ID: MRFR/AM/3958-CR | 100 Pages | Author: Swapnil Palwe | October 2022
Global Electric Vehicle Charging Station Market Size was valued at USD 16.9 Billion in 2022. The Electric Vehicle Charging Stations market industry is projected to grow and expand from USD 23.4 Billion in 2023 to USD 316.9 Billion by 2032, contributing a compound annual growth rate (CAGR) of 38.50% during the projected timeframe (2023 - 2032). The key market drivers contributing to market growth and expansion are increased enthusiasm for electric cars, strategic moves by major parties, and the rising deployment of ultra-fast electric stations for charging.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising demand for electric cars drives the market CAGR for Electric Vehicle Charging Station. The growing interest in electric vehicles Government support for the establishment of charging stations to improve demand. The quantity of electric cars on the road is increasing, as is the need for electric vehicles. Strategic activities by major companies are significant industry factors boosting market expansion. Transportation's growing release of CO2 and other harmful pollutants has spurred the usage of electric cars. Consequently, the need for electric car charging infrastructure is expanding in both business and residential settings. Increased manufacturer collaboration for charging and subscription pricing infrastructure is also anticipated to fuel market development. The market adoption of electric car charging stations in business districts is substantially higher than in residential regions.
The major reasons driving the market's growth include government initiatives to encourage the use of electric cars and related infrastructure, rising demand for battery-powered fast-charging facilities, and greater installation of electric cars by public transportation operators. Increased R&D in vehicle-to-grid technological advances, along with increased adoption of electric transportation in emerging economies, may assist market participants. To guarantee smooth, continuous travel, most EVs need rapid charging options. Major electric vehicle network providers worldwide have announced initiatives for implementing rapid charging locations, and several shared mobility operators have set fleet electrification objectives, resulting in a considerable increase in charging infrastructure. Some businesses have established region-specific goals, while others have established overall fleet objectives.
During the COVID-19 epidemic, over 95% of automotive-related enterprises were forced to place their staffs on hold. Because of the suspension of production activity, the global ramifications of the shutdown were enormous and unprecedented. However, the market recovered speed as economic activity restarted and global automobile manufacturing increased. As the economies progressively recover, the market is expected to rise significantly over the following five decades. After a disastrous year for the automotive sector, which already saw a substantial decrease of roughly 5% in global automobile manufacturing and concluded an upsurge of a decade of advancement, the worldwide automotive sector came across an entirely distinctive circumstance in 2020 due to the pandemic. Furthermore, due to the rising demand for electric cars during the epidemic, the need for charging stations for electric vehicles will rise due to government incentives worldwide.
For instance, to encourage greater usage of electric cars, the Indian government intends to reduce the GST (Goods and Services Tax) on e-vehicles from 12% to 5%. Furthermore, tax breaks of up to $2,101.5 will be provided on loans to acquire an e-mobility. Thus, a rise in government funding for electric mobility research and acquisition, in the form of tax credits, subsidies, and promotions, is one of the primary drivers driving demand for electric cars. Thus, it is anticipated that demand for Electric Vehicle Charging stations will increase throughout the projected timeframe due to the rising demand for electric cars. Thus, driving the Electric Vehicle Charging Station market revenue.
The global Electric Vehicle Charging Station market segmentation, based on type, includes AC Charging Stations, DC Charging Station, and Inductive Charging Station. The AC Charging Station segment dominated the market, accounting for 39% of market revenue (USD 6.59 Billion) in 2022. Due to less-rated AC onboard chargers, AC charging points are the most prevalent form of plug-in car recharging station, with fewer wattage ratings than DC charging stations.
The global Electric Vehicle Charging Station market segmentation, based on Connector Types, includes Combined Charging Systems, Chademo, And Others. The Others category generated the highest market revenue of about 49% (USD 8.28 billion) in 2022. The Others category includes type 1/Yazaki, type 2, and Tesla supercharger connectors—the Japanese alternating current charging connection type 1/Yazaki can be utilized for charging electric car types.
The global EV Charging Station market segmentation, based on Application, includes Residential and Commercial. The Residential application category dominated the market, accounting for 62% of market revenue (USD 10.5 Billion) in 2022. Power used by level 1 & level 2 chargers in residential regions would be charged at a set residential rate based on per kWh. Most utilities provide EVs preferential time-to-use tariffs to encourage customers to plug in throughout off-peak hours.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The global E Vehicle Charging Station market segmentation, based on Vehicle, includes BEV, PHEV, and HEV. The BEV category dominated the market, accounting for 43% of market revenue (USD 7.3 Billion) in 2022. BEVs are all-electric cars with rechargeable batteries that lack a petrol engine. Unlike traditional gasoline-powered autos, they produce no hazardous emissions.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electric Vehicle Charging Station market area will dominate this market during the projected timeframe because the governing body of North America wants to minimize greenhouse gas emissions and increase the usage of electric cars, which will boost the market growth in the North American region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Electric Vehicle Charging Station market accounts for the second-highest market share because of stringent carbon-cutting objectives and plans to purchase electric vehicles. Further, the German Electric Vehicle Charging Station market holds the largest market share, and the UK EV Charging Station market is projected to grow and expand significantly in the European region during the projected timeframe.
