Electric Vehicle Charging Station Market Set to Surge, Projected to Reach USD 727.06 billion by 2031 with a 33.60% CAGR Growth | by TMR Report

The market for charging stations for electric vehicles is expected to increase at a robust rate during the next few years.

Wilmington, Delaware, United States, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric vehicle charging station market was estimated at a value of US$ 30.4 billion in 2020. It is anticipated to register a 33.60% CAGR from 2021 to 2031 and by 2031 the market is likely to attain US$ 727.06 billion by 2031.

With the emergence of electric vehicles, new possibilities for charging stations have opened up. Automobile innovations, as well as the rising availability of high-power electric vehicles (EVs), are emerging as major growth drivers in the global electric vehicle charging station market.

Government initiatives encouraging the purchase of electric vehicles, pressure from worldwide organizations to reduce carbon footprints, and collaborative efforts to develop alternative fuel sources are propelling the global industry.

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Key Findings of the Market Report

  • Manufacturers of electric vehicle charging station components are working on developing sophisticated models and products by lowering their price tags and selling products at reasonable prices.
  • This will further reduce the cost necessary for vehicle battery charging.
  • Reduced electric vehicle charging costs are predicted to drive the growth of the global electric vehicle charging station market.
  • Low-cost charging methods implemented by the government and private manufacturers aim to increase the sales of electric vehicles, which increases the demand for EV charging stations.
  • Governments around the world are offering various tax breaks and incentives to increase electric vehicle sales and manufacturing, which is fueling the expansion of the electric vehicle charging station industry.

Market Trends for Electric Vehicle Charging Stations

The global electric vehicle charging station market witnessed the dominance of the level 2 charging category in terms of revenue in 2020, and this category is expected to exhibit the fastest growth during the forecast period. Level 2 charging stations are popular for their ability to provide rapid charging solutions, making them widely utilized in residential and commercial settings. Furthermore, the supercharging segment claimed the top position in revenue in the global electric vehicle charging station market in 2020, while inductive charging is anticipated to experience the most rapid growth throughout the forecast period.

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Global Market for Electric Vehicle Charging Station: Regional Outlook

  • In 2020, Asia Pacific held a significant share of the global market. This can be attributed to the rising demand for electric and plug-in hybrid vehicles in the region, coupled with proactive government initiatives in countries such as China, South Korea, Japan, and India to expand EV charging infrastructure.
  • China and India, with their large populations, are particularly focused on providing zero-emission alternatives to curb pollution, leading to increased demand for electric and plug-in hybrid vehicles. The Chinese government's commitment of approximately US$ 2.4 billion by 2020 to enhance EV charging infrastructure nationwide further contributes to the growth of the Asia Pacific market.

Global Electric Vehicle Charging Station Market: Key Players

Leading companies in the global market for electric vehicle charging stations are concentrating on growing their market share through joint ventures, partnerships, and mergers and acquisitions. The following companies are well-known participants in the global electric vehicle charging station market: AeroVironment Inc., Bosch Automotive Service Solutions Inc., ChargePoint Inc., ClipperCreek Inc., Delta Group, Eaton Plc, Enel Group, E-Station Pty Ltd., General Electric Co., Hitachi, Ltd., KYOCERA Corp., Leviton Manufacturing Co. Inc., Nichicon Corp., Panasonic Corp., Schneider Electric SE, SemaConnect Inc., Siemens AG, Signet Systems Inc., Tesla Motors, Inc., Toyota Industries Corp.

Some key developments by the players in this market are:

  • Robert Bosch released an integrated technology EV charging cable in September 2021 that may be utilized for both home and business charging stations. The integrated adopters decreased the usage of a second charging cable.
  • In an effort to hasten the adoption of battery-based electric motorized vehicles (KBLBB) in Indonesia, PT PLN (Persero) along with PT Industri Ion Mobilitas agreed on a memorandum of understanding (MoU) on Electric Motor Charging Solutions and Services on the premises of Jakarta Convention Center (JCC) in November 2022. In Jakarta, 100 Public Electricity Charging Stations (SPLU) will be the first 100 units of the cooperation.
  • Mobilize and Renault dealerships announced the opening of an ultrafast charging network, Mobilize Fast Charge, in October 2022. Most of the stations will be situated at Renault dealerships that are fewer than a five minutes’ drive from an exit onto a highway or expressway.

Global Electric Vehicle Charging Station Market Segmentation 

Charging Level

  • Level-1
  • Level-2
  • Level-3

Charging Type

  • Normal Charging
  • Super Charging
  • Inductive Charging

Installation Type

  • Portable Charger
  • Fixed Charger


  • Residential
  • Commercial

End-Use Industry

  • Government
  • Public Space and Municipalities
  • (Parks and Street)
  • Commercial Office Space
  • Healthcare
  • Retail
  • Hospitality
  • Residential
  • Logistics & Transportation (Fleet Services)
  • Education


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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