Electric Vehicle Charging Station Market size is projected to be worth USD 27,90,488 units by 2030, registering a CAGR of 38.53% during the forecast period (2022 - 2030)
The Global Electric Vehicle Charging Station Market size is projected to be 27,90,488 units by 2030, registering a CAGR of 38.53% during the forecast period (2022–2030).
The electric vehicle charging station or electric vehicle supply equipment (EVSE) is a device to transfer electricity from the electric grid and distribute electricity to charge electric vehicles, such as battery electric vehicles, plug‐in hybrid electric vehicles, and hybrid electric vehicles. There are three basic types of charging stations: AC, DC, and inductive charging stations, which have been defined according to the nature of the charger use, as residential and commercial use. Furthermore, electric vehicle charging involves the process of obtaining AC electricity through an AC electric grid and converting it into DC electricity and storing it in DC batteries of electric vehicles. The charger is used as a power electronics to convert AC to DC and to control battery charging.
With the continuous spread of the novel coronavirus across the world, automakers are taking extreme measures in the form of plant closures to halt the spread of COVID-19. The impact of COVID-19 on the global economy is changing every day. It is proving to be a big challenge for various industries resulting in job losses. The pandemic has caused recreational activities and sporting events to either be postponed or widely canceled due to a worldwide lockdown. Large gatherings were strictly prohibited from controlling the spread of the virus, thus, impacting the motorsports industry largely.
Global key companies in the global electric vehicle charging market were facing a slowdown due to COVID-19 and are unable to initiate projects and execute product developments. Moreover, to minimize the slowdown in production processes, many companies depend on their respective governments to create special tax schemes and incentives that could help the companies minimize the losses and mitigate the losses that occurred in this pandemic.
As per data published by the US Department of Energy, 15 million electric vehicles are expected to be on the road in the US by 2030, which requires approximately 27,000 DCFC and 600,000 level 2 public charging outlets. Hence, government agencies, major electric vehicle and related system developing companies, automakers, oil companies, electrical utilities, and charging network companies are competing and collaborating to deploy electric vehicle charging infrastructure all over the country. For instance, in June 2019, Volkswagen installed 2,800 electric vehicle charging stations in 17 of the largest US cities and invested USD 2 billion in the charging infrastructure across the country. Moreover, many countries in Europe are continuously working on developing incentive policies for increasing the adoption of electric vehicles all over the region. Additionally, several countries are concentrating on increasing the awareness and demand for electric vehicles. Thus, emerging economies across the globe, including India, have started focusing on increasing investments in developing a charging infrastructure to support the continuous demand for electric vehicles. The strategic initiatives taken by major market players are at a primary stage and are concentrated in only a few regions. However, the strategic initiatives are anticipated to increase over the forecast period. Therefore, the impact of the strategic initiatives by major players on the global electric vehicle charging station market is expected to shift from moderate to high during the forecast period.
Over the last decade, the prices of crude oil per barrel have been rapidly increasing as the availability of crude oil is decreasing with each passing day, which is why a large portion of the population is shifting its preference toward alternative fuel vehicles. In the past few years, the demand for CNG vehicles in developing countries, such as Pakistan, Iran, India, and China, is witnessing significant growth in sales every year. Along with emerging economies, developed nations such as the US and the UK have taken steps to focus on developing the infrastructure to support CNG vehicles. Governments in various countries across the globe have also taken initiatives to increase the sales of CNG vehicles. The government authorities in countries such as India, Singapore, Indonesia, and Brazil, as well as countries in the Middle East & Africa, have planned to allow several CNG vehicle market manufacturers to set up manufacturing plants. Although the demand for CNG vehicles is high in emerging markets, their sale is limited. Additionally, the increasing government initiatives and rising awareness about electric vehicles are anticipated to drive the demand for electric vehicles worldwide and limit the demand for CNG and LPG vehicles by the end of the forecast period. Hence, the impact of the demand for CNG and LPG vehicles on the global electric vehicle charging station market is expected to shift from moderate to low over the forecast period.
