What is the global market size of the Electric Vehicle Charging Station Market?

Global 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 Vehicle Charging Station Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Vehicles, Commercial Vehicles), By Charger Type(AC Charging Station, DC Charging Station), By Application Type(Public, Private), By Level of charging(Level 1, level 2), By Charging infrastructure type(Normal charging, type 2) - Industry Forecast 2024-2031

Report ID: SQMIG25C2091 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 144 | Figures: 78

Electric Vehicle Charging Station Market News

In May 2022, Tata power won the bid for a 300MW solar project from the government firm NHPC, and also started a joint venture with Hyundai India to grow its EV charging station infrastructure in India.
In April 2022, ABB announced a global framework deal with Shell to deliver its technology to aid in the expansion of the latter's EV charging network. This deal expands on the two companies' relationship that began in 2019 and include ABB's Terra 360 rapid charger.
In February 2022, Siemens Smart Infrastructure in the United States announced a new sustainable, EV charging concept structure aimed at electrifying fleets and high-demand charging applications at scale. The new VersiCharge XL concept (UL standard) was developed to quickly and efficiently electrify new or existing parking lots and building structures in the United States by utilizing a modular, scalable design created in collaboration with Nexii Building Solutions using their proprietary, sustainable building material with a low carbon footprint.

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Electric Vehicle Charging Station Market size was valued at USD 35.2 billion in 2019 and is poised to grow from USD 46.4 billion in 2023 to USD 417.35 billion by 2031, growing at a CAGR of 31.5% in the forecast period (2024-2031).

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. 'Tesla', 'ChargePoint', 'EVBox', 'ABB', 'Siemens', 'Schneider Electric', 'BP Chargemaster', 'Engie', 'Pod Point', 'Alfen', 'Delta Electronics', 'Tritium', 'Webasto', 'Efacec', 'Leviton', 'AeroVironment', 'ClipperCreek', 'Greenlots', 'Blink Charging', 'SemaConnect'

The rising popularity and use of electric cars have enabled the development of charging infrastructure. Leading EV markets including China, the United States, and Germany are spending heavily on EV charging infrastructure followed with R&D for quicker and more efficient charging techniques.

EV has become an integral part of the automobile industry. This can help to achieve energy efficiency and reduce harmful emissions of pollutants and greenhouse gases. Environmental concerns and government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 7 million marks by the end of 2025. Electric cars are expected to account for 17% of the overall vehicle sales by 2025.

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.

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