Electric Vehicle Charging Station Market to Hit US$ 417.35 Bn by 2030

The electric vehicle charging station market size is expected to hit USD 417.35 billion by 2030 and expanding growth at a compound annual growth rate (CAGR) of 40.7% from 2022 to 2030.

/EIN News/ -- Ottawa, March 17, 2022 (GLOBE NEWSWIRE) -- According to Precedence Research, the global electric vehicle charging station market size was estimated at USD 35.50 billion in 2021. A charging station for electric vehicles is a device that links an electric vehicle to a power source, allowing electric vehicles to be charged. Some charging stations include advanced capabilities such as network connectivity and Bluetooth connectivity.

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Due to escalating environmental concerns and desire for sustainable and energy efficient transportation, electric vehicles are substantial growth. The factors such as governments supporting electric vehicles and charging infrastructure through certain policies, subsidies, and tax rebates as well as rising demand for energy efficient commuting have all contributed to the increased demand for electric vehicle charging stations in the market.

Rise in the usage and adoption of electric vehicles has emphasized the requirement to develop charging infrastructure. Significant investments by the manufacturers are likely to cater to the growing demand for EVs and play a main role in the market evolution. Volkswagen, Nissan, Tesla, Ford, BMW, and General Motors had a substantial R&D budgets for the growth of electric vehicles infrastructure. In 2020, the economies have observed a growth of more than 40% with the sales of EVs around 3 million despite the impact of COVID-19 in the market, however the overall automobile sales reduced by 6%. Therefore, this indicates a rising demand for electric vehicles, which will, boost the market for electric vehicles charging stations in the forthcoming time period.

Report Scope	Details
Market Size by 2030	USD 417.35 Billion
Growth Rate from 2022 to 2030	CAGR of 40.7%
Largest Market	Asia Pacific
Base Year	2021
Companies Covered	ChargePoint, Inc., EVgo Services LLC., ABB Ltd., Allego, Scheinder Electric, Mojo Mobility, Inc., Blink Charging Co., Wi Tricity Corporation, Toshiba Corporation, AeroViroment, Inc., General Electric, Robert Bosch GmbH

Report Highlights:

• Based on charging type, the Level 2 segment is expected to dominate the of the electric vehicle charging stations market in the year 2020. However, the DC fast-charging segment is projected to foresee a fastest growth during the forecast period.
• Based on connection type, the connectors segment is expected to dominate the of the electric vehicle charging stations market in the year 2020. However, the wireless electric vehicles charging segment is likely to foresee a fastest growth during the forecast period.
• Based on component, the hardware segment is expected to dominate the of the electric vehicle charging stations market in the year 2020. However, the software segment is foreseeing a fastest growth during the forecast period.
• Based on end user, the commercial electric vehicles charging stations segment is expected to dominate the of the electric vehicle charging stations market in the year 2020.
• The Asia-Pacific region is expected to dominate the of the electric vehicle charging stations market in the year 2020 by value as well as volume, followed by Europe, Middle East, North America, Latin America and Africa. China is the largest market for electric automobiles and vehicles in Asia-Pacific region. The regions electric vehicle charging stations market is well supported by the regions battery electric vehicle market, which is supported by considerable government funding. Thus, the Asia-Pacific market is likely to be driven by significant growth of electric vehicle charging networks in China, surge in demand for affordable electric vehicles for everyday usage, and governments encouraging electric vehicles.
  
  

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Future of Electric vehicle charging station Market

Key participants in electric mobility are regularly investing towards the R&D of fast-charging solutions. In China and Europe, where there is an absence of dedicated private garages with facilities such as home charging, this might lead to public fast-charging stations optimal solutions for supporting the major adoption of electric vehicles in these regions. Leading network operators of charging systems worldwide have announced projects for the deployment of fast-charging stations. Fast charging stations are likely to support more electric vehicles than Level 2 public charging stations. Hence, the growing share of electric vehicles in the sales of new vehicle worldwide has further propelled the requirement for fast-charging stations which is boosting the market growth.

COVID-19 Impact Analysis:

• The COVID-19 pandemic outbreak has triggered an extensive economic shutdown.
• Several nations imposed strict lockdowns in order to stop the spread of the infection, thereby causing disruptions in supply chains and production schedules and production schedules, and the shutdown of manufacturing industries.
• The market has foreseen a significant impact on technology supply chains around the world. The economic slowdown has substantially disturbed the automotive industry, causing sudden declines in the sales of the electric vehicle.
• The electric vehicles market has seen a decline in revenue of more than 20% in the year 2020. Furthermore, shifts in consumer purchasing power and behaviors owing to ambiguity surrounding the pandemic are likely to have substantial impact for the future growth of the industry.
• Consequently, cash crunch and shortfall have already impacted fleet operators' sales, which is likely to diversify further in forthcoming time period.
  
