Electric Vehicle Charging Stations Market Size & Forecast
The Electric Vehicle Charging Stations Market is projected to reach $159.7 billion by 2030, at a CAGR of 28.9% during the forecast period 2023–2030. The growth of this market is driven by government initiatives to promote EV adoption and the development of associated infrastructure, the rising demand for EV fast-charging infrastructure, the growing implementation of vehicle-to-grid charging stations, and the increasing EV deployment by shared mobility operators. The increasing spending on the education sector and rising internet and mobile phone user base are expected to create market growth opportunities.
However, the high installation costs of electric vehicle charging stations restrain the growth of this market. High electricity tariffs in developing countries are major challenges for the players operating in this market. Additionally, electric vehicle charging stations powered by renewable energy is a prominent trend in the market.
Government Initiatives to Promote EV Adoption is Expected to Drive EV Growth
With technological advancements in electric drivetrains, governments worldwide are accelerating the transition to electric vehicles as a sustainable mode of public and private transportation. Considering the environmental benefits of EVs, governments are increasingly offering incentives and subsidies to promote EV adoption and the development of associated charging infrastructure.
In recent years, the growing adoption of electric vehicles due to their efficiency and eco-friendly nature has driven the demand for fast-charging infrastructure. Electric vehicles are expected to be utilized for city commutes and long-distance traveling. Most EVs require fast-charging solutions to ensure smooth, uninterrupted travel. Leading charging station network operators worldwide have announced projects for the deployment of fast-charging stations, and many shared mobility operators across the globe have set targets for fleet electrification, leading to significant growth in charging infrastructure. Some companies have set region-specific targets, whereas others have defined overall fleet goals.
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Key Findings in the Electric Vehicle Charging Stations Market Study:
In 2023, Hardware Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on component, the global ev charging stations market is broadly segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the electric vehicle charging stations market. This segment's large market share is attributed to the rising adoption of EVs, the increasing deployment of electric vehicle charging stations, and the increasing government initiatives aimed at electrifying public bus fleets that will need the bus charging stations, and deploying associated charging infrastructure.
However, the software segment is projected to register the highest CAGR (compound annual growth rate) during the forecast period. This segment's growth is attributed to increasing transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real-time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.
In 2023, the Level 2 Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on charging type, the global electric vehicle charging stations market is broadly segmented into Level 1, Level 2, and DC fast charging. In 2023, the Level 2 segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of Level 2 chargers for residential and commercial applications and support of longer driving ranges by providing a more substantial charge than Level 1 chargers and government incentives and regulations to promote the installation of Level 2 chargers. However, the segment is also projected to register the highest CAGR during the forecast period.
Based on volume, in 2023, the Level 2 segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed due to various factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers towards the development of DC fast charging station infrastructure to support their long-range battery-electric vehicle, the need to provide significantly faster charging compared to Level 2 chargers, and increasing installation of DC fast chargers in public locations along highways, shopping centers, restaurants, and other high-traffic areas. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period.
In 2023, the Connectors Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on connection type, the global electric vehicle charging stations market is broadly segmented into pantograph, connectors, and wireless charging. In 2023, the connectors segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed to the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles, the increasing need for faster charging connectors compatible with high-power DC fast charging, the growing need for reliable connectors minimize the risk of electrical faults, overheating, and other potential hazards, and increasing International standards and regulations for promoting a harmonized charging infrastructure worldwide.
However, the segment is also projected to register the highest CAGR during the forecast period.
In 2023, the Wall Mount Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on mounting type, the global electric vehicle charging stations market is broadly segmented into wall mount, pedestal mount, and ceiling mount. In 2023, the wall mount segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the increasing need to offer high-speed charging in a compact, affordable, and scalable package.
However, the segment is also projected to register the highest CAGR during the forecast period.
In 2023, the Passenger Cars Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on vehicle type, the global electric vehicle charging stations market is broadly segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters. In 2023, the passenger cars segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles, environmental concerns and emission regulations, advancement of EV battery technology, and expansion of charging infrastructure networks.
