Global Electric Vehicle Charging Station Market Share Is Likely To Reach At A CAGR Value Of Around 30.49% By 2030

30-Jan-2023 | Facts and Factors

According to Facts and Factors, the global electric vehicle charging station market size was worth around USD 16.65 billion in 2021 and is predicted to grow to around USD 225.9 billion by 2030 with a compound annual growth rate (CAGR) of roughly 30.49% between 2022 and 2030.

Global Electric Vehicle Charging Station Market

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An electric vehicle (EV) charging station is a point or piece of equipment required for charging an electricity-powered vehicle. The device helps in drawing energy from a source of electricity to transfer it to plug-in hybrid vehicles or completely electric vehicles. EV charging stations are also referred to as electric vehicle supply equipment (EVSE) and are generally constructed near shopping centers or parking spaces of a municipal office. They can either be owned by the government and public sector companies or by private corporations.

Browse the full “Electric Vehicle Charging Station Market Size, Share, Growth Analysis Report By End-User (Commercial and Residential), By Mode of Charging (Wireless Charging and Plug-In Charging), By Charging Level (Level 3, Level 2, and Level 1), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2030" report at https://www.fnfresearch.com/electrical-vehicle-charging-station-market

The charging stations are different types of connectors that match international standards and can be connected to various types of vehicles. There are 3 main levels of EV charging stations. Level 1 uses alternating (AC) current and runs on 120 volts (V). It requires a dedicated circuit and offers a range of 5 miles for every hour of charging. Level 2 charging stations provide 240V of energy while operating with AC and the range may vary between 10 to 20 miles per hour. Level 3 is the fastest type of charger with 480 V power and a range of 40 miles per 10 minutes of charging.

The global electric vehicle charging station market is projected to grow due to the rising sales of electric vehicles majorly driven by the growing prices of fuel making the maintenance of fuel-powered vehicles an expensive task. In recent times, fuel prices have undergone massive and frequent changes mainly due to political instability and the ongoing Russia-Ukraine war. As per business analysts even when the prices are going up, the volume of production in 2022 remained consistently low as compared to 2021.

Fuel-run vehicles are not only impacting the environment negatively but they are also getting high in purchase and maintenance costs resulting in more people showing an inclination toward electric vehicles. Corporations are working toward grabbing this opportunity by launching vehicles that range from 4-wheelers to 2-wheelers that are either hybrid or completely electric. The growing investment for setting up public-purpose electric vehicle charging stations across developing economies could further create higher revenues in the coming years along with the rise in interest toward renewable sources of energy.

The global market growth could face certain limitations due to the lack of necessary infrastructure to support a vision as futuristic as extremely easy access to EV charging stations, especially in underdeveloped or developing nations. Currently, the priority in low-income countries remains toward providing access to basic necessities like housing and food.

As the global political dynamics in the coming years are expected to take major turns, certain segments in the global market could be greatly impacted. Furthermore, the lack of standardization in the current times in terms of EV charging ports could further cause a loss of revenue.

The growing developments in vehicle-to-grid (V2B) systems may provide growth opportunities while the lack of knowledge on safety protocols at charging stations may challenge market growth

Global Electric Vehicle Charging Station Market

Segmental Analysis 

The global electric vehicle charging station market is segmented based on end-user, mode of charging, charging level, and region.

  • Based on the end-user, the global market is divided into commercial and residential.
    • The global market may register the highest growth in the commercial segment which was observed in 2021 as well
    • The segmental growth can majorly be attributed to the high investments in setting up commercial large units of EV charging stations undertaken by private companies and government agencies. Residential EV stations can be extremely expensive and require multiple approvals
    • As of 2022, Tesla has installed more than 1400 supercharging EV stations in the US
  • Based on mode of charging, the global market is segmented into wireless charging and plug-in charging
    • 2021 witnessed the highest growth in plug-in charging modes since they are currently the most widely used and accepted form of charging.
    • However, during the forecast period, wireless charging is expected to emerge as a lucrative segment as the investment toward developing effective technology is projected to surge
    • In 2021, the total number of EVSEs in Japan totaled 29 thousand, as per Statista

Regional Analysis

The global electric vehicle charging station market is projected to be dominated by Europe during the forecast period mainly driven by the already existing large consumer database of EV users translating to an established infrastructure for EV charging stations. Growth in North America could be propelled by the rise in EV sales as the research activities in the US remain unparalleled. Tesla, Inc. is expected to stand at the forefront of growing EV sales in the territory as well as in the international market.

The region is full of players that not only support the construction of physical units but also provide essential software and hardware-related services. Asia-Pacific may register a significant CAGR due to a rise in infrastructural investments as well as a surge in the number of domestic players offering EVs for commercial purposes.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 16.65 Billion

Projected Market Size in 2030

USD 225.9 Billion

CAGR Growth Rate

30.49% CAGR

Base Year

2021

Forecast Years

2022-2030

Key Market Players

Schneider Electric, ABB Ltd., Toshiba Corporation, General Electric, HellaKGaAHueck& Co., Mojo Mobility Inc., Blink Charging Co., and others.

Key Segment

By End-User, Mode of Charging, Charging Level, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

Purchase Options

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Competitive Analysis

The global electric vehicle charging station market is dominated by players like Schneider Electric, ABB Ltd., Toshiba Corporation, General Electric, HellaKGaAHueck& Co., Mojo Mobility, Inc., and Blink Charging Co. amongst many others.

Recent Developments:

  • In October, Amazon Web Services (AWS) and ABB, Swedish-Swiss multinational corporation, joined forces to launch Panion EV Charge Planning. The tool provides a digital solution for planning charges in EV fleets in real-time
  • In November 2022, Tesla Inc. announced that it will share its EV connector design in a bid to encourage automakers and network operators to adopt the technology across North America

The global electric vehicle charging station market is segmented as follows:

By End-User

  • Commercial
  • Residential

By Mode of Charging

  • Wireless Charging
  • Plug-In Charging

By Charging Level 

  • Level 3
  • Level 2
  • Level 1

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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