Electric Vehicle Charging Station Market

Global Electric Vehicle Charging Station Market:

The global electric vehicle charging station market size reached US$ 12.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 158.5 Billion by 2032, exhibiting a growth rate (CAGR) of 31.52% during 2024-2032. The growing adoption of electric vehicles (EVs) to reduce carbon footprint and maintain sustainability, favorable government initiatives, and advancements in battery technology for faster charging solutions are some of the major factors propelling the market.

Global Electric Vehicle Charging Station Market Analysis:

• Major Market Driver: The rising awareness regarding sustainable transportation options among individuals across the globe is primarily driving the growth of the global electric vehicle charging station market. In line with this, the increasing number of EV charging infrastructure development projects around the world is strengthening the growth of the market.
• Key Market Trend: One of the significant key trends in the market is the increasing integration of advanced charging technologies. The introduction of higher-voltage Level 2 chargers and rapid DC fast chargers that provide quicker charge times is enhancing the overall EV ownership experience.
• Competitive Landscape: Some of the leading players in the global electric vehicle charging station market are ABB Ltd., Blink Charging Co., BP plc, ChargePoint Inc., Daimler AG, Eaton Corporation PLC, EFACEC Power Solutions SGPS S.A., Engie SA, EVgo Services LLC (LS Power Development LLC), Renault Group, Schneider Electric SE, SemaConnect, Siemens AG, Tata Power Company Limited, and Tesla Inc., among others.
• Geographical Trends: According to the report, Asia-Pacific accounted for the largest market share. Asia Pacific held the biggest market share due to the presence of prominent EV manufacturers. Apart from this, the rising preference for sustainable transportation among individuals is contributing to the growth of the market in the region.
• Challenges and Opportunities: EV owners that use rapid chargers at service stations to cover a longer distance, augment the need for a reliably fast charging speed that consumes a lot of power. Managing the grid at peak times is one of the major challenges for power companies. However, the growing adoption of EVs at a rapid pace across the world is prompting government bodies and private entities to increasingly invest in EV charging technologies, which is anticipated to offer lucrative growth opportunities to the overall market.
   

Global Electric Vehicle Charging Station Market Trends:

Rising adoption of electric vehicles (EVs)

The rising demand for EV charging stations due to the increasing adoption of EVs among the masses across the globe is contributing to the growth of the market. In 2024, the revenue in the electric vehicle market is projected to reach a staggering US$ 623.3 Billion worldwide. Moreover, the unit sales of the electric vehicle market are anticipated to reach 17.07 million vehicles units by 2028. In addition, there is a rising concern about environmental sustainability and the need to reduce greenhouse gas (GHG) emissions. Additionally, various key market players are extensively investing in the development of electric vehicle charging stations. For instance, in October 2022, Octopus Energy Generation made its first investment in the UK EV charging infrastructure. It is planning to invest up to GBP 110 Million in a Manchester-based EV public charging network Be. EV on behalf of its Sky fund (ORI SCSp) to scale and install new charge points across the United Kingdom. The agreement will contribute to the expansion of Be.EV's 150-strong public charge point network, with Be.EV committing to adding 1,000 more charge points across the North of England and beyond. Such initiatives are anticipated to create a positive outlook for the overall market.

Advancements in Battery Technology

Various manufacturers are rapidly advancing their battery technologies in the EV sector. In line with this, they are working on technologies such as wireless charging and autonomous charging robots, which may make vehicle charging convenient. For instance, Siemens AG launched a new high-power charger, Sicharge D. It features scalable, high charging power of up to 300 kW. The charging station also supports voltages between 150 and 1,000 volts and charging currents of up to 1,000. Moreover, the integration of higher-voltage Level 2 chargers and rapid DC fast chargers that provide quicker charge times and enhance the overall EV ownership experience is also contributing to market growth. Apart from this, various power companies are increasingly investing in developing the public charging infrastructure to cater to the escalating need for faster and more affordable charging solutions. For instance, in October 2022, Ather Energy announced the installation of the 580th public fast charging point, the Ather Grid, across 56 cities in India. As the company expands its national footprint, Ather Energy plans to install 820 more grids, bringing the total to 1400 by the end of FY23. Ather Grids are strategically installed across markets, with 60% of current installations in tier-II and tier-III cities.

Favorable Government Initiatives

The government authorities of several countries are encouraging the adoption of cleaner and more sustainable transportation solutions, which is offering a positive market outlook. They are implementing stringent rules and regulations to combat air pollution and reduce carbon emissions in the environment across the globe. Moreover, concerned government bodies worldwide are also introducing various schemes and initiatives to encourage buyers to choose electric vehicles over conventional vehicles. For instance, the Japanese government aims to transform all the new cars sold in the country into electric or hybrid vehicles by 2050. Similarly, the California ZEV program, which aims to have 1.5 million electric vehicles on the road by 2025, is one such initiative. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands are some of the countries offering various incentives for people looking to purchase an electric vehicle. Apart from this, the concerned regulatory bodies and authorities are incentivizing the deployment of EV charging infrastructure through grants, subsidies, and tax benefits, which is further bolstering the growth of the market. Additionally, municipalities in several countries are implementing zero-emission targets to achieve sustainability goals.

Global Electric Vehicle Charging Station Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global electric vehicle charging station market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on charging station type, vehicle type, installation type, charging level, connector type and application.

Breakup by Charging Station Type:

• AC Charging
• DC Charging
• Inductive Charging
   

AC charging represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the charging station type. This includes AC charging, DC charging, and inductive charging. According to the report, AC charging represented the largest segment.

Alternating-current (AC) charging stations are commonly found in residential, commercial, and public areas. These stations typically offer Level 1 and Level 2 charging options. In addition, they are simple, cost-effective, and compatible with a wide range of EVs. According to the data released in August 2020 by the China Electric Charging Infrastructure Promotion, members of the Alliance reported that about 566,000 public charging stations were installed and started operations across the country by the end of July 2020. Of these, 326,000 are AC, 240,000 are DC, and 488 are equipped with AC and DC capabilities. AC charging stations play a crucial role in meeting the changing needs of EV owners, who primarily engage in daily commuting and short trips.

Breakup by Vehicle Type:

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
   

Battery electric vehicle (BEV) accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). According to the report, battery electric vehicle (BEV) represented the largest segment.

A battery-electric vehicle (BEV) is an EV that relies on electric power stored in its onboard battery for propulsion. Over the years, factors such as declining lithium-ion battery prices and growing and supportive government policies to promote electric vehicle sales have contributed to the growth of this segment. Additionally, various key market players are partnering to develop improved batteries for EVs. For instance, in May 2022, Stellantis N.V. and Samsung SDI announced the construction of an electric-vehicle lithium-ion battery manufacturing facility in Kokomo, Indiana, United States. It is anticipated that the plant will be operational in 2025, with an initial capacity of 23 GWh, with the aim of increasing to 33 GWh in the next few years. The joint venture company is going to invest over US$ 2.5 Billion in the manufacturing plant.

Breakup by Installation Type:

• Portable Charger
• Fixed Charger
   

Fixed charger holds the biggest market share

The report has provided a detailed breakup and analysis of the market based on the installation type. This includes portable charger and fixed charger. According to the report, fixed charger represented the largest segment. A fixed charger refers to a charging station that is permanently installed at a specific location. It is typically mounted on walls or designated charging stations in public areas, workplaces, parking lots, and even residential garages. Apart from this, it offers consistent and reliable charging options for EV owners. It is widely available for various charging levels, such as level 2 AC charging and level 3 DC fast charging, that cater to different vehicle charging needs. It is particularly valuable for locations where vehicles are parked for longer durations, such as workplaces or shopping centers.

Breakup by Charging Level:

• Level 1
• Level 2
• Level 3
   

Level 2 dominates the market share

The report has provided a detailed breakup and analysis of the market based on the charging level. This includes level 1, level 2, and level 3. According to the report, level 2 represented the largest segment. Level 2 charging refers to a medium-speed charging option for EVs. These charging stations operate at a higher voltage than standard household outlets that allow for faster and more efficient charging as compared to level 1 charging. Level 2 charging stations are commonly found in various locations, such as workplaces, public parking areas, and commercial facilities. They are designed to provide a balance between convenience and charging speed, which makes them suitable for EV owners who require quicker recharging times during the day.

