This comprehensive market research report on Electric Vehicle (EV) Charging Station Market covers a wide range of market aspects, including market definition, pricing and currency, market segmentation, industry overview, premium insights, critical insights, and company profiles of major market players. Additionally, market drivers, market constraints, opportunities, and problems for a certain firm are taken into account when doing market overview research.
Electric Vehicle (EV) Charging Station Market Overview
The global Electric Vehicle (EV) Charging Station market size was estimated at USD 16.03 billion in 2023 and is projected to reach USD 186.8 billion in 2030 at a CAGR of 42.1% during the forecast period 2023-2030.
An electric vehicle charging station is a device or equipment that is used to recharge electric vehicles by connecting them to a source of electricity. These charging stations are typically installed at public locations such as shopping centers, parking lots, and other areas where electric vehicles may need to be charged. Private companies or electric utility companies are responsible for installing these charging stations. Electric vehicle charging stations provide different types of charging levels, including level 1, level 2, and level 3. These levels refer to the amount of power that is delivered to the vehicle during the charging process. Level 1 charging provides the slowest charging rate, while level 3 charging provides the fastest charging rate. Electric vehicle charging stations also have multiple configurations, including wall-mounted or free-standing, single charging head or multi-head, commercial or residential grade, and indoor or outdoor installment. Wall-mounted charging stations are typically installed on a wall, while free-standing charging stations are installed on a pedestal or other structure.
Single charging head stations have one charging port, while multi-head stations have multiple charging ports. Commercial grade charging stations are designed for high-traffic areas, while residential grade charging stations are designed for home use. Indoor charging stations are installed inside a building, while outdoor charging stations are installed outside. The global electric vehicle charging station market is experiencing significant growth. This growth is primarily due to the increasing adoption of electric vehicles across the world. Governments around the world are taking initiatives to promote the use of electric vehicles, which is further driving the growth of the market. These initiatives include tax incentives, subsidies, and other policies that make electric vehicles more affordable and accessible to consumers.
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The COVID-19 pandemic had a significant impact on the automotive industry, with about 95% of all automotive-related companies putting their workforces on hold during the lockdowns. The lockdowns resulted in the halt of manufacturing activities, which had immense and unprecedented repercussions globally. However, as economic activities resumed and vehicle production rose worldwide, the market regained its momentum. With economies gradually getting back on track, the electric vehicle charging station market is likely to witness significant growth over the next five years. This growth can be attributed to the increasing demand for electric vehicles, which is driving the need for more charging stations. Governments worldwide are also promoting the adoption of electric vehicles by offering incentives and subsidies, which is further boosting the growth of the electric vehicle charging station market.
Delvens Industry Expert's Standpoint
The increase in carbon emissions and other harmful pollutants from transportation has led to the need for electric vehicles as a more sustainable alternative. This has resulted in a growing demand for electric vehicle charging infrastructure in both business and residential settings.
Automobile manufacturers are now cooperating to develop charging infrastructure, and a subscription model is also being considered to boost market expansion. Commercial spaces have a higher market penetration of electric vehicle charging equipment compared to residential areas. As the usage of electric vehicles increases, the number of commercial charging stations is expected to rise. Improving charging infrastructure in commercial areas is critical in increasing the use of electric vehicles, as overnight charging at residential complexes or individual residences may not be sufficient for long-distance travel. The government's initiatives to encourage the adoption of electric vehicles and associated infrastructure, rising demand for fast charging infrastructure, and increased deployment of electric vehicles by shared mobility operators are the major factors driving the market's growth. Market players can benefit from increased research and development in vehicle-to-grid technology and the rising acceptance of electric mobility in emerging nations.
Key Findings
• On the basis of charging station type, The DC charging station is the most popular type of electric vehicle charging station in the global market in 2022, with the largest revenue share. This is mainly due to the fast-charging capacity and attractive pricing of DC charging stations, which make them a convenient and cost-effective option for electric vehicle owners. The DC charging station directly charges the battery by converting the power before it enters the car's converter. This means that the electricity is converted to a form that can be used by the car's battery, without the need for additional conversion steps. This direct charging process is more efficient than other types of charging stations, which may require additional conversions that can result in energy loss. Additionally, the adoption of technologies such as Near-field Communication (NFC) and Radio Frequency Identification (RFID) in charging stations installed on highways is also contributing to the growth of the DC charging market.
