Electric Vehicle Charging Station Market
Electric Vehicle Charging Station Market to Reach US$ 617.5 bn by 2032, driven by extensive adoption of Surge in adoption of Electric Vehicles owing to Government Initiatives: Global Insight Services
New York, March 2023: According to a new research study by Global Insight Services (GIS), the global electric vehicle charging station market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 617.5 bn by 2032.
An electric car charging station is a piece of hardware that connects plug-ins and electric vehicles to an electrical source so they may be recharged. Private businesses or electric utility providers place charging stations in public areas like parking lots, shopping malls, and other places. Moreover, level 1, level 2, and level 3 charging levels are available at electric car charging stations. Also, there are several designs for electric vehicle charging stations, including wall-mounted or free-standing, single or multiple charging heads, commercial or residential grade, and indoor or outdoor installation.
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Electric Vehicle Charging Station Market: Key Trends and Drivers
Due to growing knowledge of the harmful impacts of operating fossil fuel-powered vehicles, governments worldwide are taking steps to minimize carbon footprints by promoting electric bikes, automobiles, and bicycles. Also, governments worldwide are pressuring automakers to invest in the development of electric cars to combat greenhouse gas emissions and minimize carbon emissions brought on by the burning of diesel fuel. In addition, governments throughout the globe are promoting the purchase of electric mobility in terms of tax credits and incentives. Also, the central governments of a select few nations exclude electric cars from paying highway tolls. For instance, the Indian government intends to reduce the Goods & Service Tax (GST) on e-cars to hasten electric vehicle adoption. Moreover, tax exemptions will be provided on loans made to buy an e-mobility.
Similarly, the South Korean government would offer tax breaks and subsidies to create and purchase electric and fuel-cell vehicles. Consequently, one of the key reasons driving demand for electric cars is a growth in government support for developing and purchasing electric mobility through tax credits, subsidies, and incentives. Hence, the market for electric vehicle charging stations is expected to develop throughout the projected period due to government efforts to increase the use of electric vehicles.
Electric Vehicle Charging Station Market: Restraints & Challenges
Governments must standardize charging infrastructure to create a positive ecology and boost sales of electric vehicles. Several nations have various quick charging requirements. China utilizes GB/T, whereas Europe, the United States, and South Korea use CCS. Japan uses CHAdeMO. As India hasn’t achieved fast charging method standardization, the Indian government has enforced the installation of both CHAdeMO and CCS systems. Although this requirement raised the cost of installing charging stations, the government modified the rules in 2019 and now permits charging station developers to choose the approach of their choice. Tesla, an American manufacturer of electric automobiles, employs high-performance superchargers that are exclusive to Tesla and incompatible with other electric vehicles. Hence, a lack of uniformity across nations may damage the installation of charging stations and limit the growth of the electric car charging station market.
Electric Vehicle Charging Station Market Report Findings
The level 2 segment is anticipated to hold a majority of the electric vehicle charging station market size throughout the study period.
Based on the level of charging, the electric vehicle charging station market is divided into level 1, level 2, and level 3. Of these, the level 2 segment held the highest market share of 40.1% in 2022. Although most EV owners set up level 2 EV charging equipment in their houses or apartment building, there is an increasing need for public charging stations globally. The demand for EV charging stations for level 2 will rise as EV sales expand globally.
The plug-in charging segment is anticipated to hold a majority of the electric vehicle charging station market size throughout the study period.
By mode of charging, the market is bifurcated into plug-in charging and wireless charging. The plug-in charging segment held the highest market share of 80.4% in 2022. The quickest, safest way for drivers to charge their electric cars is through Plug & Charge. Drivers don’t need to do any further user actions to begin charging their EV; they only need to attach the charging wire to the charging port. The worldwide standard for charging electric vehicles, ISO 15118, which is focused on guaranteeing the future of vehicle charging while offering usability, enables plug and charge.
The fixed segment is anticipated to hold a majority of the electric vehicle charging station market size throughout the study period.
Based on installation type, the market is bifurcated into fixed and portable. The fixed segment dominated the market and accounted for the highest market share in 2022. It is better to use a fixed installation when a ground fault circuit interrupter (GFCI) is integrated into the charging wire in order to avoid tripping caused by interactions between the two GFCIs.
The residential segment is anticipated to hold a majority of the electric vehicle charging station market size throughout the study period.
Based on end user, the electric vehicle charging station market is divided into residential and commercial. The residential segment held the highest market share in 2022. Level 1 and level 2 chargers would demand power at a fixed residential rate in residential areas (per kWh). Many utilities provide EVs with a particular time-to-use (ToU) pricing structure to entice consumers to charge during non-peak times. Prices during off-peak hours are less expensive than during peak hours. EV-specific ToU prices are divided into several categories, such as early evening and mid-afternoon rates, depending on the utility and service region.
The Asia Pacific region is estimated to exhibit the highest growth rate during the electric vehicle charging station market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific dominated the electric vehicle charging station market and accounted for the largest revenue share in 2022 and is expected to be the most lucrative region during the forecast period. This is majorly attributed to the increasing investments by the government of China, South Korea, Japan, and other Asian countries to install charging infrastructures. Similarly, Singapore, India, Korea, and Japan also invest in the electric vehicle charging infrastructure to promote its adoption in their region.
The growing government initiatives are driving the market for EV charging stations in the Asia Pacific region. As of the end of July, members of the Alliance claimed that around 566,000 public charging stations had been erected and were operational across the country, according to figures released by the China Electric Charging Infrastructure Promotion in August 2020. Furthermore, by 2050, the Japanese government plans to convert all new cars sold in the country to electric or hybrid vehicles. Thus, market growth in the region is expected shortly.
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Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global electric vehicle charging station market include ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US), Robert Bosch GmbH (Germany), Schneider Electric (France), Siemens (Germany), Tesla (US), Webasto (US), and WiTricity Corporation (US), among others.
Recent Developments in the Electric Vehicle Charging Station Market
- In November 2022, Siemens has contracted to provide electric vehicle (EV) chargers to Electromin, the e-Mobility division of Saudi Arabia’s Petromin, a lubricants and automotive services firm, for its planned construction of a charging network throughout the Kingdom and the region. The arrangement will guarantee the supply of Siemens’ most cutting-edge EV infrastructure equipment for Electromin’s network, including the lightning-quick Sicharge D direct-current chargers and the clever VersiCharge AC wall or pole-mounted devices that utilize alternating current.
- In February 2022, After its IPO in late 2022, ABB’s E-mobility unit will start the acquisition trail to meet its lofty sales targets. The company that manufactures quick chargers for trucks, buses, and autos plans to invest $750 million in growing its business.
- In July 2021, An e-mobility company with a top-tier European charging software platform, has to be, has been acquired by ChargePoint Holdings, Inc., a major E) charging network in North America and Europe.
- In July 2020, A joint venture was formed between EV Motors India Pvt. Ltd. (EVM) and BSES Yamuna Power Ltd (BYPL) to construct electric car charging stations. It is predicted that the JV would improve the company’s competitive strategy.
Electric Vehicle Charging Station Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global electric vehicle charging station market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future electric vehicle charging station market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the electric vehicle charging station market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Electric Vehicle Charging Station Market Segmentation
By Level of Charging
- Level 1
- Level 2
- Level 3
By Mode of Charging
- Plug-in Charging
- Wireless Charging
By Installation Type
By End User
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of World
- Latin America
- Middle East
- ABB Ltd (Switzerland)
- Allego B.V. (Netherlands)
- Blink Charging Co. (US)
- ChargePoint, Inc. (US)
- Robert Bosch GmbH (Germany)
- Schneider Electric (France)
- Siemens (Germany)
- Tesla (US)
- Webasto (US)
- WiTricity Corporation (US)