Ultra-fast electric vehicle charging stations are substitutes for conventional fuel stations as they are developed to take approximately the same time for fueling vehicles. Traditional electric charging stations take around eight hours to charge a battery fully. However, an ultra-fast charger can fully charge a battery in a few minutes. Hence, the need and investments in developing and installing ultra-fast electric vehicle charging stations are increasing rapidly. Several prominent electric vehicles charging station manufacturers are continuously developing and deploying advanced ultra-fast electric vehicle charging stations. Thus, the launch of ultra-fast electric vehicle charging stations is expected to present lucrative growth opportunities for the vendors operating in the global electric vehicle charging station market.
In the design & development stage, the working technology, working conditions, type of station, connector, size, weight, battery capacity, charging time, and applications of the electric vehicle charging station are analyzed to design and develop an electric vehicle charging station that fulfills the requirements of the customers. In the design phase, the overall layout, components, material type, size, and shape of the electric vehicle charging station are determined according to their application and the specific requirements of the end users. After finalizing the design, the various raw materials, such as plastics, metals, steel, special fibers, and glass, are selected. A few key components required for manufacturing electric vehicle charging stations are battery, safety interlocks, rectifiers, connectors, wiring harnesses, power control units, and MCU. An uninterrupted supply of high-quality raw materials and components in the required quantity not only warrants for the longevity of the final products but also affects their efficiency.
After procuring the necessary raw material and components, the electric vehicle charging station manufacturer manufacturers the electric vehicle charging station according to the design, which was finalized by keeping in mind the final requirements. Once the manufacturing stage is completed, the finished electric vehicle charging stations undergo certain quality checks to ensure that they comply with the required performance standards and work with precision and efficiency in actual working conditions. After the manufacturing stage is completed, the finished products are sent to various suppliers, such as independent dealers and company dealers who work as channels to provide the final electric vehicle charging stations to the end users. The primary end users in the global electric vehicle charging station market include individual buyers, government organizations, private organizations, and electric vehicle manufacturers. The end user purchases electric vehicle charging stations from dealers.
Based on charging station:
AC station, DC station, and inductive charging station are the segments based on the charging station of the Global Electric Vehicle Charging Station Market. The AC station segment is expected to have the highest CAGR and dominate the market share during the forecast period. AC charging stations are the dominant type of plug-in vehicle charging station, which tend to be rated for lower powers than DC charging stations due to the lower rated AC onboard chargers. Generally, an AC charging station comprises one or more contactors for shutting off power to the vehicle.
Based on connector type:
The combined charging system, chademo, and others are the segments based on the connector type of the Global Electric Vehicle Charging Station Market. The others segment is expected to have the highest CAGR and dominate the electric vehicle charging station market share during the forecast period. The others segment comprises type 1/Yazaki (SAE J1772, IEC 62196-1), type 2 (IEC 62196-2), and Tesla supercharger connector. The type 1/Yazaki (SAE J1772, IEC 62196-1) is the standard Japanese connector for electric vehicle charging using alternating current, which can be used to charge electric vehicle models such as Opel Ampera, Nissan Leaf, Nissan E-NV200, Mitsubishi Outlander, Mitsubishi iMiev, Peugeot iON, Citröen C-Zero, Renault Kangoo ZE (type 1), Ford Focus Electric, Toyota Prius Plug-in, and KIA SOUL.
Based on application:
Residential and Commercial are the segments based on the application of the Global Electric Vehicle Charging Station Market. The residential segment is expected to have the highest CAGR and dominate the market share during the forecast period. The electricity drawn by level 1 and level 2 chargers in residential areas, would be charged at a fixed, residential rate (per kWh). In some utilities, EVs are given a specific time-to-use (ToU) rate to encourage people to charge at an off-peak time. Off-peak time rates are comparatively less than peak time rates. EV-specific ToU rates have multiple brackets such as early evening rates and mid-afternoon rates, depending on the utility and service area.
Based on vehicle type:
BEV, PHEV and HEV are the segments based on the vehicle type of the Global Electric Vehicle Charging Station Market. The BEV segment is expected to have the highest CAGR and dominate the electric vehicle charging station market share during the forecast period. BEVs are fully EVs with rechargeable batteries and no gasoline engine. Unlike traditional gasoline-powered vehicles, they do not eject any harmful emissions. Currently, BEV’s cost more than internal combustion engine vehicles. However, charging a BEV is much cheaper than fueling gasoline-driven vehicles. BEVs are classified into three types– level 1, level 2, and level 3 (also known as DC fast charging).
