Electric Vehicle Charging Stations Market to Reach $103.6 Billion and 11.6 Million Units by 2028

Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling) Vehicle Type, End-user, and Geography - Global Forecast to 2028

Meticulous Research®— a leading global market research company, published a research report titled “Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling) Vehicle Type, End-user, and Geography - Global Forecast to 2028”.

The electric vehicle charging stations market is expected to grow at a CAGR of 26.4% by value from 2021 to reach $103.6 billion by 2028. By volume, this market is expected to grow at a CAGR of 31.1% from 2021 to reach 11.6 million units by 2028. This market is majorly driven by factors such as government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety, and increasing deployment of EVs by shared mobility operators. Moreover, increasing R&D in V2G technology, increasing adoption of electric mobility in emerging economies, and growing deployment of charging stations by retail MNCs provide significant opportunities in this market. However, the high initial cost of installation obstructs the growth of this market to some extent. High electricity tariffs in developing economies is a major challenge for the growth of the electric vehicle charging stations market.

The market is segmented based on charging type, connection type, vehicle type, mounting type, component, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on charging type, the electric vehicle charging stations market is mainly segmented into Level 2, Level1, and DC fast charging. The Level 2 segment accounted for the largest share of the electric vehicle charging stations market in 2020 by both value and volume. The large share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower installation cost compared to DC fast-charging stations, and greater efficiency in terms of less charging time than Level 1 charging stations. However, the DC fast charging segment is expected to witness significant growth by both value and volume, as DC fast chargers provide faster charging as compared to Level 1 & Level 2 charging stations.

Based on connection type, the electric vehicle charging stations market is segmented into pantograph, connectors, and wireless EV charging. The connectors segment accounted for the largest share of the electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to government and automakers initiatives to expand the DC fast-charging station infrastructure, increasing investment by stakeholders of electric mobility in emerging economies for developing EV charging infrastructure, and increasing collaboration between electric vehicle charging station providers and utility companies and fuel station operators to deploy charging stations for electric vehicles. However, the wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the standardization of wireless EV charging systems leading to increased R&D and pilot projects for deploying wireless EV charging stations.

Based on component, the electric vehicle charging stations market is segmented into hardware, software, and services. The hardware segment accounted for the largest share of the electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to infrastructural developments for supporting the transition to electric mobility, increasing demand for EV charging stations in developing and developed economies, and attractive fiscal and non-fiscal incentive plans for setting up manufacturing units of EV charging stations and related components. However, the software segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing software adoption to overcome the optimum power challenges and optimize charging station operation.

Based on mounting type, the electric vehicle charging stations market is segmented into wall mount, pedestal mount, and ceiling mount. The wall mount segment accounted for the largest share of the electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to the cost-effectiveness of the wall mount chargers, easy installation process, and various fiscal and non-fiscal incentives to private property owners and management companies for the development of EV charging infrastructure. However, the pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing deployment of pedestal-mounted EV chargers by real estate property owners and managers.

Based on vehicle type, the electric vehicle charging stations market is segmented into passenger cars, light commercial vehicles, heavy commercial vehicles, and two-wheelers & scooters. The passenger cars segment accounted for the largest share of the electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. However, the light commercial vehicle segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to stringent government rules and regulations towards vehicle emissions.

Based on end user, the electric vehicle charging stations market is segmented into commercial and residential EV charging stations. The commercial EV charging stations segment accounted for the largest share of the electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to the growing number of EV charging stations in public places like shopping malls, restaurants, commercial buildings, parking areas, railway stations, and airports; and government initiatives for the installation of publicly accessible charging stations. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.

Geographically, the Asia-Pacific region accounted for the largest share of the electric vehicle charging stations market in 2020 by value as well as volume. The large share of this market is mainly attributed to the growing demand for electric vehicles in countries such as China and Japan, rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicle and associated charging infrastructure, and ongoing investments by various countries for robust charging infrastructure used in shopping malls, public buildings, and parking facilities.

The key players operating in the electric vehicle charging stations market are Webasto Group (Germany), EVBox Group (Netherlands), Electrify America LLC. (U.S.), BP p.l.c. (U.K.), Royal Dutch Shell PLC (Netherlands), Evgo Services LLC. (U.S.), Connected Kerb Limited (U.K.), Wanbang Xingxing Charging Technology Co., Ltd. (China), Électricité de France (France), Tesla, Inc. (U.S.), Hangzhou Aoneng Power Supply Equipment Co., Ltd. (China), EV Charging Installers of America LLC (U.S.), Addénergie Technologies, Inc. (Canada), EV Connect, Inc. (U.S.), and ChargePoint Holdings, Inc. (U.S.).

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Key Questions Answered in the Report-

Which are the high-growth market segments in terms of charging type, connection type, vehicle type, mounting type, component, end user, and geography?
What is the historical market size for electric vehicle charging stations across the globe?
What are the market forecasts and estimates for the period 2021-2028?
What are the major drivers, restraints, opportunities, and challenges in the electric vehicle charging stations market?
Who are the major players in the market, and what are their market shares?
Who are the major players in various countries, and what are their market shares?
How is the competitive landscape for the electric vehicle charging stations market?
What are the recent developments in the electric vehicle charging stations market?
What are the different strategies adopted by the major players in the market?
What are the key geographic trends, and which are the high-growth countries?
Who are the local emerging players in the electric vehicle charging stations market, and how do they compete with other players?