Global Electric Vehicle (EV) Charger And Charging Station Market

Electric Vehicle Charger And Charging Station Market Size, Share, Growth Analysis, By Charger Type(Normal Charger, Fast Charger), By Application(Commercial, Residential), By Region - Industry Forecast 2024-2031


Report ID: SQMIG25A2031 | Region: Global | Published Date: April, 2024
Pages: 277 |Tables: 61 |Figures: 64

Electric Vehicle (EV) Charger And Charging Station Market Insights

Electric Vehicle (EV) Charger And Charging Station Market was valued at USD 19.26 billion in 2019, and it is expected to reach a value of USD 200.4 billion by 2031, at a CAGR of more than 32.14% over the forecast period (2024-2031).

It is now essential to use electric vehicles due to the rising levels of carbon emissions and other harmful gases caused by transportation. As a result, the need for an electric vehicle (EV) charging infrastructure in both commercial and residential applications is growing. Additionally, it is anticipated that growing subscription-based partnerships between auto manufacturers for charging stations will fuel market expansion. Electric vehicle owners are expected to use and benefit from electric vehicle charging applications differently as a result of technological advancements in both the hardware and software used to charge EVs. Even before the car's driver plugs the vehicle into a charging station, technologies like the Smartcar API and charging networks accurately estimate an electric vehicle's charge time.

Furthermore, it is anticipated that green energy will have a significant impact on both public and private electric vehicle charging stations. The biggest concern for EV owners is carbon emissions. Companies are quickly advancing the charging technologies used in their electric vehicle charging networks to allay these worries. Compared to residential areas, commercial spaces have a much higher market penetration of EV charging equipment. It is anticipated that as the use of electric vehicles grows, so will the number of public charging stations. The adoption of electric vehicles (EVs) would be significantly influenced by efforts to improve the charging infrastructure in commercial settings, as overnight charging at apartment buildings or individual homes would not be adequate for long-distance trips.

US Electric Vehicle (EV) Charger And Charging Station Market is poised to grow at a sustainable CAGR for the next forecast year.

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Electric Vehicle (EV) Charger And Charging Station Market Segmental Analysis

Global electric vehicle (EV) charger and charging station market is segmented based on the charger type, application, and region. Based on the charger type, the global electric vehicle charger and charging station market is segmented as normal charger and fast charger. Based on application, the global electric vehicle charger and charging station market is segmented as commercial and residential. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Electric Vehicle (EV) Charger and Charging Station Market Analysis by Charger Type

Based on the charger type, the electric vehicle charger and charging station market is bifurcated into normal charger, fast charger. The market share that belongs to fast charger is the largest. Due to rising demand for its deployment in commercial stations, the fast charger segment dominated the market and accounted for more than 93.0% of global revenue in 2021. Most companies have installed Level 1 DC fast chargers or Level 2 AC charging stations that can fully charge an EV in 4-6 hours. Additionally, as part of their campaigns to promote their electric vehicles, automakers are placing a strong emphasis on installing charging stations for their employees' EVs. For instance, the employees of General Motors Company in Detroit have increased their demand for the company's Chevrolet Volt electric cars as a result of the installation of 100 Level 2 EV charging stations at the facility's parking lots.

Owing to the initiatives taken by various governments to speed up the deployment of public charging infrastructure, which primarily uses normal chargers, the normal charger segment accounted for a sizeable portion of the market in 2021. Correspondingly, residential applications that use slow chargers for overnight charging are the most common. Besides that, the majority of electric car producers, including Volkswagen Group, BMW of America, and General Motors, include normal chargers with the purchase of an electric car, which further contributes to the segment's growth. For instance, when you buy one of General Motors' electric vehicles, you also get a normal charger.

Electric Vehicle (EV) Charger and Charging Station Market Analysis by Application

Based on application the electric vehicle charger and charging station market is segmented into commercial and residential. The commercial segment accounted for more than 79.66% of revenue in 2021, owing to government initiatives and funding allocation by automobile manufacturers for expanding public EVCI infrastructure. As overnight charging or charging at home would not be adequate for long-distance travel, supporting infrastructure development in public spaces is required. In order to install charging stations for electric buses, several public transportation agencies are forming partnerships with automakers, which is further accelerating growth. For instance, TRAFIKSELSKABET MOVIA and Siemens signed a contract to install top-down pantograph electric bus charging stations for the use of 45 municipalities' electric buses, including the City of Copenhagen and Region Zealand.

Many charger producers, including Efacec, EVE Australia Pty Ltd., and Tesla, Inc., are collaborating with developers of residential complexes. For instance, the Pend Oreille Public Utility District declared the beginning of a new EV charging pilot programme with SemaConnect Inc. in October 2020. Visitors to PUD's Newport Administration Building will be able to charge their electric vehicles for nothing using this charging station. To ensure greater availability and longer vehicle range, vehicle charger manufacturers are concentrating on creating residential and commercial EV chargers. OEMs are working with EV producers, charging network operators, corporations, and utility service providers to set up fast-charging stations in order to increase their geographic reach and make the EV charging network deployment more affordable.

