Electric Vehicle Charging Station Market Size, Share, Growth Report 2030

Electric Vehicle Charging Station Market

Electric Vehicle Charging Station Market By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Charger Type (AC Charging Station and DC Charging Station), By Application (Public and Private), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028

Category: Semiconductor & Electronics Report Format : PDF Pages: 166 Report Code: ZMR-3368 Published Date: Apr-2022 Status : Published

The global electric vehicle charging station market was estimated at USD 35.42 billion in 2021 and is projected to grow to about USD 114.67 billion by 2028, with a compound annual growth rate (CAGR) of approximately 31.9 percent over the forecast period.

Electric Vehicle Charging Station Market

Industry Prospective:

The global electric vehicle charging station market was estimated at USD 35.42 billion in 2021 and is projected to grow to about USD 114.67 billion by 2028, with a compound annual growth rate (CAGR) of approximately 31.9 percent over the forecast period. The report offers a detailed analysis of the electric vehicle charging station market’s drivers, restraints, challenges, and their effect on the overall performance of the market.

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Electric Vehicle Charging Station Market: Overview

An EVSE (electric vehicle charging station) is a system that powers plug-in electric vehicles such hybrids, electric vehicles, and communal electric vehicles. The charging stations are controlled by a software program, an energy controller, a network operations center, a facility meter, and a power conversion system connected to the electrical grid. Different levels of charging are possible with the charger device. Level 1 charging points utilize a standard home outlet, level 2 charging points are designed for all-electric vehicles and contain a connection that attaches directly to the vehicle, and level 3 charging points are DC fast chargers that power cars faster. These stations also provide accurate emission data and aid in the reduction of overall maintenance costs.

COVID-19 Impact:

Stringent lockdowns imposed during the COVID-19 pandemic had a modest impact on the global electric vehicle charging station market in early 2020. The need for EV charging stations surged in 2021 as a result of increasing demand for EVs and associated markets during the outbreak, thanks to government incentives throughout the world. Leading charging system manufacturers and network managers have increased the number of private and public electric vehicle charging stations across the world. Shell, for example, has over 250,000 electric vehicle charging stations worldwide as of December 2021, up from fewer than 50,000 in 2020. As of December 2021, ABB has over 400,000 electric vehicle charging stations, an increase of more than 100 percent over the previous year. EV charging alternatives have been expanded by all other charging station manufacturers and network providers. This market was less harmed during the pandemic due to a major push from governments throughout the world to stage off ICE automobiles.

Electric Vehicle Charging Station Market: Growth Drivers

Increasing sales of electric vehicles worldwide majorly contribute to the market growth.

The growing popularity and use of electric cars have highlighted the need for charging infrastructure development. China, the United States, and Germany, for example, are spending heavily on EV charging infrastructure as well as research and development for quicker and more efficient charging techniques. Automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and play a key role in the market's growth. Tesla, Nissan, Volkswagen, BMW, Ford, and GM all have large R&D expenditures dedicated to the development of electric vehicles. Despite the influence of COVID-19 on the industry, the global EV market grew by 41 percent in 2020, with about 3 million EV sales, while the total vehicle market shrank by 6 percent.

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Electric Vehicle Charging Station Market: Restraints

The dearth of standardization in the present electric vehicle charging infrastructure can hinder market growth.

The necessity for standardization of electric car charging stations has been highlighted by factors such as the expansion of the electric vehicle industry and variances in charging loads. Certain electric vehicle charging stations may only work with a specific voltage. For example, level 1 charging stations provide a voltage of 120V AC, whereas level 2 charging stations give a voltage of 208/240V AC. DC charging stations, on the other hand, use 480V AC to enable quick charging. For the creation of a favorable ecology and a rise in EV sales, governments must standardize charging infrastructure. Distinct nations have different quick charging requirements. CHAdeMO is used in Japan, CCS is used in Europe, the United States, & South Korea, and GB/T is used in China. Because India has yet to achieve uniformity in fast charging systems, the Indian government has ordered the installation of both CHAdeMO and CCS methods. However, because this rule raised the cost of installing charging stations, the government amended the guidelines in July 2019 and allowed charging station developers to pick their preferred technique. Further, Tesla, a California-based electric vehicle manufacturer, employs high-performance superchargers that are exclusive to Tesla and cannot be utilized by other electric vehicles. Thus, these factors may impede the expansion of the global electric vehicle charging station market to a certain extent.

Electric Vehicle Charging Station Market: Opportunities

Increasing implementation of V2G charging stations for EVs may offer a better opportunity for market expansion.

