Electric Vehicle Charging Station Market (By Charging Level: Level 1, Level 2, Level 3; By Charging Type: Normal Charging, Super Charging, Inductive Charging; By Installation Type: Portable Charger, Fixed Charger; By Application: Residential, Commercial; By End User; By Charging Station; By Power Output; By Supplier Type) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030

Published Date : Apr 2022 | No. of Pages : 140 Pages | Category : Automation and Transport

The global electric vehicle charging station market size is estimated to worth around USD 417.35 billion by 2030 from valued at USD 35.50 billion in 2021 and expanding growth at a CAGR of 31.5% from 2022 to 2030.

Electric vehicle charging station provides electric energy to charge electric and plug-in hybrid vehicle batteries. This station has superfast chargers, as they charge the vehicle batteries in less time, which depends upon the battery capacity. The EV charging stations are used for both residential charging as well as for commercial charging.

COVID-19 Impact

The COVID-19 pandemic has compelled about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. Globally, the repercussions of the lockdown have been immense and unprecedented due to the halt of manufacturing activities. However, the market is expected to regain its momentum as economic activities resume and vehicle production rises worldwide. With the gradual opening up of the economies, the market may witness significant growth during the forecast period.

Growth Factors

Some of the major factors driving the market's growth are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which are generating a demand for charging stations. Increasing production capacity of electric as well as plug-in hybrid vehicles across the developed and developing economies, enhance the demand for EV charging stations. Due to shifting consumer’s preference from IC engine vehicles to zero emission vehicles, i.e. electric vehicles, and government is also investing to create awareness about electric vehicles. Moreover, rising emission regulation is also boost the growth of EV sales and production, which further contribute in the growth of EV charging station market.

The electric vehicle charging station market is captured by several global players such as ABB, Schneider Electric SE, and ChargePoint Inc. The market is also attracting various new startups.

Rising government incentives and tax benefits for the purchase of electric vehicles by the consumers across the globe and increasing investment by the government and private organizations to develop the EV charging infrastructure is expected to propel the growth of EV charging station market. For instance, Indian government has announced to install around 69,000 EV charging stations and points across India. This announcement is considered as a part of the government’s first phase for the growth of electric vehicle infrastructure in the country.

Report Coverage of Electric Vehicle Charging Station Market

Report Scope Details
Market Size in 2021 USD 35.50 Billion
Growth Rate 31.5% from 2022 to 2030
Base Year 2021
Forecast Period 2022 to 2030
Historic Data 2017 to 2021
Companies Covered AeroVironment, Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., ClipperCreek, Inc., Delta Group, Eaton Plc, Enel Group

 

Growing Sales of Electric Vehicles

Electric vehicles have become an integral part of the automotive industry. They may help achieve energy efficiency and reduce emissions of pollutants and greenhouse gases. Increasing environmental concerns and favorable government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. Electric cars are expected to account for 15% of the overall vehicle sales by 2025.

The electric vehicle market has witnessed healthy growth rates in recent years. In 2020, many European countries saw a double-digit growth rate in EV sales. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019. This spike in sales is due to an increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emissions vehicles.

Governments worldwide have introduced various schemes and initiatives to encourage buyers to choose electric vehicles over conventional vehicles. The California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025, is one such initiative. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands are some of the countries offering various incentives for people looking to purchase an electric vehicle.

Asia-Pacific is Leading the Electric Vehicle Charging Station Market

Geographically, Asia-Pacific is leading the electric vehicle charging station market, followed by Europe. In Asia-Pacific, China is the largest market for electric cars and buses. The Chinese electric vehicle charging station market is well supported by its battery electric vehicle market, backed by generous support from the government. China has extended the incentives relating to purchasing new energy vehicles (NEVs) until 2022. In January 2020, Tesla Motors inaugurated a USD 2 billion facility in Shanghai, which was assembling nearly 3,000 cars per week in March 2020 when all the other global facilities of the electric vehicle giant were shut down due to the COVID-19 pandemic.

According to data released in August 2020 by the China Electric Charging Infrastructure Promotion, as of the end of July, members of the Alliance reported that about 566,000 public charging stations had been installed and had started operations across the country. Of these, 326,000 are AC, 240,000 are DC, and 488 are equipped with AC and DC capabilities. In July 2020, the total charging power of all stations across the country reached 670 million kWh, a Y-o-Y increase of 52.4%.

The electric vehicle market in Japan has been experiencing growth as the demand for emission-free vehicles increases. The government has also been investing heavily in the electric vehicle market. The Japanese government aims to transform all the new cars sold in the country into electric or hybrid vehicles by 2050. The government also set a target to reduce CO2 emissions and other greenhouse gasses by about 80% per vehicle by 2050.

In November 2020, the transport minister of India announced the government’s plan to set up charging infrastructure for one e-charging kiosk at around 69 thousand petrol stations across India. Previously, in October, the department of heavy industry issued an Expression of Interest (EoI), inviting proposals from government organizations, public sector undertakings (PSUs), distribution companies, and other public and private players to build and operate charging infrastructure.

North America stood at USD 3.50 billion in 2020 is projected to reach USD 13.90 billion in 2028, at a CAGR of 24.85% over the projected period.

Key Players

Prominent players operating in the global electric vehicle charging station market include AeroVironment, Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., ClipperCreek, Inc., Delta Group, Eaton Plc, Enel Group, E-Station Pty Ltd., General Electric Co., Hitachi, Ltd., KYOCERA Corp., Leviton Manufacturing Co., Inc., Nichicon Corp., Panasonic Corp., Schneider Electric SE, SemaConnect, Inc., Siemens AG, Signet Systems Inc., Tesla Motors, Inc., Toyota Industries Corp. and others

Market Segmentation

By Charging Level

  • Level 1
  • Level 2
  • Level 3

By Charging Type

  • Normal Charging
  • Super Charging
  • Inductive Charging

By Installation Type

  • Portable Charger
  • Fixed Charger

By Application

  • Residential
  • Commercial

By Charging Station

  • AC Charging
  • DC Charging
  • Wireless Charging

By Power Output

  • <11KW
  • 11KW-50KW
  • >50KW

By Supplier Type

  • OE Charging Station
  • Private Charging Station

Electric Vehicle Charging Station Market, by End-use Industry

  • Government
  • Public Space and Municipalities (Parks and Street)
  • Commercial Office Space
  • Healthcare
  • Retail
  • Hospitality
  • Residential
  • Logistics & Transportation (Fleet Services)
  • Education

Electric Vehicle Charging Station Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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