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Electric Vehicle (EV) Charger And Charging Station Market Regional Insights

Asia Pacific is expected to control the electric vehicle charger and charging station market share. More than 59% sales in 2021 were generated in Asia Pacific. The major investors in the construction of the infrastructure for electric vehicle charging include China, Japan, and South Korea. To support 5 million EVs on the road by 2020, for instance, the Chinese government announced in October 2015 that it would invest in the development of EV infrastructure. In addition, South Korea announced a USD 180.3 million investment to expand the nation's EV charging infrastructure as part of its effort to support environmentally friendly vehicles in the transportation industry. Additionally, Japan's electric charging stations had more than 40,000 charging outlets in 2020, surpassing the number of gas stations. Several European nations have established challenging goals for reducing carbon emissions and stock commitments for electric vehicles by 2020. For instance, the Automated and Electric Vehicles (AEV) Act was approved by the U.K. government in July 2018. It gives the government new authority to ensure the quick adoption of EVCI at gas stations and on highways. Germany created the German National Platform for Electric Mobility, a government advisory body, to examine the growth of electric mobility and the development of infrastructure for publicly accessible electric vehicle charging. In order to promote EV interoperability across the continent, other European nations like France, the U.K., Germany, and Belgium are putting their efforts into building the infrastructure needed for EV charging and support.

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Electric Vehicle (EV) Charger And Charging Station Market Dynamics

Electric Vehicle Charger and Charging Station Market Driver

  • The demand for charging stations has grown as electric vehicle adoption and use have risen. Leading EV markets like China, the US, and Germany are investing heavily in EV charging infrastructure in addition to R&D for quicker and more effective charging techniques. Automakers are anticipated to make sizeable investments to meet the growing demand for EVs and to shape the market. For the development of EVs, companies like Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have sizable R&D budgets. Despite the market impact of COVID-19, the world saw a 41 percent growth with about 3 million EV sales in 2020, while the overall automobile market shrank by 6 percent. This points to an increase in the demand for electric vehicles, which will help the market for EV charging stations. Although most EV owners install a Level 1 or Level 2 EV charging device in their home or apartment building, there is an increasing need for public charging stations all over the world. The need for EV charging stations will rise with the increase in EV sales globally.
  • Since an increasing number of businesses are investing in charging stations, they are becoming more prevalent. In actuality, the global electric vehicle charger and charging station market is anticipated to spend $30 billion on infrastructure by 2030. Given the size of that sum, it is not surprising that businesses are investing more than ever before in charging stations. As more people switch to driving electric vehicles, the demand for these facilities will only grow. Assuring that there will be enough locations for people to charge their cars in the future will require investing in the infrastructure for charging stations now. Many businesses are entering the electric vehicle charging station market with the aim of increasing markup. For instance, approximately 270 hyperchargers will be installed by Greenman Energy in the carparks owned by OPEN, creating a charging infrastructure that will support 1.4 million charges—enough to circle the globe 188 times. By 2027, these projects will be able to save approximately 17,000 tonnes of CO2, which will have a significant positive impact on OPEN's carbon footprint. We predict that OPEN will be able to certify and sell credits linked to the carbon savings produced by the PV and charging activities in the near future, potentially bringing in more money for the fund.

Electric Vehicle Charger and Charging Station Market Restraint

  • For the creation of a supportive ecosystem and an increase in EV sales, governments must standardise charging infrastructure. Different nations use various fast charging standards. China uses GB/T, Europe, the US, and South Korea use CCS, while Japan uses CHAdeMO. Since India hasn't achieved fast charging method standardisation, the Indian government has mandated the installation of both CHAdeMO and CCS systems. Although this mandate raised the cost of installing charging stations, the government changed the rules in July 2019 to allow charging station developers to use the method of their choice. Tesla, an American manufacturer of electric vehicles, uses high-performance superchargers that are exclusive to Tesla and incompatible with other EVs.
  • Different nations' governments have put strict regulations in place that control the placement of charging stations. When installing charging stations, service providers must adhere to a specific set of guidelines. When installing on private property, they need permission from the landowners, the local government to comply with regulatory requirements, and the utility companies to transfer energy. For instance, in order to obtain permits for the installation of residential EV charging stations, homeowners or contractors must submit plot plans, electrical load calculations, electrical plans, installation instructions, and charger specifications to the local permitting office. In comparison to residential locations, commercial locations require more complicated installation procedures for EV charging stations.

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Electric Vehicle (EV) Charger And Charging Station Market Competitive Landscape

Global electric vehicle charger and charging station market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Top Players in the Global Vehicle Charger and Charging Station Market

Electric Vehicle Charger and Charging Station Market Recent Developments

  • In Aug 2022, Ampol has plugged in its first electric vehicle charging station in Australia, a site in the inner south-eastern Sydney suburb of Alexandria. It’s the first of 120 new sites that will be installed at Ampol petrol stations across the country, a roll-out scheduled to be completed by December 2023.
  • In April 2022, Shell to acquire Sprng Energy group, one of India’s leading renewable power platforms. Its portfolio consists of 2.9 gigawatts-peak1 (GWp) of assets (2.1 GWp operating and 0.8 GWp contracted) with a further 7.5 GWp of renewable energy projects in the pipeline.

