Dublin, April 11, 2023 (GLOBE NEWSWIRE) -- The "EV Charging Station Market by Application, Level of Charging, Charging Point, Charging Infrastructure, Operation, Electric Bus Charging, DC Fast Charging, Connectivity, Connection Phase, Service, Installation and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global EV Charging Station market is projected to grow from USD 11.9 Billion in 2022 to USD 76.9 Billion by 2027, registering a CAGR of 45.0% from 2022 to 2027.
EVs have been reducing in price over the years with decreasing EV battery prices. The price of EV batteries was as high as USD 1,100 per kW in the 2010s, which is reducing each following year. This led to a decreasing cost of EVs around the world. Nowadays, affordable EVs are available in many countries around the world. A breakeven point is expected, where EV price will be equivalent to ICE vehicles.
According to various EV respondents, this may happen around 2027. The EV market will grow much faster and replace the demand for ICE vehicles. Thus, the growing demand for EVs will lead to increased demand for charging stations.
The Level 1 Ultrafast DC segment is expected to account for the largest share in 2027.
Faster charging stations were developed to cater to High Power Charging Station (HPCS) demand. Since 2018, ABB, Delta, etc., have developed Level 1 Ultra Fast DC (150-349 kW) for the market. These chargers found a fast-growing demand in China, US, and Europe. With charging speeds of a full charge in around 10-20 mins, these chargers started replacing demand for other fast and slow DC chargers. These chargers have gained prominence with companies such as IONITY (Germany), ABB (Switzerland), Schneider Electric (France), Delta (US), Siemens (Germany), Tritium (Australia), Bosch (Germany), BTC, and Hyundai (South Korea).
The AC charger segment is expected to account for the largest market share in 2022.
AC chargers are commonly used for home charging and in semi-public and private charging stations. In semi-public charging, AC normal charging stations can be found in workplaces, public parking lots, or shopping centers, and they require payment or membership to access. These charging stations offer a convenient way for EV drivers to top up their batteries while carrying out daily activities and promote EV adoption. AC normal charging is often the primary method for private charging, allowing EV owners to charge their vehicles overnight and have a full battery in the morning.
Rest of the World is expected to witness significant growth rate during the forecast period.
The rest of the World comprises Brazil, South Africa, Mexico, and Others. Brazil has made significant strides in EV charging infrastructure, intending to install 30,000 charging stations by 2030. The country has several local EV manufacturers, such as BYD and the Brazilian company Agrale.
However, the high cost of EVs remains a barrier to adoption. Chile has a relatively small EV market, but the government has set ambitious targets to increase the number of EVs on the road. The country aims to have 40,000 EVs on the road by 2022 and 100,000 by 2025. The government is investing in the development of charging infrastructure, with plans to install 1,500 public charging stations by 2022.
Mexico is the second-largest economy in the region and has a growing EV market. However, the charging infrastructure in the country is still relatively underdeveloped. The government has set a target of installing 4,000 public charging stations by 2024, but progress has been slow. South Africa has a small but growing EV market, with several international car manufacturers offering EV models. However, the lack of charging infrastructure remains a major barrier to adoption. The government has announced plans to install 2,500 public charging stations by 2030, but progress has been slow due to funding constraints.
Overall, the EV charging station market in the Rest of the World is growing, but the level of development varies widely among countries. Governments in these regions are increasingly investing in charging infrastructure to support the growth of the EV market, but progress is often slow due to funding constraints and other barriers.