  

Key Developments in the Marketplace:

• In the month of May of 2021, the key player named ABB has signed an agreement together with the company named charging solution provider Bornes Québec in order to confirm the extensive availability of convenient and fastest charging stations of electric vehicles in the area of Quebec and in order to hasten Canada's step towards sustainable transportation.
• In the year 2020, a company named ABB introduced the world's fastest electric vehicles charger named Terra 360, in the month of September. Furthermore, this infrastructure of charging has a power to charge up to 4 vehicles at the same time, and has a capability regarding fully charging electric vehicles within 15 minutes.

Related Reports

• Electric Vehicle Charging Infrastructure Market Research Report 2021 – 2027
• Electric Vehicle Market Research Report 2022 – 2030
• Vehicle-to-Grid Technology Market Research Report 2022 - 2027
  
  

Market Dynamics

Driver: Growing sales of electric vehicles

Electric vehicles have established themselves as an important element of the automobile industry. They show how to improve energy efficiency while lowering greenhouse gas emissions and pollution. The key factors fueling the increase in demand for electric vehicles are growing environmental concerns and positive government actions. In recent years, the electric vehicle market has experienced strong growth. The increased regulatory norms by various organizations and governments to regulate emission levels and promote zero emission vehicles have resulted in an increase in electric vehicle sales. Various plans and initiatives have been launched by governments around the world to encourage consumers to prefer electric vehicles over traditional vehicles. Thus, the growing sales of electric vehicles are driving the growth of electric vehicle charging stations market.

Restraint: Lack of fast chargers

The reduction in charging time for electric vehicles in everyday use is one of the primary restraints to the market for electric vehicle charging stations. Currently, research and development (R&D) is going for quicker electric vehicle charger types that will allow them to be charged in the same amount of time as a petrol or diesel vehicles. Fast chargers that charge electric vehicles in less than a hour are available on the market, while ultra-fast chargers that charge electric vehicles in less than a half hour have been introduced in recent years. The different types of electric vehicles have different plug types, which makes electric vehicles charging a huge difficulty. This needs to be generalized so that any electric vehicle can be charged at any charging stations. As a result, the lack of fast chargers is hampering the growth of electric vehicle charging stations market.

Opportunities: Surge in demand for electric vehicle fast charging infrastructure

The rising popularity of electric vehicles, owing to their efficiency and environmental sensitivity, has fueled the demand for fast charging infrastructure in recent years. Electric vehicles are projected to be used for both metropolitan commutes and long-distance travel in the future. Most electric vehicles on the market have range of less than a kilometer, necessitating the use of fast charging technologies to provide smooth, uninterrupted travel. Electric mobility market players are continually investing in the research and development of fast charging systems. The public fast charging stations can become ideal options for enabling the increasing adoption of battery electric vehicles in the developed regions, where dedicated private garages with home charging facilities are scarce. The leading charging network operators throughout the world have declared plans to build fast charging stations. The fast-charging stations can accommodate more battery electric vehicles than public charging stations with level 2 charging capabilities. As a result, the need for fast charging stations will expand in accordance with the growing share of battery electric vehicles in new vehicle sales around the globe. Thus, the surge in demand for electric vehicle fast charging infrastructure will create lucrative opportunities for the growth of the electric vehicle charging stations market.

Challenges: High cost for fast chargers

The high cost of level 3 fast chargers and ultra-fast chargers is the main impediment to the expansion of the electric vehicle charging stations market. People are accustomed to charging their fossil fuel vehicles within fraction of minutes, whereas level 1 and level 2 chargers might take long hours to fully charge. As a result, there is a market demand for rapid chargers that can charge electric vehicles in less than a half hour. The initial cost of a level 3 charger, on the other hand, can be fairly significant. This serves as a deterrent to those people who want to switch to electric vehicles from gasoline powered vehicles. Thus, the high cost of fast chargers is the major challenge for the growth of the electric vehicle charging stations market.

Market Segmentation

By Level of Charging

• Level 1
• Level 2
• Level 3
  
  

By Charging Station Type

• AC Charging
• DC Charging
• Wireless Charging
  
  

By Power Output

• <11KW
• 11KW-50KW
• >50KW
  
  

By Supplier Type

• OE Charging Station
• Private Charging Station

By Vehicle Type

• Passenger Cars
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Vehicle(PHEV)
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Two-wheelers & Scooters

By Installation Type

• Fixed
• Portable
• Residential
• Commercial

By Connector Type

• Normal Charging
• Type 2
• CCS
• CHAdeMO
• Tesla SC
• GB/T

By Application

• Private
• Public

By Mounting Type

• Wall Mount
• Pedestal Mount
• Ceiling Mount
  
  

By Charging Service

• EV Charging Service
• Battery Swapping Service

By End User

• Commercial EV Charging Stations
  • Commercial Public EV Charging Stations
    • On-Road Charging
    • Parking Spaces
    • Destination Chargers
  • Commercial Private EV Charging Stations
    • Fleet Charging
    • Captive Charging
• Residential EV Charging Stations
  
  

By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• MEA
• Rest of the World

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