USD 35.2 billion
Report ID: SQMIG25C2091 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 144 | Figures: 78
Electric Vehicle Charging Station Market size was valued at USD 35.2 billion in 2021 and is poised to grow from USD 46.4 billion in 2022 to USD 417.35 billion by 2030, growing at a CAGR of 31.5% in the forecast period (2023-2030).
Electric car charging systems connect the plug-in electric vehicle to an electrical outlet to charge the vehicle's battery. Also, an electric vehicle charging station offers charging facilities to small and large automotives. Location-wise, the facilities are stationed at distant intervals based on density of electric vehicles and availability of demand. Furthermore, numerous automakers and electric component manufacturers are collaborating on the development of improved electric car charging systems in order to meet the growing demand for these vehicles.
Some charging stations have premium capabilities such as smart meters, cellular connectivity, network connectivity, and so on, while some are more basic and standard. The global EV sector is expanding quickly, particularly in the United States and China. Zero-emission transportation is the driving force behind increased EV sales throughout the world. It will increase the demand for electric car charging stations. Technological advancements in portable charging stations, smart charging with load management, and automated payment with rapid charging technology will open up new markets for the market. The need for EV fast-charging infrastructure is increasing as a result of the government's initiative to promote the adoption of EVs and the associated infrastructure.
US Electric Vehicle Charging Station Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 35.2 billion
DC Charging Station
DC Charging Station
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The global electric vehicle charging station market is segmented on the basis of application type, vehicle type, charger type, level of charging, charging infrastructure type, and region. Based on application, the market is segmented into public and private. Based on vehicle, the market is segmented into passenger and commercial vehicles. Based on charger, the market is segmented into AC Charging and DC Charging. Based on level of charging, the market is segmented into Level 1, level 2, level 3. Based on charging infrastructure type, the market is segmented into Normal charging, type 2, CHAdeMO, CCS, Tesla SC, GB/T. Based on the Region, the electric vehicle station market spans North America, Europe, Asia-Pacific, South America, and MEA.
Electric Vehicle Charging Station Market Analysis by Charger
In 2022, DC charger held a significant share in the electric vehicle charging station market. The AC charger, or slow/moderate charger segment, has modest growth and penetration. In 2022, these chargers accounted for 19.24%. The segment is projected to reveal a slow growth during the forecast period owing to the latency time required by EVs.
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APAC is estimated to dominate the electric vehicle charging station market during the forecast period. The regional market seemed to be driven by the large-scale growth of EV charging infrastructure in China which in turn increases the demand for affordable EVs for daily usage. China invested around USD 2.4 billion in improving the charging infrastructure in the country. Japan and Korea have plans to increase the number of EV charging stations in upcoming years. Further, the Indian government has announced plans to build 69,000 EV charging stations around the country as part of the first phase of EV infrastructural development with a demand for 4lakh charging stations expected by 2028.
In 2022, Europe accounted for the second-largest position in the electric vehicle charging station market due to the presence of key market players in this region. Consumer adoption of EVs and autonomous vehicle shared mobility is likely to fuel electric vehicle charging station market growth in the region.
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Electric Vehicle Charging Station Market Driver
Significant Investment in Electric Vehicles to Boost Market Growth
Electric Vehicle Charging Station Market Restrains
Lack of Infrastructure to Hinder Market Growth
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The electric vehicle charging station market is highly competitive with the existence of numerous major firms operating in both domestic and international markets. The industry's top players are embracing strategic collaboration initiatives to improve Electric Vehicle Charging Station market share and profitability. Some of the major players in the market are BP Chargemaster, ChargePoint Inc, Eaton, and Seimens AG among others.
Electric Vehicle Charging Station Market Top Player’s Company Profiles
Electric Vehicle Charging Station Market Recent Developments
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 by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global electric vehicle charging station market analysis, By vehicle type, the passenger segment is expected to hold a dominant share in electric vehicle charging station market. By Charger type, the DC charger or fast charger sector is expected to hold the most substantial Electric Vehicle Charging Station market share over the forecast period. By Application type, public-based segment is expected to hold the most substantial share over the projection period. Zero-emission transportation is the driving force behind rising EV sales around the world. It will raise the need for electric vehicle charging stations. Portable charging stations, smart charging with load management, automated payment, and rapid charging technology will open up new markets for the Electric Vehicle Charging Station Market.
|Market size value in 2021||USD 35.2 billion|
|Market size value in 2030||USD 417.35 billion|
|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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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Electric Vehicle 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 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.
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