Electric Vehicle (EV) Charger And Charging Station Key Market Trends

  • A system called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra power and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners. With the introduction of this idea, charging for electric vehicles has become simpler, and EVs are now among people's top choices for modes of transportation. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.
  • At the Italian Institute of Technology's Genoa headquarters, Enel Energia S.p.A. installed 2 V2G electric vehicle charging stations. A corporate electric car sharing pilot project in partnership with Nissan, MOV-E, includes the installation. Nissan donated two battery electric vehicles (LEAF models) and the Glide app management platform to the Italian Institute of Technology. In terms of sustainable mobility, the agreement between Enel and Nissan represents a shift in the technological landscape. Due to its potential to revolutionise the EV industry and determine how EVs will be charged in the future, V2G charging technology represents a significant business opportunity for manufacturers.

Electric Vehicle (EV) Charger And Charging Station Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our global electric vehicle charger and charging station market analysis, in terms of material type, the market share that belongs to fast charger is the largest. Due to rising demand for its deployment in commercial stations, the fast charger segment dominated the market and accounted for more than 93.0% of global revenue in 2021. In terms of application, specialty stores accounted for a maximum market share followed by online retail because of customer loyalty broader variety of electric vehicle charger and charging stations to choose from.

Report Metric Details
Market size value in 2023 USD 19.26 billion
Market size value in 2031 USD 200.4 billion
Growth Rate more than 32.14%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Charger Type
    • Normal Charger, Fast Charger
  • Application
    • Commercial, Residential
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Charge Point Inc. (US)
  • Schneider Electric (France)
  • Tesla Inc. (US)
  • BP Chargemaster (England)
  • Shell International BV (UK)
  • Webasto Group (US)
  • Siemens AG (Germany)
  • EVBox (Netherlands)
  • Eaton (Ireland)
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Vehicle (EV) Charger And Charging Station Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Vehicle (EV) Charger And Charging Station Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Vehicle (EV) Charger And Charging Station Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicle (EV) Charger And Charging Station Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicle (EV) Charger And Charging Station Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Vehicle (EV) Charger And Charging Station Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Electric Vehicle Charger and Charging Station Market was valued at USD 19.26 billion in 2019, and it is expected to reach a value of USD 200.4 billion by 2031, at a CAGR of more than 32.14% over the forecast period (2024-2031).

electric vehicle charger and charging station market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Charge Point Inc. (US)', 'Schneider Electric (France)', 'Tesla Inc. (US)', 'BP Chargemaster (England)', 'Shell International BV (UK)', 'Webasto Group (US)', 'Siemens AG (Germany)', 'EVBox (Netherlands)', 'Eaton (Ireland)'

The demand for charging stations has grown as electric vehicle adoption and use have risen. Leading EV markets like China, the US, and Germany are investing heavily in EV charging infrastructure in addition to R&D for quicker and more effective charging techniques. Automakers are anticipated to make sizeable investments to meet the growing demand for EVs and to shape the market. For the development of EVs, companies like Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have sizable R&D budgets. Despite the market impact of COVID-19, the world saw a 41 percent growth with about 3 million EV sales in 2020, while the overall automobile market shrank by 6 percent. This points to an increase in the demand for electric vehicles, which will help the market for EV charging stations. Although most EV owners install a Level 1 or Level 2 EV charging device in their home or apartment building, there is an increasing need for public charging stations all over the world. The need for EV charging stations will rise with the increase in EV sales globally.

A system called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra power and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners. With the introduction of this idea, charging for electric vehicles has become simpler, and EVs are now among people's top choices for modes of transportation. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.

Asia Pacific is expected to control the electric vehicle charger and charging station market share. More than 59% sales in 2021 were generated in Asia Pacific. The major investors in the construction of the infrastructure for electric vehicle charging include China, Japan, and South Korea. To support 5 million EVs on the road by 2020, for instance, the Chinese government announced in October 2015 that it would invest in the development of EV infrastructure. In addition, South Korea announced a USD 180.3 million investment to expand the nation's EV charging infrastructure as part of its effort to support environmentally friendly vehicles in the transportation industry. Additionally, Japan's electric charging stations had more than 40,000 charging outlets in 2020, surpassing the number of gas stations. Several European nations have established challenging goals for reducing carbon emissions and stock commitments for electric vehicles by 2020. For instance, the Automated and Electric Vehicles (AEV) Act was approved by the U.K. government in July 2018. It gives the government new authority to ensure the quick adoption of EVCI at gas stations and on highways. Germany created the German National Platform for Electric Mobility, a government advisory body, to examine the growth of electric mobility and the development of infrastructure for publicly accessible electric vehicle charging. In order to promote EV interoperability across the continent, other European nations like France, the U.K., Germany, and Belgium are putting their efforts into building the infrastructure needed for EV charging and support.

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Global Electric Vehicle (EV) Charger And Charging Station Market

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