However, the two-wheelers & scooters segment is projected to register the highest CAGR during the forecast period due to various factors such as the increasing popularity of electric scooters and 2-wheelers, increasing need for cost-effective and agile modes of transportation, and government incentives and policies, including subsidies, tax benefits, and special grants for purchasing electric 2-wheelers.
In 2023, the Commercial EV Charging Stations Segment is Expected to Dominate the Electric Vehicle Charging Stations Market
Based on end user, the global electric vehicle charging stations market is broadly segmented into commercial EV charging stations and residential EV charging stations. In 2023, the commercial EV charging stations segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles in commercial fleets for cost savings and reduced emissions, increasing government regulations and incentives for electric vehicle adoption in commercial fleets, increasing Infrastructure development for shared mobility services, and growing installation of commercial EV charging stations for cost savings and reduced emissions.
However, the segment is also projected to register the highest CAGR during the forecast period.
Asia-Pacific to be the Fastest-growing Regional Market
Based on geography, the global electric vehicle charging stations market is segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the electric vehicle charging stations market. The large market share of Asia-Pacific is mainly attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicles. However, the Asia-Pacific market is also projected to register the highest CAGR during the forecast period.
By volume, in 2023, the Asia-Pacific market is expected to account for the largest share of the electric vehicle charging stations market. The large share of the Asia-Pacific market is attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase electric vehicle adoption. However, the Asia-Pacific market is also projected to register the highest CAGR during the forecast period.
Electric Vehicle Charging Stations Market: Competitive Analysis
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by the leading market participants in the electric vehicle charging stations market in the last three to four years. The key players profiled in the electric vehicle charging stations market report are ChargePoint Holdings, Inc. (U.S.), Tesla, Inc. (U.S.), EVgo Inc. (U.S.), ABB Ltd. (Switzerland), Blink Charging Co. (U.S.), BP p.l.c. (U.K.), Shell Plc (U.K.), Électricité De France (France), Electrify America LLC (U.S.), EVBox Group (Netherlands), AddÉnergie Technologies, Inc. (Canada), Connected Kerb Limited (U.K.), Hangzhou AoNeng Power Supply Equipment Co. LTD. (China), Webasto Group (Germany), EV Charging Installers of America LLC (U.S.), Wanbang Xingxing Charging Technology Co., Ltd. (China), and Siemens AG (Germany).
Scope of the report:
EV Charging Stations Market Assessment, by Component
- Hardware
- Electric Vehicle Supply Equipment (EVSE)
- Electrical Distribution Systems
- Cable Management Systems
- Software
- Charging Station Management Systems (CSMS)
- Interoperability Solutions
- Open Charge Point Protocol (OCPP)
- Smartphone Applications
- Services
- Maintenance Services
- System Integration and Installation Services
EV Charging Stations Market Assessment, by Charging Type
- Level 1
- Level 2
- DC Fast Charging
EV Charging Stations Market Assessment, by Connection Type
- Pantograph
- Connectors
- Wireless Charging
- Static Wireless EV Charging
- Dynamic Wireless EV Charging
EV Charging Stations Market Assessment, by Mounting Type
- Wall Mount
- Pedestal Mount
- Ceiling Mount
EV Charging Stations Market Assessment, by Vehicle Type
- Passenger Cars
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two-wheelers & Scooters
EV Charging Stations Market Assessment, by End User
- Commercial EV Charging Stations
- Commercial Public EV Charging Stations
- On-Road Charging Stations
- Parking Space Stations
- Destination Charging Stations
- Commercial Private EV Charging Stations
- Fleet Charging
- Captive Charging
- Residential EV Charging Stations
EV Charging Stations Market Assessment, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- Australia
- New Zealand
- India
- Rest of Asia-Pacific (ROAPAC)
- Europe
- Germany
- Norway
- Sweden
- Italy
- U.K.
- Spain
- Netherlands
- France
- Denmark
- Rest of Europe
- North America
- Latin America
- Middle East & Africa
Key questions answered in the report: