New York, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Electric vehicles have integrated themselves into the automotive industry. They are a means to achieve energy efficiency and lower emissions of pollutants and greenhouse gases. The adoption of stringent emission and fuel economy regulations, government incentives, and the rising sales of electric vehicles, which are creating a demand for charging stations, are among the significant factors driving the growth of the market under study. Massive investments in electric vehicles by major automakers like Toyota, Honda, Tesla, General Motors, and Ford are anticipated to propel the EV charging station market in the near future. In addition, the evolving partnerships between energy companies and government organizations are expected to expand the market under study.
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Increase in Electric Vehicle Sales to Drive the Global Electric Vehicle Charging Station Market
According to Straits Research, “The global electric vehicle charging station market size was worth USD 5 billion in 2021. It is estimated to reach an expected value of USD 138 billion at a CAGR of 44.5% during the forecast period (2022-2030).” Governments across the globe have implemented a variety of programs and initiatives to encourage consumers to choose electric vehicles over conventional ones. One such initiative is the California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands are among the nations that offer a variety of financial incentives to individuals interested in purchasing an electric vehicle.
These initiatives have prompted automakers to increase their expenditures on the R&D of electric vehicles, which may contribute to expanding the market for electric vehicle charging stations. There was a significant shift from the purchase of conventional internal combustion engine (IC) vehicles to electric vehicles, indicating that government regulations and incentive programs substantially impact individuals. The change has not resulted in a decline in sales of internal combustion engine vehicles but has created a promising market for electric vehicles both now and in the future.
In terms of performance, maintenance, and purchase price, electric vehicles have reached parity with internal combustion engine vehicles and, in some cases, exceeded them. Tesla has produced electric vehicles with more significant acceleration, power, and top speed than the average internal combustion engine or hybrid vehicle. The expansion of electric vehicles is expected to generate a linear increase in demand for electric vehicle charging stations over the forecast period.
Improvements in Charger Technology to Provide Opportunities for the Global Electric Vehicle Charging Station Market
In the coming years, charger technology advancements will significantly impact the charging time of electric vehicles. Despite the current fast-charging infrastructure, there is ample room for improvement.
Companies are also developing radical new technologies, such as using robots to charge electric vehicles without human intervention. For instance, Volkswagen Group Components introduced its mobile charging robot prototype in December 2020. Through Car-to-X communication, the charging robot can operate entirely autonomously. It independently guides and communicates with the vehicle being charged, opening the charging socket flap, connecting the plug, and decoupling it. The mobile robot moves a mobile energy storage unit to the vehicle, connects it, and then uses this energy storage unit to charge the electric vehicle's battery. During the charging process, the energy storage unit remains on the vehicle. During this time, the robot charges additional electric vehicles. After the charging service, the robot collects the mobile energy storage unit and returns it to the central charging station. Such developments provide lucrative market opportunities.
Key Highlights
- Based on vehicle type, the global electric vehicle charging station market is bifurcated into passenger and commercial vehicles, where the passenger vehicles segment holds the most significant market share. The passenger vehicles segment dominates the market and is estimated to grow at a CAGR of 44.5% during the forecast period.
- By application, the global electric vehicle charging station market is divided into private and public. The private segment accounted for the largest market share and is expected to grow at a CAGR of 44.7% during the forecast period.
- By Charger type, the global electric vehicle charging station market is divided into AC and DC charging stations. The AC charging stations accounted for the largest market share and is expected to grow at a CAGR of 44.5% during the forecast period.
Regional Insights
By region, the global market for electric car charging stations is segmented into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region holds the largest market share and is expected to grow at a CAGR of 44.5% during the forecast period. The market for electric vehicle charging stations in China is well supported by the government-backed demand for battery-powered electric vehicles. In China, taxis, buses, and electric light vehicles are the three primary vehicle types that utilize charging stations. Except for buses requiring specialized captive infrastructure, most other vehicles require public fast charging. The rapid increase of electric vehicles and pro-EV policies in the country is anticipated to stimulate the growth of the studied market.
Europe stands second in the global electric vehicle charging station market in revenue. This market is estimated to reach an expected value of USD 54 billion by 2030 at a CAGR of 44.5%. The growing presence of DC fast-charging stations, not only on the German autobahns but also along the highways that border most of the continent's countries, led by the 125-kilowatt Tesla Supercharger network, is an essential factor in the increase in sales of electric cars. During the forecast period, electric vehicles with fast-charging capabilities will likely drive demand for high-power chargers in the country. Most EV charger manufacturers have already established the necessary EV charging stations to meet the abovementioned needs. For example, Volkswagen announced in December 2020 that it would expand its EV charging infrastructure in Germany over the following years. The automaker intends to install approximately 750 new charging stations in the coming year, including the first High Power Charging stations with up to 300 kW of power. Volkswagen stated that nearly 2,000 charging stations are anticipated to be operational by the end of 2021. It currently has over 1,200 charging stations across ten locations in Germany. Wolfsburg has the most significant charging park, with approximately 500 charging stations. The trends mentioned above suggest that the German market for EVs and charging stations will expand exponentially in the coming years.
North America is the third largest region. In the past few years, governments in the North American region have spent money to expand the charging network. Numerous states in the region are announcing investments in EV charging networks, and major electric vehicle manufacturers are participating in the market and providing various incentives. Several companies will collaborate to provide nationwide charging networks in the coming years. During the projected period, the demand for electric vehicle charging stations will expand due to the region's rapidly increasing electric vehicle sales and ongoing technological advancements.
Competitive Landscape
The primary market players in the global electric vehicle charging station market are ABB, Chargepoint Inc, Schneider Electric SE, Siemens AG, Tesla Inc, Evbox (Engie), Royal Dutch Shell Plc, EFACEC, Evgo, Webasto, BP Pulse, and State Grid Corporation of China.
Market News
- In February 2022, IRENA and the Chinese State Grid Corporation paved the path to smart electrification.
- In March 2022, ChargePoint teamed with Goldman Sachs Renewable Power to provide additional client solutions and hasten the rollout of EV charging stations.
- In May 2022, Webasto made progress with its makeover.
- In May 2022, German authorities will soon have access to the first statewide network of the fastest EV chargers, which ABB and Shell have announced.
- In June 2022, Plug and charge have been enabled across the EVGO Network by EVGO and GENERAL MOTORS.
Global Electric Vehicle Charging Station Market Segmentation
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
By Charger Type
- AC Charging Station
- DC Charging Station
By Application Type
- Public
- Private
By Region
- North America
- Asia-Pacific
- Europe
- LAMEA
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