Market Dynamics
Drivers
- Rising EV Sales Worldwide
- Government Policies and Subsidies
- Limited Driving Range
- Reduced EV Prices
Restraints
- Lack of Standard Charging
- High Price of Installing and Maintaining EV Charging Stations
- Primitive Power Grid Infrastructure
Opportunities
- V2G EV Charging Stations
- IoT and Smart Infrastructure
- Use of Renewable Energy Sources for Developing EV Charging Stations
- Growing Demand for Battery Swapping Stations
- Plans for Smart City Deployment
- Shift to Smart EV Chargers
Challenges
- Higher Initial Cost of EVs Than ICE Vehicles
- Stringent Rules for Installation of Charging Stations
- Dependence on Fossil Fuels for Energy Production
- Shortage of Lithium
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 405 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $11.9 Billion |
| Forecasted Market Value (USD) by 2027 | $76.9 Billion |
| Compound Annual Growth Rate | 44.1% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Electric Vehicle Charging Station Market, by Electric Bus Charging Type
7 Electric Vehicle Charging Station Market, by Charging Service Type
8 Electric Vehicle Charging Station Market, by Operation
8.1 Introduction
8.1.1 Operational Data
8.2 Mode 1
8.2.1 Ease of Usability
8.3 Mode 2
8.3.1 Higher Safety and Reliability
8.4 Mode 3
8.4.1 Provides Faster EV Charging Speed
8.5 Mode 4
8.5.1 New Developments by Major Oems
9 Electric Vehicle Charging Station Market, by Connection Phase
9.1 Introduction
9.2 Single Phase
9.2.1 Ideal for Residential and Commercial Charging
9.3 Three Phase
9.3.1 Equipped with Safety Features Making It Ideal for Public Charging
10 Electric Vehicle Charging Station Market, by Connectivity
10.1 Introduction
10.2 Non-Connected Charging Stations
10.3 Smart Connected Charging Stationss
11 Electric Vehicle Charging Station Market, by Installation Type
11.1 Introduction
11.2 Portable Chargers
11.2.1 Technological Advancements for Better Efficiency
Table 88 Portable Chargers in Market, by Region, 2018-2021 (Thousand Units)
Table 89 Portable Chargers in Market, by Region, 2022-2027 (Thousand Units)
11.3 Fixed Chargers
11.3.1 Government Collaboration with Oems to Install Fixed Chargers
Table 90 Fixed Chargers in Market, by Region, 2018-2021 (Thousand Units)
Table 91 Fixed Chargers in Market, by Region, 2022-2027 (Thousand Units)
11.4 Key Primary Insights
12 Electric Vehicle Charging Station Market, by Charging Infrastructure Type
12.1 Introduction
12.2 CCS
12.2.1 Increased Adoption of Fast Charging Standards Across Europe and North America
12.3 Chademo
12.3.1 High Adoption of Chademo by Leading Japanese Evs
12.4 Normal Chargers
12.4.1 Growing Due to Need for Trickle Chargers in Portable Applications
12.5 Tesla Superchargers
12.5.1 Growing Market for Tesla in China and Other Asian Countries
12.6 Type 2
12.6.1 Safer Charging Alternatives for Ac Charging
12.7 Gb/T Fast
12.7.1 Default Fast Charger in China
13 Electric Vehicle Charging Station Market, by Level of Charging
13.1 Introduction
13.2 Level 1
13.2.1 Majorly Used for Overnight Charging
13.3 Level 2
13.3.1 Installed in Residential Complexes, Public Parking Areas, and Commercial Places
13.4 Level 3
13.4.1 Caters to Growing Demand for Fast Recharge on Highways and at Popular Destinations
14 Electric Vehicle Charging Station Market, by Application
14.1 Introduction
14.2 Private
14.2.1 Incorporation of New Technologies and Low Cost of Charging
14.3 Semi-Public
14.3.1 Convenient Charging for Drivers On-The-Go
14.4 Public
14.4.1 Strong Government Support to Install Public Charging
15 Electric Vehicle Charging Station Market, by Charging Point Type
15.1 Introduction
15.2 Ac (Normal Charging)
15.3 Dc (Super Charging)
15.4 Inductive Charging
16 Electric Vehicle Charging Station Market, by Dc Fast Charging Type
16.1 Introduction
16.2 Slow Dc (<49 Kw)
16.2.1 Used for Faster EV Charging in Semi-Public Applications
16.3 Fast Dc (50-149 Kw)
16.3.1 Convenient Charging Method On-The-Go
16.4 Level 1 Ultra Fast Dc (150-349 Kw)
16.4.1 Provides Fast Charging on Highways
16.5 Level 2 Ultra Fast Dc (>349 Kw)
16.5.1 Offers Hypercharging
17 Electric Vehicle Charging Station Market, by Region
18 Competitive Landscape
19 Company Profiles
20 Recommendations
21 Appendix
Companies Mentioned
- Abb
- Alfen
- Allego
- Beev
- Blink Charging
- Bp
- Byd
- Charge+
- Chargepoint
- Clippercreek
- Dbt
- Delta
- Eaton
- Efacec
- Elli
- Engie
- EV Connect
- EV Safe Charge
- Fimer
- Freewire Technologies
- Heliox
- Hyundai
- Ies Synergy
- Instavolt
- Ionity
- Key Charging Point Operators
- Lafon
- Opconnect
- Schneider Electric
- Shell
- Siemens
- Spark Horizon
- Tesla
- Tgood
- Totalenergies
- Tritium
- Volta
- Wallbox
- Webasto
For more information about this report visit https://www.researchandmarkets.com/r/z4gu9k
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