The regions are classified as North America, Europe, Asia-Pacific, Rest of the World. Asia-Pacific holds a significant share of the electric vehicle charging station market. Electric vehicle charging stations are dominating the global market, owing to the effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore. The countries included in Asia-Pacific mainly focus on investing money and time in developing charging infrastructure and increasing the collaborations between vehicle OEMs and technology providers in the aftermarket. The high price is not a restraining factor in the region, owing to the favorable government policies such as tax waivers and other incentives for electric vehicle owners. In 2020, the increased sales of electric vehicles encouraged many manufacturers to set up their bases in this region. Automakers such as Tesla, Tata Motors, and Hyundai Motor Company have decided to initiate the production of electric vehicles and related charging stations in Asian-Pacific. This is expected to increase the sale and installation of EV charging infrastructure in the region, further.
North America is known for quickly adopting new technologies, primarily owing to the rapidly increasing GDP and high employment rate. In the region, in 2017, the sale of electric vehicles increased by approximately 50% compared to sales in 2016. This region has witnessed significant growth in the demand for electric vehicles in the past few years. In North America, since 2014, the sale of electric cars has doubled, which implies that the demand for electric vehicles has risen rapidly. This demand for electric vehicles will boost the installation of electric charging stations across the US, Canada, and Mexico. In the US, roughly 361,000 electric vehicles were sold in 2018—an 81% increase over 2017 sales. Electric vehicles were approximately 2% of light-duty passenger vehicles sold. As of January 2019, there were roughly 1.1 units electric vehicles on the roads in the country. In the US, LSEVs are primarily confined to gated communities, golf courses, malls, airports, public parks, and tourist facilities.
The global electric vehicle charging station market is characterized by the presence of many local, regional, and global vendors. The electric vehicle charging station market is highly competitive, with all the players continually competing to gain a larger market share. High competition, rapid advances in technology, frequent changes in government policies, and stringent environmental regulations are some of the critical factors that could restrain the electric vehicle charging station market growth. The vendors compete in terms of cost, product quality, reliability, and aftermarket services. Vendors must provide cost-effective and efficient products to survive and succeed in a competitive market environment.
List of Key Companies covered in the report:
The Global Electric Vehicle Charging Station Market is segmented based on charging station, connector type, application and vehicle type in this report. The report is focused on various analytical aspects such as market dynamics, Supply chain analysis, Porter’s five forces, competitive landscape, recent developments, and company profiles. The insights in this report, comprise, discuss views, and predict the emerging and fast-growing segments, regions, and countries with potential for development in the Global Electric Vehicle Charging Station Market.
By charging station:
By connector type:
By vehicle type:
|Market Size||2030: 27,90,488 Units|
|Historical Data||2019 & 2020|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Charging station, Connector type, Application and Vehicle Type|
|Geographies Covered||North America, Europe, Asia-Pacific, Rest of the World|
|Key Vendors||Schneider Electric (France), ABB (Switzerland), Eaton (Ireland), Siemens (Germany), Webasto Group (Germany), Tesla (US), EVgo Services LLC (US), ChargePoint, Inc. (US)|
|Key Market Opportunities||Launch of ultra-fast electric charging stations|
|Key Market Drivers||Increase in demand for electric vehicles Strategic initiatives by major players|
The Global Electric Vehicle Charging Station Market would register a growth of ~38.53% during the forecast period 2022 to 2030.
global Demand for CNG and LPG vehicles is a key restraining factor for the Global Electric Vehicle Charging Station Market
Asia Pacific would enjoy the upper hand in the Global Electric Vehicle Charging Station Market
Increase in demand for electric vehicles
Government funding for developing charging station to propel demand
Increasing numbers of electric vehicles on the road.
Government funding for developing charging station to propel demand, Increasing numbers of electric vehicles on the road and invernment incentive programsIncrease in demand for electric vehicles are some of the major factors of growing Vehicle Charging Stations Market globally.