• On the basis of vehicle type, Governments worldwide are promoting the production of automobiles in response to the increasing concerns about the environmental impact of conventional cars. The combustion of fossil fuels in conventional cars releases harmful pollutants into the atmosphere, contributing to air pollution and climate change. Zero-emission cars, also known as electric vehicles (EVs), are becoming more popular as an eco-friendlier mode of public transit across the globe. EVs run on electricity and produce no tailpipe emissions, making them a cleaner alternative to conventional cars. To encourage the use of EVs, numerous national authorities provide financial incentives such as refunds and tax exemptions, lower parking/toll charges for EVs, free charging, and subsidies. These incentives aim to make EVs more affordable and accessible to the general public, thereby promoting their adoption and reducing the reliance on conventional cars.
• On the basis of Connecter Type, The AC charging specification is a type of charging system for electric vehicles that was created by Mennekes, a well-known connection maker. This specification has been widely accepted and utilized by electric vehicle users in various regions, including Taiwan, Europe, Australia, and Southeast Asia. The Type 2 connector is a type of AC charging specification that distinguishes itself from other types by lacking a pin on the object. Customers have the option to choose from different amperage options, such as SINBON's 20A or 32A, when selecting an AC charging specification. The increasing demand for electric vehicles has led to a greater need for charging stations, resulting in the creation of new products and a wider variety of EV charger specifications. AC charging chargers need to arrive faster to meet the needs of electric vehicle users. At its maximum rating of 22 kW, an electric vehicle can be fully charged in approximately 3 minutes. The majority of European electric vehicles use the Type 2 connector, which is why chargers often have this specification.
• The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. the growth of the electric vehicle charging station market in Europe and North America. The growth in these regions is moderate, which means it is not as high as in other regions. The reason for this moderate growth is the government's ambition to reduce carbon emissions and increase the adoption rate of electric vehicles.
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Electric Vehicle (EV) Charging Station Market Regional Analysis
North America to Dominate the Market
• Europe would exhibit the highest CAGR As more people switch to electric vehicles, the demand for charging stations is also increasing, which is fueling the growth of the market.
• The growth of the electric vehicle charging station market is expected to continue in the coming years, as more countries and regions adopt policies to promote the use of electric vehicles.
Electric Vehicle (EV) Charging Station Market Competitive Landscape
• ABB Ltd.
• ChargePoint, Inc.
• EVgo Services LLC.
• Allego
• Scheinder Electric
• Blink Charging Co.
• Wi Tricity Corporation
• Toshiba Corporation
• AeroViroment, Inc.
• Mojo Mobility, Inc.
• General Electric
• Robert Bosch GmbH
• Chargemaster plc.
• Evatran Group
• HellaKGaAHueck& Co.
• Siemens AG
• Leviton Manufacturing Co., Inc.
• Efacec
• Alfen N.V.
• Denso Corporation
• Elix Wireless
• Tesla Inc.
• ClipperCreek
• Engie
• Infineon Technologies AG
• Qualcomm Technologies, Inc.
Electric Vehicle (EV) Charging Station Market Recent Developments
• In November 2022, Shell Deutschland GmbH, a subsidiary of Shell, has acquired SBRS GmbH, a subsidiary of Schaltbau Holding AG. SBRS GmbH is a well-known provider of charging infrastructure solutions for commercial electric vehicles. The acquisition has added valuable experience in electric bus charging to Shell's portfolio. Additionally, the acquisition has also added a significant pipeline in electric truck charging to Shell's portfolio. This acquisition is a part of Shell's strategy to expand its lower-carbon solutions for fleet solutions and commercial road transport customers.
• In October 2022, Erisha E Mobility is a subsidiary of Rana Group, which has announced the launch of three new electric vehicles and EV charging stations. The three new electric vehicles are E-Superior Electric Cargo Loader, E-Supreme Electric Delivery Van, and E-Smart Electric Passenger Vehicle three-wheeler auto. These vehicles belong to the L5 category, which means they are designed for commercial use and can carry heavy loads. The E-Superior Electric Cargo Loader is a heavy-duty electric vehicle that can carry up to 1.5 tons of cargo. It is designed for use in logistics and transportation industries. The E-Supreme Electric Delivery Van is a medium-duty electric vehicle that can carry up to 500 kg of cargo. It is designed for use in last-mile delivery and courier services.
Reasons to Acquire in the Electric Vehicle (EV) Charging Station Market
• Increase your understanding of the market for identifying the most suitable strategies and decisions based on sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends, and factors.
• Gain authentic and granular data access for the Electric Vehicle (EV) Charging Station Market to understand the trends and the factors involved in changing market situations.
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future.
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns.
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