New York, United States, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Electric Vehicle Charging Station Market By Level of Charging (Level 1, Level 2 & Level 3) By Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO and Tesla Supercharger), By Application (Commercial, and Residential) and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028” in its research database.
“According to the most recent research study, the demand of global Electric Vehicle Charging Station Market size & share was valued at approximately USD 18.22 billion in 2021 and is projected to reach a value of around USD 115 billion by 2028, at a compound annual growth rate (CAGR) of about 35% during the forecast period 2021 to 2028.”
The development of the Electric Vehicle Charging Station Market was largely driven by the increasing R&D globally. However, the COVID circumstances and the economic downturn have changed the market statistics for the whole world. This is a dedicated and very detailed report about the primary and secondary drivers of the electric vehicle charging station market, as well as production, market share, leading segments, and geographic analysis (such as North America, South America, Europe, Asia-Pacific and Middle East & Africa.)
Market Overview:
The adoption rate and interest in EVs (Electric Vehicles) are increasing among consumers across the world. Increasing investment in battery systems and high stakes in environment-friendly technology is driving the interest of automakers in electric vehicles. Moreover, governments of the countries are devising policies to increase the adoption rate of the EV.
However, if we forecast the expected EV growth rate with corresponding units of electricity and average run time of vehicles, it is observed that high investments in EV charging stations are essential. This charging infrastructure can be built at home, offices, and in public spaces.
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Key Insights from Primary Research
- As per the analysis, the Electric Vehicle Charging Station market is likely to grow above a CAGR of around 35% between 2021 and 2028.
- The Electric Vehicle Charging Station market size was worth around US$ 18.22 billion in 2021 and is estimated to hit approximately US$ 115 billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
- The important driving factor for the growth of the market is the potential market of providing charging services to EV fleet operators.
- The commercial segment is likely to grow by higher CAGR as a result of government funding to create robust charging infrastructure and automobile companies investing in charging stations.
- During the forecast period, the Asia Pacific market is expected to be driven the global market.
Industry Dynamics
- High Demand from EV Fleet Operators for Charging Infrastructure
The important driving factor for the growth of the market is the potential market of providing charging services to EV fleet operators. It assists in reducing the managing and procuring cost of charging services. Assuming widespread EV adoption and increased growth opportunities for the fleet operators will converge and increase the demand for charging infrastructure in the forecast period.
However, one of the major challenges for the charging station operator is the reduction in the time of charging the vehicle.
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Competitive Players
The report contains qualitative and quantitative research on the global electric vehicle charging station Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Electric Vehicle Charging Station market include;
- ChargePoint Inc.
- ABB
- Webasto Thermo & Comfort
- Shell International B.V.
- Schneider Electric
- Blink Charging Co.
- Groupe Renault
- Phihong USA Corp.
- EV Safe Charge Inc.
- Eaton.
- Tata Power.
- Tesla
- SemaConnect Inc.
- Daimler AG.
- Siemens
- EVgo Services LLC.
- ENGIE EV Solutions
Browse the full “Electric Vehicle Charging Station Market By Level of Charging (Level 1, Level 2 & Level 3) By Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO and Tesla Supercharger), By Application (Commercial, and Residential) and by Region: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028” Report at https://www.fnfresearch.com/electrical-vehicle-charging-station-market
Segmentation Analysis
The global electric vehicle charging station market is segregated based on the charging level as level 1, Level 2 & Level 3. By charging infrastructure the market is divided as normal charge, type-2, ccs, chademo, and tesla supercharger. By application, the market is bifurcated as commercial, and residential.
The commercial segment is likely to grow by higher CAGR as a result of government funding to create robust charging infrastructure and automobile companies investing in charging stations.
Regional Insights:
- APAC Region Projected To Dominate Global Electric Vehicle Charging Station Market Growth
The largest market is expected to be the Asia Pacific. During the forecast period, the Asia Pacific market is expected to be driven by the large-scale growth of EV charging networks in China, increasing demand for affordable electric vehicles for everyday use, and governments supporting electric vehicles. China's rapidly expanding economy is propelling the country's electrification.
The governments of Japan and Korea have both announced plans to significantly increase the number of electric vehicle charging stations in their respective countries in the coming years. The Indian government has also announced plans to build 69,000 electric vehicle charging stations across the country as part of its first phase of EV infrastructure expansion, with a demand of 4 to 6 lakh charging stations anticipated by 2028.
Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 18.22 billion |
| Projected Market Size in 2028 | USD 115 billion |
| CAGR Growth Rate | 35% CAGR |
| Base Year | 2020 |
| Forecast Years | 2021-2028 |
| Key Market Players | ChargePoint, Inc., ABB, bpChargemaster, Webasto Thermo & Comfort, Shell International B.V., Schneider Electric, Blink Charging Co., Groupe Renault, Phihong USA Corp., EV Safe Charge Inc., Eaton., Tata Power., Tesla, SemaConnect, Inc., Daimler AG., Siemens, EVgo Services LLC., ENGIE EV Solutions |
| Key Segment | By Level of Charging, Charging Infrastructure, Application, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
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The global electric vehicle charging station market is segmented into:
By Level of Charging
- Level 1
- Level 2
- Level 3
By Charging Infrastructure
- Normal Charge
- Type-2
- CCS
- CHAdeMO
- Tesla Supercharger
By Application
- Commercial
- Residential
By Region
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key Offerings:
- Market Size & Forecast by Revenue | 2021−2028
- Market Dynamics – Key Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A comprehensive analysis by Level of Charging, Charging Infrastructure, Application, and Region
- Competitive Landscape – Major Key Players and Other Prominent Vendors
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