Global Electric Vehicle Charging Station Market Share Is Likely To Reach At A CAGR Value Of Around 30.47% By 2032

11-Jul-2024 | Facts and Factors

According to Facts and Factors, the global electric vehicle charging station market size was worth around USD 28.37 billion in 2023 and is predicted to grow to around USD 310.69 billion by 2032 with a compound annual growth rate (CAGR) of roughly 30.47% between 2024 and 2032.

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 Charging Station (Wireless Charging, AC Charging, and DC Charging), By Charging Level (Level 1, Level 2, and Level 3), By Vehicle Type (Commercial Vehicles and Passenger Vehicles), By End-User (Commercial and Residential), and By Region - Global Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2024 – 2032" report at https://www.fnfresearch.com/electric-vehicle-charging-station-market-report

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 2023 remained consistently low as compared to 2022.

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

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

Competitive Analysis

The global electric vehicle charging station market is dominated by players like ABB Ltd., Alfen N.V., Blink Charging Co., Chargemaster plc., ChargePoint, Inc., ClipperCreek, Denso Corporation, Efacec, Elix Wireless, Engie, Evatran Group, EVgo Services LLC., General Electric, HellaKGaAHueck& Co., Infineon Technologies AG, Mojo Mobility Inc., Qualcomm Technologies, Inc., Robert Bosch GmbH, Schneider Electric, Siemens AG, Tesla Inc., Toshiba Corporation, and others.

Recent Developments:

• March 2024: Vingroup Steps Up - V-Green Global Charging Station Development Company Launched: In a significant move for the electric vehicle (EV) charging landscape, Vietnamese conglomerate Vingroup, led by chairman Pham Nhat Vuong, announced the establishment of V-Green Global Charging Station Development Company in March 2024. This move suggests Vingroup's commitment to expanding charging infrastructure, potentially prioritizing stations compatible with their own VinFast electric vehicles. This could create a strong competitor in the global market.
• March 2023: India Accelerates EV Adoption with Government Grant: The Indian government took a major step towards promoting EV adoption in March 2023. They announced a substantial grant of Rs. 800 crores to Hindustan Petroleum, Bharat Petroleum, and Indian Oil. This funding aims to establish a network of 7,432 public fast EV charging stations across the country. This significant investment highlights the government's proactive approach in building a strong charging infrastructure to support the growing EV market in India.
• December 2022: Amritsar Gets its First EV Charging Station: Marking a milestone for EV accessibility in India, Statiq, an EV charging service provider, launched the first-ever EV charging station in Amritsar city in December 2022. This station, located at Nexus Malls, boasts two fast EV DC chargers, each with a capacity of 60 kilowatts. This development showcases the progress being made in building local charging infrastructure across India, making EVs a more workable option for a wider range of consumers.
• October 2022: ChargePoint Unveils Versatile AC Charging Solution: Catering to the evolving needs of the EV market, ChargePoint Holdings, Inc., a leading provider of EV charging networks, launched the CP6000 in October 2022. This innovative product is ChargePoint's most adaptable and reliable global AC EV charging solution. The CP6000's design ensures compatibility with a wide range of electric vehicles of all shapes and sizes. This launch demonstrates advancements in charger technology, promoting flexibility and convenience for EV owners.

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

By Charging Station

• Wireless Charging
• AC Charging
• DC Charging

By Charging Level

• Level 1 (slow chargers)
• Level 2 (fast chargers)
• Level 3 (DC fast chargers)

By Vehicle Type

• Commercial Vehicles
• Passenger Vehicles

By End-User

• Commercial
• Residential

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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