Breakup by Connector Type:

• Combines Charging Station (CCS)
• CHAdeMO
• Normal Charging
• Tesla Supercharger
• Type-2 (IEC 621196)
• Others
   

CHAdeMO represents the biggest market share

The report has provided a detailed breakup and analysis of the market based on the connector type. This includes combines charging station (CCS), CHAdeMO, normal charging, tesla supercharger, type-2 (IEC 621196), and others. According to the report, CHAdeMO represented the largest segment. CHAdeMO is a fast-charging connector and communication protocol designed specifically for EVs. It is known for its ability to deliver high-power direct current (DC) charging to EVs and allow for rapid battery recharging. According to the CHAdeMO Association, there were over 35,000 CHAdeMO chargers worldwide as of September 2022. CHAdeMO is mainly used by Japanese EVs, such as the Nissan Leaf, Lexus UX 300e, Mitsubishi Outlander PHEV, Toyota Prius Plug-In, and Nissan e-NV200. This connector type is commonly found in public fast charging stations and is compatible with a variety of EV models. CHAdeMO charging stations can significantly reduce charging times compared to standard Level 2 charging.

Breakup by Application:

• Residential
• Commercial
   

Commercial accounts for the majority of market share

The report has provided a detailed breakup and analysis of the market based on the application. This includes residential and commercial. According to the report, commercial represented the largest segment.

Commercial application refers to charging infrastructure installed at business establishments, public areas, and locations where EV owners park their vehicles while engaged in activities such as shopping, dining, or working. Various key companies are indulging in strategic partnerships with other players to develop commercial charging infrastructure and stations. For instance, Siemens Limited and the Hinduja Group's Switch Mobility Automotive Limited signed a memorandum of understanding (MoU) to enter the Indian electric commercial vehicles segment. Similarly, BP joined BMW Group and Daimler Mobility as partners in digital charging solutions to drive electrification. BP will become a partner with BMW Group and Daimler Mobility in Digital Charging Solutions (DCS), one of Europe's leading developers of digital charging solutions for automotive manufacturers and vehicle fleet operators.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest electric vehicle charging station market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

Due to the growing number of EV users, the Asia Pacific region continues to install public charging stations at a rapid pace, particularly in China, India, and South Korea. For instance, in October 2022, Ather Energy announced the installation of the 580th public fast charging point, the Ather Grid, across 56 cities in India. As the company expands its national footprint, Ather Energy plans to install 820 more grids, bringing the total to 1400 by the end of FY23. Ather Grids are strategically installed across markets, with 60% of current installations in tier-II and tier-III cities. Besides this, favorable government initiatives are bolstering the growth of the market in the Asia Pacific region.

Competitive Landscape:

Major manufacturers are rapidly expanding their charging networks, both in terms of geographical coverage and charging capacity. This involves establishing charging stations at strategic locations, such as highways, urban centers, commercial areas, and residential areas, to provide convenient access to EV owners. Moreover, they are investing in research and development (R&D) activities to improve charging technology. This includes the development of faster and more efficient charging solutions that have smart charging capabilities and are compatible with emerging EV models. Besides this, various companies are focusing on the deployment of DC fast charging stations that offer rapid charging capabilities that align with the needs of long-distance travelers and those seeking quick top-ups.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• ABB Ltd.
• Blink Charging Co.
• BP plc
• ChargePoint Inc.
• Daimler AG
• Eaton Corporation PLC
• EFACEC Power Solutions SGPS S.A.
• Engie SA
• EVgo Services LLC (LS Power Development LLC)
• Renault Group
• Schneider Electric SE
• SemaConnect
• Siemens AG
• Tata Power Company Limited
• Tesla Inc.
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Global Electric Vehicle Charging Station Market News:

• March 2024: Servotech Power Systems Ltd., a green charging solutions provider in India, has secured a contract for EV charging stations throughout the Nashik Municipal Corporation area. This contract entails the supply, construction, and commissioning of 20 electric vehicle (EV) charging stations across the area.
• March 2024: Pham Nhat Vuong, chairman of conglomerate Vingroup and founder of electric vehicle maker VinFast, announced the establishment of V-Green Global Charging Station Development Company.
• January 2023: ABB E-mobility announced a new residential AC charging solution, Terra Home, at CES 2023 in Las Vegas for electric vehicles (EVs). The innovative design enables users to make use of their renewable energy sources to reduce the carbon footprint.

Electric Vehicle Charging Station Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the electric vehicle charging station market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global electric vehicle charging station market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the electric vehicle charging station industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.