Electric Vehicle Charging Station Market
As per the report, the global electric vehicle charging station industry accounted for $16.6 billion in 2021, and is expected to reach $226.3 billion by 2031, growing at a CAGR of 30.5% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.
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China is taking continuous efforts in improving the electric vehicle charging infrastructure. For instance, China installed 284,000 public EV charging outlets in 2020, including 112,000 in December alone. China had over 800,000 publicly available EV charging outlets installed at the end of 2020 – up from 516,000 in 2019 and 300,000 in 2018. In Japan, automobile industry giants are forming partnerships to expand electric vehicle charging stations network across Japan, which supplements the market growth. For instance, in April 2022, Porsche Japan and Audi Japan formed a premium charging alliance business partnership to expand the 150kW rapid charging stations across Japan. This alliance will enable Porsche and Audi owners to utilize the 50 Porsche Turbocharger units at 41 locations and the 52 units nationwide from Audi Japan, by the end of 2022.
Europe is expected to experience significant growth during the forecast period. Major players in the automotive industry are planning to install electric vehicle charging infrastructure in Germany and widen the charging stations network, thereby boosting the growth of the market. For instance, in August 2019, Volkswagen, a leading automobile manufacturer announced installation of around 4,000 charging stations in Germany by 2025. The investment banks in Europe are working alongside multinational energy companies for the installation of electric vehicle charging infrastructure throughout Italy. For instance, in 2022, Duferco Energia SpA entered into a $26.44 million (26 million Euros) contract with Cassa Depositie Presiti (CDP), Credit Agricole Italia (CAI) and the European Investment Bank (EIB) to strengthen the electric vehicle charging network across Italy. The contract involves the installation of 1,800 ultra-fast, fast, and normal charging stations connected to distribution networks, located in central and northern Italian regions.
People on the move demand for faster charging solutions that can charge their vehicles for a longer range in lesser time. This has encouraged the companies to launch technologically advanced level 3 DC charging solutions for these customers. In addition, several companies operating in electric vehicle charging station market are introducing new and faster electric car charger to charge an electric vehicle at public charging stations, which fuels the growth of the segment. For instance, in September 2021, ABB launched Terra 360, which is world’s fastest EV charging station with the capability to charge most EVs in less than 15 minutes. It can also deliver 100 km range in less than 3 minutes. In addition, ABB exclusively launched this charger for public charging stations, and it has the potential to charge up to 4 electric vehicles simultaneously.
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By mode of charging, the plug-in charging segment held the largest share in 2021, accounting for more than four-fifths of the global electric vehicle charging station market, and is estimated to dominate the global wireless video surveillance market throughout the forecast period. The majority of electric vehicle stations are equipped with AC level 1 or 2 charging systems. These systems are preferred for charging electric vehicles at home as well as commercial areas. Charging stations at workplaces or different public locations may further strengthen the market for plug-in electric vehicle charging solutions for residential and commercial charging stations. However, the wireless charging segment is expected to register the highest CAGR of 33.5% during the forecast period, as wireless charging offers flexible operation for broad range of vehicles.
The growth of the global electric vehicle charging station market is propelling, due to rise in adoption of electric vehicles owing to government initiatives. However, high cost of electric vehicle charging infrastructure, and lack of standardization of current EV charging infrastructure are the factors hampering the growth of the market. Furthermore, incorporation of vehicle-to-grid (V2G) EV charging stations is the factor expected to offer growth opportunities during the forecast period.
By charging level, the level 3 segment is expected to register the highest CAGR of 34.9% during the forecast period, as level 3 charging systems require expensive hardware, making their installations primarily suitable at public station only. However, the level 2 segment held the largest share in 2021, contributing to more than four-fifth of the global EV charging station market, as this type of charging equipment is compatible with all the plug-in electric vehicles and electric vehicles.
🌍 Regional Highlights: Asia-Pacific Leads, Europe Accelerates
By region, the market across Asia-Pacific dominated the market in 2021, holding more than two-fifths of the global electric vehicle charging station market, and is expected to dominate in terms of revenue during the forecast period. This is due to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles. However, the market across Europe is projected to manifest the highest CAGR of 33.1% during the forecast period, due to government initiatives to reduce the emission of harmful gases from internal combustion engine vehicles and advent of new range of electric vehicle.
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Major market players
ABB Ltd.
Webasto Group
Siemens AG
Schneider Electric SE
Eaton Corporation PLC
Delta Electronics Inc.
BorgWarner Inc.
General Electric Company
Plugless Power Inc.
Robert Bosch GmbH
AeroVironment Inc.
Moser Services Group
The report analyzes these key players of the global electric vehicle charging station market. These companies have adopted several strategies such as expansion, partnerships, new product launches, collaborations, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.
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