Jersey City, NJ, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Charging Station Market is estimated to reach over USD 239.62 billion by 2031, exhibiting a CAGR of 30.94% during the forecast period 2023-2031.
The electric vehicle supply equipment (EVSE), also referred to as a charging station, is a device used to transfer electricity from the electric grid and distribute it to electric vehicles, including plug-in hybrid electric vehicles, battery electric vehicles, and hybrid electric vehicles, to charge them. The existence of several local, regional, and international suppliers is what defines the worldwide market for electric vehicle charging stations. The electric vehicle charging stations market is highly competitive, with all participants constantly vying for a larger market share.
High levels of competition, quick technological advancements, frequent changes in governmental rules, and strict environmental standards are just a few of the important things that could limit the market growth for electric vehicle charging stations. Cost, product quality, dependability, and aftermarket services are all areas where the vendors compete. Vendors must offer affordable and effective goods to thrive and survive in a cutthroat market.
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Recent Developments:
- In October 2022, the Luxembourg government announced that the first call for projects offering financial aid to businesses engaging in charging infrastructure projects for electric vehicles resulted in 29 projects being chosen.
- In January 2021, Siemens AG introduced the Sicharge D, a new high-power charger. It has high, scalable charging power that can reach 300 kW. Additionally, the charging station can handle charging currents of up to 1,000 and voltages ranging from 150 to 1,000 volts.
List of Prominent Players in the Electric Vehicle Charging Station Market:
- ABB Ltd.
- Aerovironment Inc.
- Borgwarner, Inc.
- BP Chargemaster (Luton, UK)
- BYD (China)
- ChargePoint Inc. (California, U.S.)
- Delta Electronics, Inc.
- Eaton Corporation Plc
- EVBox (Amsterdam, Netherlands)
- General Electric Company
- Moser Services Group, LLC
- Plugless Power Inc.
- Robert Bosch GmbH
- Schneider Electric
- Shell Global
- ChargePoint (US)
- Shell International BV
- Siemens AG,
- Tesla Inc.
- Webasto Group
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Electric Vehicle Charging Station Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 21.94 Bn |
| Revenue forecast in 2031 | USD 239.62 Bn |
| Growth rate CAGR | CAGR of 30.94 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (Thousand Units) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Level Of Charging, Charging Point Type, Application, Charging Infrastructure Type, Installation Type, D.C. Fast Charging, IoT Connectivity, Charging Service And Electric Bus Charging Type |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The deployment of electric vehicle charging stations across the nation is a competitive and collaborative effort between government organizations, major electric vehicle and related system developing companies, automakers, oil companies, electrical utilities, and charging network companies. For instance, Volkswagen invested USD 2 billion in the nation's charging infrastructure in June 2019 and installed 2,800 electric vehicle charging stations in 17 of the largest US cities. Additionally, many European nations are constantly constructing incentive programs to promote the use of electric vehicles throughout the continent.
Additionally, several nations are focusing on raising demand for and awareness of electric vehicles. To meet the ongoing demand for electric vehicles, economies worldwide, including India, have begun concentrating on expanding investments in creating a charging infrastructure. Major market players have started a few strategic initiatives, but they are still in the early stages and focused on a small number of areas. However, it is projected that the strategic efforts will expand over the forecast period. Therefore, it is anticipated that the impact of key companies' strategic initiatives will increase from a moderate level to a high level throughout the projected period.
Challenges:
Different nations' governments have put strict regulations in place that control the placement of charging stations. When installing charging stations, service providers must adhere to specific guidelines. When installing on private property, they need permission from the landowners, the local government to comply with legal requirements, and the utility companies to transfer energy. For instance, to secure permits for the installation of domestic EV charging stations, homeowners or contractors must submit plot designs, electrical load calculations, electrical plans, installation instructions, and charger specs to the local permitting office.
Commercial locations require more complicated installation methods for EV charging stations than residential locations. Permits, community or design standards, electrical source or metering, parking and signage regulations, zoning restrictions, and inspection fees are necessary for a commercial installation. As a result, installing charging stations takes a lot of work due to the length of the value chain.
Regional Trends:
The Asia Pacific electric vehicle charging station market is anticipated to record a substantial market share in revenue and is projected to develop at a high CAGR shortly. A sizeable portion of the electric vehicle charging stations market is in Asia-Pacific. Due to the successful initiatives taken by the governments of nations like China, Japan, India, and Singapore, electric car charging stations are dominating the global industry.
The Asia-Pacific region's nations primarily invest time and resources in creating charging infrastructure and expanding partnerships between automakers and aftermarket technology suppliers. Due to supportive government measures like tax exemptions and other incentives for owners of electric vehicles, the high price is not a deterrent in the area.
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Segmentation of Electric Vehicle Charging Station Market-
By Level of charging-
- Level 1
- Level 2
- Level 3
By Charging Point Type-
- AC (Normal Charging)
- DC (Super Charging)
By Application-
- Private
- Public
By Charging Infrastructure type-
- Normal Charging
- Type-2
- CHAdeMO
- CCS
- Tesla
- SC
- GB/T
By Installation type-
- Fixed
- Portable
By DC Fast Charging-
- Faster Charger
- Ultra-fast Charger
By IoT Connectivity-
- Non-Connected Charging Stations
- Smart Connected Charging Stations (Networked)
By Charging Service-
- EV Charging Service
- Battery Swapping Service
By Electric Bus Charging Type-
- Off-board Top-down Pantograph
- On-board Bottom-up Pantograph
- Charging Via Connector
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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