021, there are more than 42,000 publicly accessible charging stations in the U.S.

Recent Developments

  • Chargemaster PLC declared the acquisition of infrastructure supplier Elektromotive Limited, as well as its subsidiary, in 2017. The former intended to enhance its existing portfolio and client offerings with this acquisition. Chargemaster PLC, the UK's top provider of electric vehicle chargers and operator of the country's largest electric vehicle charging network, was bought by BP PLC in 2018. Chargemaster PLC was renamed BP Chargemaster after the acquisition. BP PLC was able to construct a fast and ultra-fast charging network on its forecourts in the UK as a result of the acquisition.

Key Companies & Market Share Insights

The global electric vehicle charging station market is highly competitive owing to rapid changing consumer preference and continuous technological development. Nearly every market player has their prime focus towards developing fast and ultra-fast charging stations. In 2015, ChargePoint Inc., Volkswagen Group, and BMW AG announced their plan to install 100 DC fast chargers on the West and East coasts of U.S. Some players also prefer merger & acquisition strategy for consolidating their market share. In 2018, BP Plc announced the acquisition of ChargemasterPlc, one of the leading suppliers of EV chargers and in UK. After the acquisition, ChargemasterPlc was rebranded as BP Charge master. Some of the prominent players in the electric vehicle charging station market include:

  • ABB Ltd.
  • ChargePoint, Inc.
  • EVgo Services LLC.
  • Allego
  • Scheinder Electric
  • Blink Charging Co.
  • Wi Tricity Corporation
  • Toshiba Corporation
  • AeroViroment, Inc.
  • Mojo Mobility, Inc.
  • General Electric
  • Robert Bosch GmbH
  • Chargemaster plc.
  • Evatran Group
  • HellaKGaAHueck& Co.
  • Siemens AG
  • Leviton Manufacturing Co., Inc.
  • Efacec
  • Alfen N.V.
  • Denso Corporation
  • Elix Wireless
  • Tesla Inc.
  • ClipperCreek
  • Engie
  • Infineon Technologies AG
  • Qualcomm Technologies, Inc.

Segments Covered in the Report

(Note*: We offer report based on sub segments and regional as well. Kindly, let us know if you are interested)

This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2017 to 2030. This research study analyzes market thoroughly by classifying global electric vehicle charging station market report on the basis of different parameters including charging station type, power output, supplier type, end user, and region:

By Level of Charging

  • Level 1
  • Level 2
  • Level 3

By Charging Station Type

  • AC Charging
  • DC Charging
  • Wireless Charging

By Power Output

  • <11KW
  • 11KW-50KW
  • >50KW

By Supplier Type

  • OE Charging Station
  • Private Charging Station

By Vehicle Type

  • Passenger Cars
  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Vehicle(PHEV)
  • Heavy Commercial Vehicles
  • Light Commercial Vehicles
  • Two-wheelers & Scooters

By Installation Type

  • Fixed
  • Portable
  • Residential
  • Commercial

By Connector Type

  • Normal Charging
  • Type 2
  • CCS
  • CHAdeMO
  • Tesla SC
  • GB/T

By Application

  • Private
  • Public

By Mounting Type

  • Wall Mount
  • Pedestal Mount
  • Ceiling Mount

By Charging Service

  • EV Charging Service
  • Battery Swapping Service

By End User

  • Commercial EV Charging Stations
    • Commercial Public EV Charging Stations
      • On-Road Charging
      • Parking Spaces
      • Destination Chargers
    • Commercial Private EV Charging Stations
      • Fleet Charging
      • Captive Charging
  • Residential EV Charging Stations

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
  • MEA
  • Rest of the World

Frequently Asked Questions

What is the current size of electric vehicle charging station market?
Precedence Research predict that the electric vehicle charging station market size was reached at USD 35.50 billion in 2021 and is anticipated to hit over USD 417.35 billion by 20230.
The electric vehicle charging station market is growing at a CAGR of 31.5% from 2022 to 2030.
Rising demand for electric vehicles is one of the prime factors for the aggressive growth of EV charging station market.
The DC charging station led the global electric vehicle charging station market in near future.
The Asia Pacific region dominated the global electric vehicle market and is expected to be the most lucrative region during the forecast period.
  • Report Code:1003
  • Category:Automotive
  • No. of Pages:250
  • Format:PDF/PPT/Excel
  • Status:Published

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