The electric vehicle charging station market size is expected to reach around US$ 417.35 billion by 2030, growing at a CAGR of 31.5% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.
The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The electric vehicle charging station market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
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.
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.
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Electric Vehicle Charging Station Market Scope
|Market Size||USD 417.35 Billion by 2030|
|Growth Rate||CAGR of 31.5% from 2022 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe and North America|
|Forecast Period||2022 to 20230|
Electric Vehicle Charging Station Market 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.
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: Electric Vehicle Charging Station Market
- 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.
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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.
Electric Vehicle Charging Station market Key Players
Some of the noteworthy players in the electric vehicle charging station market include:
- ABB Ltd.
- ChargePoint, Inc.
- EVgo Services LLC.
- Scheinder Electric
- Blink Charging Co.
- Wi Tricity Corporation
- Toshiba Corporation
- AeroViroment, Inc.
- Mojo Mobility, Inc.
- General Electric
- Robert Bosch GmbH
- Chargemaster plc.
- Evatran Group
- HellaKGaAHueck& Co.
- Siemens AG
- Leviton Manufacturing Co., Inc.
- Alfen N.V.
- Denso Corporation
- Elix Wireless
- Tesla Inc.
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
Segments Covered in the Report
By Level of Charging
- Level 1
- Level 2
- Level 3
By Charging Station Type
- AC Charging
- DC Charging
- Wireless Charging
By Power Output
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
By Connector Type
- Normal Charging
- Type 2
- Tesla SC
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
- Commercial Public EV Charging Stations
- Residential EV Charging Stations
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
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