Vehicle-to-Grid (V2G) charging stations are a technology that allows electrical energy to flow in both directions between plug-in electric vehicles and the power grid. The V2G technology allows EVs to store and discharge unused energy to the grid. This can increase the performance of the electrical device while also adding value to EV owners. Electric vehicle charging processes have been simplified as a result of the introduction of this technology, and EVs have become one of the most popular ways of transportation. As a result, the entire charging station business is critical for connecting the grid to the electric car and enabling charging.

Report Scope:

 

Electric Vehicle Charging Station Market: Challenges.

Strick rules imposed to set up charging stations for electrical vehicles pose a major challenge to the market growth.

Various countries' governments have enacted strict regulations governing the placement of charging stations. When building charging stations, service providers are expected to follow a set of guidelines. When the installation is on private land, they need permission from plot owners, local governments for regulatory obligations, and energy suppliers for energy transmission. To get permits for the construction of domestic EV charging stations, homeowners or contractors must submit plot plans, electrical load estimates, electrical plans, installation instructions, and charger specs to the local permitting office. In commercial settings, the processes for installing EV charging stations are more complicated than in residential locations. Permits, design guidelines, electricity supply or metering, parking & sign regulations, zoning restrictions, and inspection fees are all required for a commercial installation. Due to such numerous steps involved in the value chain the installation of charging stations is difficult.

Electric Vehicle Charging Station Market: Segmentation

The global electric vehicle charging station market is categorized based on charger type, vehicle type, application, and region. Based on the charger type, the global market is divided into DC charging stations and AC charging stations. The vehicle type segment is split into commercial vehicles and passenger cars. The application segment comprises private and public.

Recent Developments

  • In November 2021, Tesla announced the release of a novel home charger with a J1772 socket that is compatible with all-electric vehicles in North America. The J1772 Gen 2 Wall Connector features a 24-foot (7.3 metres) cable length, a versatile indoor/outdoor design, and several power settings to provide up to 9.6 kW (40 amp) power output for a single car.
  • In September 2021, ABB unveiled a revolutionary all-in-one electric vehicle (EV) charger that offers the industry's fastest charging experience. The Terra 360 from ABB is a modular charger that can charge up to 4 cars at once with dynamic power distribution.

Electric Vehicle Charging Station Market: Regional Landscape

Asia Pacific to lead the global market during the forecast period.

In terms of both value and volume, Asia Pacific accounted for the maximum share of the global electric vehicle charging station market in 2020, followed by Europe and North America. Europe, on the other hand, is predicted to increase at the quickest rate in terms of value throughout the projection period. Government measures to improve charging infrastructure across the region are credited with the region's rapid growth. Germany, France, Norway, the Netherlands, and the United Kingdom are five of the region's early adopters of electric vehicles and charging stations. To offer customers the confidence to move to electric vehicles, the EU established a goal of one million public charging sites for electric vehicles by 2024 and more two million by 2029. Furthermore, numerous other European nations have established objectives to cut carbon emissions and promote electric vehicle use by 2020, accelerating the rollout of EV charging stations across the continent.

Electric Vehicle Charging Station Market: Competitive Landscape

Some of the predominant players that are operating in the global electric vehicle charging station market include BYD, Tesla, ChargePoint, Shell, ABB, Leviton Manufacturing Co. Inc., Evbox (ENGIE), Siemens AG, Schneider Electric SE, and Qingdao Tgood Electric Co. Ltd, among others.

The global electric vehicle charging station market is segmented as follows:

By Vehicle Type

  • Passenger Cars
  • Commercial Vehicles

By Charger Type

  • AC Charging Station
  • DC Charging Station

By Application

  • Public
  • Private

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

Free Analysis

FrequentlyAsked Questions

The growing popularity and use of electric cars have highlighted the need for charging infrastructure development. China, the United States, and Germany, for example, are spending heavily on EV charging infrastructure as well as research and development for quicker and more efficient charging techniques. Automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and play a key role in the market's growth. Tesla, Nissan, Volkswagen, BMW, Ford, and GM all have large R&D expenditures dedicated to the development of electric vehicles.

According to the Zion Market Research report, the global electric vehicle charging station market was worth about 35.42 (USD billion) in 2021 and is predicted to grow to around 114.67 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 31.9 percent.

In terms of both value and volume, Asia-Pacific accounted for the maximum share of the electric vehicle charging station market in 2020, followed by Europe and North America. Europe, on the other hand, is predicted to increase at the quickest rate in terms of value throughout the projection period. Government measures to improve charging infrastructure across the region are credited with the region's rapid growth. Germany, France, Norway, the Netherlands, and the United Kingdom are five of the region's early adopters of electric vehicles and charging stations.

 

Some of the predominant players that are operating in the global electric vehicle charging station market include BYD, Tesla, ChargePoint, Shell, ABB, Leviton Manufacturing Co. Inc., Evbox (ENGIE), Siemens AG, Schneider Electric SE, and Qingdao Tgood Electric Co. Ltd, among others.

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