New York, US, Oct. 25, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” EV Charging Station Market Research Report Information By Charging Station, Connector Type, Application, Vehicle Type - Forecast 2030”, asserts that the global market will grow to 27,90,488 units by 2030, registering a 38.53% CAGR during the review period (2022-2030).
EV Charging Stations Market Overview
The electric vehicle charging station market is expected to grow steadily. The growing electric vehicles (EVs) industry would allow the market to expand rapidly. The need for flexible EV charging networks that can support EV adoption is growing rapidly. Many charging infrastructure developers are investing significantly to develop solutions that can be integrated with a complex computational model. They also develop a dynamic computational tool to help users improve access to EV charging stations, with the goal of making EVs more attractive.
Leading players in the global EV charging stations market are,
- Toyota Motor Corporation (Japan)
- REV Group Inc. (US)
- Volvo Group (Sweden)
- Daimler AG (Germany)
- MAN SE (Germany)
- Renault Trucks (France)
- Ford Motor Company (France)
- Leader Emergency Vehicles (US)
- Lifeline Emergency Vehicles (US)
- AS Ambulance (UK)
- BAUS AT (Poland)
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Industry Trends
With growing EV sales, the market has witnessed significant growth in the recent past. Electric vehicle infrastructure development plans are increasing as a part of smart city projects. The proliferation of smart city projects globally further escalates the global platform market. Increasing fuel prices and scarcity presage that electric vehicles are the best suitable alternative.
Growing environmental concerns and the impact of the rising usage of fuels such as petrol and diesel encourage governments to take initiatives to promote the uptake of EVs. These factors, combined with the advantages of electric vehicles over traditional fuel-based automobiles, are fostering the sales of EVs and hence the demand for charging stations.
Furthermore, the increasing focus of OEMs on connected electric vehicles is expected to further fuel the demand for charging stations, leading to increasing its market size. Even though electric vehicle battery prices have been steadily declining, batteries still constitute a major chunk of the electric vehicles' price, impeding market growth at a large scale.
Growing support from the governments to provide consumers with tax exemptions and subsidies contributes to market growth. Furthermore, ongoing technology upgrades to improve existing charging infrastructure create significant growth opportunities. The increase in collaborations between original equipment manufacturers (OEMs), automakers, and charging infrastructure developers substantiates the EV charging infrastructure market.
Electric Vehicles Charging Stations Market Report Scope:
| Report Metrics | Details |
| Market Size by 2030 | 2030: 27,90,488 Units |
| CAGR during 2022-2030 | ~38.53% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Market Opportunities | Launch of ultra-fast electric charging stations |
| Key Market Drivers | Increase in demand for electric vehicles Strategic initiatives by major players |
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EV Charging Stations Market Segments
The EV charging stations market is segmented into charging stations, connector types, vehicle types, applications, and regions. The charging station segment comprises AC charging stations, DC charging stations, and inductive charging stations. The connector type segment comprises combined charging systems (CCS), chademo, and others.
The vehicle type segment comprises vans, cars, motorcycles, and others. The application segment comprises residential and commercial (hospitals, emergency centers) and others. The region segment comprises the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
EV Charging Stations Market Regional Analysis
North America leads the global electric vehicle charging stations market with the largest market share. Factors such as rapidly increasing EV sales fuelled by government support and increasing fuel prices in this region drive market growth. With its doubling electric car sales, the US witnesses increasing demand for EV charging stations.
This further suggests that the US is going to create a larger revenue pocket in the regional market in the future. Huge investments in electric vehicle charging infrastructure development and the growing demand for charging stations influence market revenues. The increasing EV sales backed by government initiatives and high disposable income are other key factors driving the market growth in the region.
Europe is another rapidly growing market for electric vehicle charging stations. Growing government initiatives to promote electric vehicles drive the market demand for charging stations. The resurging economy and government initiatives boost the market size. The huge contributions from the UK, Germany, France, and Norway due to the rising sales of EVs allow the region to witness substantial growth. These factors commutatively presage the ample scope of market growth opportunities in the region.
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The electric vehicles charging stations market in the Asia Pacific region accounts for sizable shares of the global platform. The improving economy and growing EV sales, mainly in the countries such as India, China, and Japan, escalate the market value. Growing investments in developing efficient EV charging station systems are paying off well, driving regional market growth. Also, the presence of notable market players supports regional market growth.
EV Charging Stations Market Competitive Analysis
Several fervent large and small players lead the highly competitive electric vehicle charging stations market. Key strategies traced from the recent developments of market players include Product or Technology Launch, Agreement & Partnership, Acquisition, and expansion. Charging stations and infrastructure providers support electric passenger vehicles and trucks.
They strive to set up charging stations with electric vehicle-ready infrastructure. Multinational automotive manufacturing companies collaborate with utility companies investing in transportation electrification projects. Given the growth and immense revenue generation potential of the market, several new players are looking to enter the market. However, these new entrants find it challenging to survive in the market in terms of new technologies.
For instance, on Oct. 18, 2022, Tesla introduced home charging stations to be used for other EVs too. Electrek, the industry standard for charging, is CCS/J1772 and features Tesla's user-friendly design. The new charging station allows charging multiple vehicles simultaneously with its electrical capacity and automatically distributing power. A Tesla EV will need an adapter that comes with the vehicle for charging.
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The EV Company develops its proprietary connector for EVs manufactured in the North American market. The company has been developing its proprietary connector compatible with Tesla electric cars. The EV maker is now opening its charging network for other electric vehicle makers. Tesla will add CCS connectors to supercharger stations in the Americas.
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