The Asia-Pacific Electric Vehicle Charging Station Marketis projected to grow quickly during the projected timeframe. This is due to increasing collaboration between automakers and aftermarket technology providers. The high cost is not a barrier in the region due to favorable government measures such as tax rebates and other benefits for electric car users. Moreover, China’s Electric Vehicle Charging Station market dominates the market share, and the Indian Electric Vehicle Charging Station market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Electric Vehicle Charging Station market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their worldwide footprint, with major market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Electric Vehicle Charging Station industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global Electric Vehicle Charging Station industry to benefit customers and capture untapped market share and revenue. The Electric Vehicle Charging Station industry has recently offered significant advantages to the automobile industry. Moreover, more industry participants are utilizing and adopting cutting-edge Technology has grown substantially. Major players in the Electric Vehicle Charging Station market, which includes Webasto Group, Schneider Electric, ABB, Eaton, Siemens, Tesla, EVgo Services LLC, ChargePoint, Inc., and others, are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.
Shell Corporation produces oil and natural gas. It works in four divisions: Unified Gas, Upstream, Downstream, and Management. The Hague, the Netherlands-based firm, was formed in February 1907. Shell completed the purchase of Schaltbau Holding AG, a leading infrastructure developer for charging solutions for businesses that manufacture electric cars, in November 2022. The purchase expands Shell's offering of lower-carbon options for fleet services and industrial transportation clients by adding considerable knowledge of electrical bus charging and an extensive electric vehicle charging pipeline.
Renault SA is a manufacturer of automobiles. It sells passenger automobiles, business vehicles, electric-powered cars, and performance vehicles. Renault, Dacia, Renault Samsung Motors, Alpine, and LADA are the brands it operates under. Louis Renault created the corporation in 1898, based in Boulogne-Billancourt, France. Mobilise and Renault dealerships confirmed the deployment of Mobilise Fast Charge, a rapid charging network, in October 2022. The bulk of the units will be positioned at Renault dealers within 5 minutes of a motorway or motorway exit.
November 2022: Shell completed the purchase of Schaltbau Holding AG, a leading infrastructure developer for charging solutions for businesses that manufacture electric cars, in November 2022. The purchase expands Shell's offering of lower-carbon options for fleet services and industrial transportation clients by adding considerable knowledge of electrical bus charging and an extensive electric vehicle charging pipeline.
October 2022: Mobilise and Renault's dealerships confirmed the deployment of Mobilise Fast Charge, a rapid charging network, in October 2022. The bulk of the units will be positioned at Renault dealers within 5 minutes of a motorway or motorway exit.
October 2022: Erisha E Mobility, a Rana Group company, announced the debut of the E- Superior Electrical Cargo Loader, E- Supreme Electrical Service Van, and E- Smart Electronic Passenger Vehicle three-wheeler car in the L5 group, along with Electric Vehicle charging points, in October 2022.
Report Attribute/Metric | Details |
Market Size 2022 | USD 16.9 Billion |
Market Size 2023 | USD 23.4 Billion |
Market Size 2032 | USD 316.9 Billion |
Compound Annual Growth Rate (CAGR) | 38.5% (2023-2032) |
Base Year | 2022 |
Market Forecast Period | 2023-2032 |
Historical Data | 2018- 2022 |
Market Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Connector Type, Application, Vehicle, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies | Schneider Electric, Webasto Corp, ABB, Eaton, Siemens, Tesla, EVgo Services LLC, ChargePoint, Inc. |
Key Market Opportunities | ·        The deployment of ultra-fast electric stations for charging |
Key Market Dynamics | ·        An increase in enthusiasm for electric cars, as well as strategic moves by major parties |
The worldwide EV Charging Station market size was estimated at USD 16.9 Billion in 2022.
The global EV charging stations market is projected to grow and expand at a CAGR of 38.5% during the forecast period, 2023-2032.
North America has the largest share of the global EV charging station market.
The key participants in the market are Webasto Group, Schneider Electric, ABB, Eaton, Siemens, Tesla, EVgo Services LLC, and ChargePoint, Inc.
The AC charging station category dominated the market in 2022.
The Others had the largest share in the global market.
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