Electric Vehicle Charging Station Market Research Report: Information 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)) - Global Forecast till 2028

Electric vehicle Charging Station Market Overview

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.

COVID-19 Analysis:

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.

Competitive Landscape

The prominent key players in the electric vehicle charging station market are the following:

• Siemens


• Schneider Electric


• Leviton Manufacturing Co.Inc.


• ABB


• Tesla


• Eaton


• EVgo Services LLC


• ChargePoint Inc.


• The New Motion B.V.


• Webasto Group

Recent Developments

• In August 2020, BYD launches a mobile charging service that helps consumers to charge their EV’s on the go in emergency conditions.


• In July 2020, in the Netherlands, ABB started construction of EV chargers with USD 30 million for global demand.
  

Market Dynamics:

Drivers:

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.

Restraint:

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.

Opportunities:

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.

Challenges:

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.

Study Objectives -

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.

• To provide detailed information about the market structure along with various forecast segments and sub-segments for the next 10 years.


• To provide the factors that are affecting the growth of the market value.


• To analyze the market based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


• To provide history and forecast revenue segments and sub-segments of the market revenue for the five main geographies and their countries.


• To provide the country-level analysis of the current market size and future prospective.


• To provide country-level analysis of the market growth by region, form, and application.


• To provide a strategic profile of the key players in the market, analyze their core competencies, and draw a landscape of the global electric vehicle charging station industry market growth.


• To track and analyze new product developments, strategic alliances, and global market research.

Segment Overview:

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 vehicle type

Based on the vehicle type, the global market is segmented into Battery Electric Vehicle (BEV) and Plug-in Hybrid Vehicle (PHEV).

Based on Charging Station

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 Connector Type

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 Installation Type

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.

Based on Region

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.

Regional Analysis -

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.

Report Overview:

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.

Segmentation Table

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.

By Region

Asia-Pacific, Europe, North America, and the Rest of the world are the main geographies included in this market

Report Scope:

Report Attribute/Metric	Details
Market Size	2028: USD 142.47 Billion
CAGR	37.51% CAGR (2020-2028)
Base Year	2020
Forecast Period	2020-2028
Historical Data	2019
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	Government incentive programs Increase in demand for electric vehicles
Key Market Drivers	Government funding for developing charging station to propel demand Increasing numbers of electric vehicles on the road\r\n

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