Product ID: SQMIG25A2031
Report ID: SQMIG25A2031 | Region: Global | Published Date: April, 2023 | Pages: 277 | Tables: 61 | Figures: 64
Electric Vehicle Charger and Charging Station Market was valued at USD 19.26 billion in 2021, and it is expected to reach a value of USD 200.4 billion by 2028, at a CAGR of more than 32.14% over the forecast period (2022–2028).
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 Charger And Charging Station Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global electric vehicle 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 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 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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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 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
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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.
|Market size value in 2021||USD 19.26 billion|
|Market size value in 2028||USD 200.4 billion|
|Growth Rate||more than 32.14%|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global Electric Vehicle 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 Global Electric Vehicle Charger And Charging Station Market.
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