Dublin, April 23, 2024 (GLOBE NEWSWIRE) -- The "Global EV Charging Station Market by Application, Level of Charging, Charging Point, Charging Infrastructure, Operation, DC Fast Charging, Charge Point Operator, Connection Phase, Service, Installation and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global EV Charging Station market is estimated to grow from USD 7.3 billion in 2024 to USD 12.1 billion by 2030, at a CAGR of 8.8%
A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent EV charging station market developments. This report covers the competitive analysis of upcoming startups in the EV charging station market ecosystem.
Parameters such as increase in demand for electric vehicles, along with significant technological growth of EV Charging Station market are expected to bolster the revenue growth of the EV Charging Station market during the forecast period. In addition, reducing prices of electric vehicles, paired with government policies and subsidies to setup EV Charging Infrastructure will create new opportunities for EV Charging Station market.
North America includes developed nations such as the US and Canada, serving as a key regional center for esteemed Original Equipment Manufacturers (OEMs) renowned for delivering top-quality, high-performance vehicles. Notable OEMs like Tesla and GM prioritize the development of faster, cleaner, and high-performance electric vehicles, accompanied by charging infrastructure. Tesla's NACS EV charging has attained official North American Standard certification, representing a significant milestone in the EV charging domain. NACS aims to enhance installations, reduce costs, and improve accessibility.
The widespread adoption of NACS by prominent automakers sets the standard for efficient and reliable charging infrastructure, ensuring that public EV networks, alongside those operated by Tesla, benefit from crucial federal funding support. Leading OEMs such as BMW, Nissan, Volkswagen, and Daimler have introduced electric vehicles in the region.
The primary companies providing electric vehicle charging stations in the US include ChargePoint, Leviton, Blink Charging, SemaConnect, EVgo, and Volta. Numerous prominent companies, including Tesla, General Motors, EVgo, Pilot, Hertz, and BP, are actively expanding their networks by deploying thousands of public charging ports over the next two years. Canada anticipates a surge in demand for charging stations due to its burgeoning EVCS startup ecosystem and increasing EV presence.
The EV Charging Station market is dominated by major players including ABB (Switzerland), BYD (China), Chargepoint (US), Tesla (US), Siemens (Germany), among others. These companies have strong product portfolio as well as strong distribution networks at the global level.
Mode 3 Charger segment is expected to be the largest market during the forecast period, by level of charging
As the demand for electric vehicles (EVs) surges, Mode 3 EV charging stations are gaining popularity. These stations feature a type 2 socket for AC charging, suitable for installation in public areas, workplaces, and apartment complexes, but not intended for private use. Mode 3 charging is prevalent in public charging stations worldwide, employing level 2 AC chargers capable of delivering higher power than standard household outlets. Recent advancements in Mode 3 EV charging focus on enhancing charging speeds, safety features, and user interfaces. Many countries are investing significantly in Mode 3 charging infrastructure to accommodate the expanding EV market.
For instance, the EU aims to establish one million public charging points by 2025, and China plans to operate 1.2 million public charging stations by 2030. In the United States, major automakers and utilities are collaborating to expand the charging network, while various states have set targets for EV adoption and charging infrastructure development. Mode 3 charging necessitates continuous connection to an electrical network through a power supply system and is commonly utilized in wall boxes, commercial charging points, and other automatic charging systems using AC power.
Level 3 chargers expected to be the largest segment in EV Charging Station market during the forecast period
The increasing demand for accessible rapid charging is set to boost the market. Level 3 chargers, having over 50 kW power, can swiftly charge an electric vehicle in under an hour. These chargers operate through a 480V direct current (DC) plug and deliver a commendable performance, covering approximately 270 km in just 30 minutes. While these chargers are the most expensive option, they cater to longer journeys, commercial vehicles like taxis, and individuals with limited access to home charging. ABB (Switzerland) has developed a rapid-charging station capable of juicing up an EV in less than half an hour, boasting power ratings of up to 400 kW.
Currently, it stands as the fastest available recharging solution, adding an average of 80 to 130 kilometers in a mere 30-minute session. Tesla's supercharger can provide up to 270 km in the same duration, utilizing 480 V, 400 Amp current, and delivering 240 kW power. Charging stations of this caliber typically range from USD 30,000 to USD 50,000 on average, owing to significantly higher equipment costs and the need for transformer installation. Leading CPOs and CPMs are working to develop products for high power Level 3 charging.
The report provides insight on the following pointers:
- Analysis of key drivers (Rising EV sales globally, government policies and subsidies to support faster setup of EV charging stations, increased electric vehicle range due to technological advancements, reducing prices of electric vehicles in global market), restraints (Lack of standardization of charging infrastructure, costly installation and maintenance of ultrafast EV charging stations, grid infrastructure limitations), challenges (Higher initial cost of electric vehicles compared to ICE vehicles, stringent regulations for installation of EV charging stations, dependence on fossil fuel electricity generation, shortage of lithium for use in EV batteries), and opportunities (Trend of V2G EV charging for electric vehicles, integration of IoT and smart infrastructure in EV charging stations for load management, development of EV charging stations using renewable sources, increasing demand for battery-swapping stations, plans for smart city deployment, shift to smart EV chargers).
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the EV Charging Station market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 396 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $7.3 Billion |
| Forecasted Market Value (USD) by 2030 | $12.1 Billion |
| Compound Annual Growth Rate | 8.8% |
| Regions Covered | Global |
Companies Featured
- Abb
- Byd
- Chargepoint
- Tesla
- Siemens
- Schneider Electric
- Tritium
- Engie Sa
- Shell PLC
- Totalenergies
- Bp P.L.C.
- Enel X Global Retail
- Virta Ltd.
- Allego
- Efacec
- Blink Charging
- Clippercreek
- Electrify America
- Opconnect
- Volta
- Ev Safe Charge Inc.
- Ev Connect
- Freewire Technologies
- Ionity
- Wallbox
- Heliox Energy
- Spark Horizon
- Star Charge
- Dbt
- Charge+
- Delta Electronics, Inc.
- Tgood
- Alfen Nv
- Ies Synergy
- Lafon
- Beev
- Fimer
- Instavolt
- Freshmile
- Pod Point
- Vattenfall
- Be Charge
- Mer
- Enbw
- Rwe
For more information about this report visit https://www.researchandmarkets.com/r/1o2cyz
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