ID: MRFR/AM/3958-CR | October 2020 | Region: Global | 185 pages
Electric Vehicle Charging Station Market size is projected to be worth USD 142.47 Billion by 2028, registering a CAGR of 37.51% during the forecast period (2021 - 2028), The market was valued at USD 15.42 Billion in 2020.
The rise in the adoption of electric vehicles globally is the major driver of the market. Due to environmental issues, government policies, and initiatives, the adoption of electric vehicles across various regions is significantly increasing the demand for the electric vehicle charging stations market. These vehicles reduce the operating cost of usage compared to the high cost of petrol. Manufacturers are developing electric vehicles with better battery life and longer usage duration. This factor increases the growth of the market.
During the forecast period, the rise in private and public investment in the development of electric vehicle charging infrastructure is expected to increase the growth of the market. Advanced technologies like real-time information in every electric vehicle charging station for smart connectivity are expected to result in higher reliability and stability. The electric vehicle charging station market size is predicted to register a CAGR of 41.79% during the forecast period 2020 to 2028.
The COVID-19 outbreak impacts various facets of life from consumer products to industrial activities. The various industries like automotive, chemicals, electronics, etc are impacted by this pandemic. Mainly the automotive & transport industry is facing a lot of problems like supply chain disruptions, demand for the products reduces, lack of raw materials, and many more. The supply chain disruptions from China have changed the demand for the automotive industry. Due to the semi or full lockdowns of non-essential services, the commercial vehicle demand is expected to fall.
However, electric vehicle production is less influenced by this pandemic as electric vehicles, their related charging infrastructure, and sales originate from China are recovered from the pandemic. Globally, the rate of adoption of electric vehicles is rising and many countries like Canada, Australia, India, and Germany are investing heavily to encourage the adoption of electric vehicles. By substantial investment in charging facilities, the economic crisis caused by the COVID-19 is overcome. Most of the governments used rehabilitation of infrastructure as an economic stimulus.
The prominent key players in the electric vehicle charging station market are the following:
In most countries, the government collecting funds up to 80% of the overall cost needed for developing electric charging infrastructure installations. The government collaborated with the oil & gas industry to encourage the development of the electric vehicle charging station market. Providing electricity with lower costs to commercial charging stations by the government is the major driver of the growth of the market. It also needs to build the charging station at every 100km on the national highway which is estimated to increase the growth of the market during the forecast period.
The government subsidies, tax exemptions, rebates, and fixed quotas to automakers are helping for the growth of the market. The government subsidies for purchasing cars help the consumers which increases the sales and production of electric vehicles. They need electric vehicle charging stations and power grids to run the vehicles smoothly. Due to the government’s prompts for adopting electric vehicles, the demand for market raises.
The level 3 fast chargers and ultra-fast chargers need a high initial cost. Most people prefer 5-7 min in fossil fuel-based vehicles, but the level 1 and level 2 chargers give you safe travel for 6-16 hours for a full charge. These fast chargers need less than 30 minutes to charge the EVs. The initial cost of the level 3 charger is very high which is the major restraint of the electric vehicle charging station market.
Most of the governments are trying to make awareness of using electric vehicles instead of using pollution-causing vehicles to reduce the pollution from automobiles. The countries like the US and India are taking initiatives to arrange the EV charging stations at residential complexes, semi-public areas, and private homes, etc.
The major challenge is a reduction in charging time for electric vehicle’s daily usage. Faster EV chargers are available which can charge at the same time as a fossil fuel vehicle. These can charge vehicles in less than 30 minutes and ultra-fast chargers within 15 min. The plug type is also a challenge for EV charging. The plug type should be universalized to make use of any kind of EV in every charging station.
Electric Vehicle Charging station is the station that provides charging to electric vehicles. The electric vehicle industry is growing rapidly around the world with a wide range of applications.
The global electric vehicle charging station market research has been segmented based on the charging station, vehicle type, connector type, installation type, and region.
Based on the vehicle type, the global market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Vehicle (PHEV).
Based on the charging station, the global market is segmented into DC charging, AC charging stations, and Inductive charging stations. Ac charging stations dominates the market.
Based on the Connector Type, the global market is segmented into Chademo, Combined charging system, and Others. The combined charging system is the fastest-growing segment due to its rising adoption by automobile manufacturers.
Based on the installation type, the global market is segmented into residential and commercial. The residential segment accounts for the largest market share during the forecast period for growing sales of vehicles and charging infrastructure.
The global market based on the region is segmented into Asia-Pacific, Europe, North America, and the Rest of the world. Out of these, Asia-Pacific dominates the market.
Geographically, the electric vehicle charging station market based on the region is segmented into Europe, Asia-Pacific, North America, and the Rest of the world. Among these, Asia-Pacific dominates the global market for its effective initiatives taken by the governments of countries like China, Japan, India, and Singapore. North America is expected to hold the largest share during the forecast period for its rise in demand for electric vehicles, growing GDP, and high employment rates.
This global electric vehicle charging station research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the market drivers, restraints, challenges, and opportunities. The market segments are charging station, vehicle type, connector type, installation type, and region.
The electric vehicle charging station market outlook is segmented into charging station, vehicle type, connector type, installation type, and region.
By Vehicle Type
Battery Electric Vehicle (BEV) and Plug-in Hybrid Vehicle(PHEV).
By Charging Station
DC charging, AC charging stations, and Inductive charging stations.
By Connector Type
Chademo, Combined charging system, and Others.
By Installation Type
Residential and commercial.
Asia-Pacific, Europe, North America, and the Rest of the world are the main geographies included in this market
|Market Size||2028: USD 142.47 Billion|
|CAGR||37.51% CAGR (2020-2028)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||System and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Siemens, Schneider Electric, ABB, Tesla, Eaton, EVgo Services LLC, ChargePoint, Inc., Leviton Manufacturing Co., Inc., The New Motion B.V., and Webasto Group|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The key players of the global electric vehicle charging station market are Siemens, Schneider Electric, ABB, Tesla, Eaton, EVgo Services LLC, ChargePoint, Inc., Leviton Manufacturing Co., Inc., The New Motion B.V., and Webasto Group.
Electric Vehicle Charging Station Market size is projected to be worth USD 142.47 Billion by 2028, registering a CAGR of 37.51% .
The global electric vehicle charging stations market was led by Asia-Pacific followed by Europe and North America. Europe is expected to witness a significant growth in the global electric vehicle charging station market. Demand for electric cars will drive the installation of electric charging stations across the US, Canada, and Mexico.
The global electric vehicle charging station market is rapidly growing due to the increase in demand for electric vehicles and strategic initiatives by major players for the development of EV charging infrastructure.
Electric Vehicle Charging Station Market segmented by Charging Station (AC Charging Station, DC Charging Station and Inductive Charging Station), Connector Type (CHAdeMO, Combined Charging System and others), Installation Type (Residential and Commercial), Vehicle Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)) and Region - Forecast till 2025