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.
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.
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.
Report Scope of the Electric Vehicle Charging Station Market
|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|
|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 nearly 60% revenue share in the year 2019. This is mainly attributed to fast charging capacity and attractive pricing of DC charging stations.
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.
Public type charging stations held major revenue share in the year 2019 as they are more cost-effective to the manufacturers. In addition, they have sufficient parking space and are accessible to all public.
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.
Asia Pacific dominated the global electric vehicle charging station market in 2019 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. 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.
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.
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:
Segments Covered in the Report
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 2016 to 2027. 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
By Charging Station Type
By Power Output
By Supplier Type
By Vehicle Type
By Installation Type
By Connector Type
By Mounting Type
By Charging Service
By End User
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