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Electric Vehicle Charging Station Market Size By Current (AC {Level 1, Level 2}, DC {DC Fast}), By Charging Site (Public, Private), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI5313
  • Published Date: Aug 2022
  • Report Format: PDF

Industry Growth Drivers

EV Charging Station Market size valued at USD 11 billion in 2021 and is projected to grow at over 27% CAGR between 2022 and 2030. Strong focus on mitigation of greenhouse gas emissions is likely to fuel the industry expansion.
 

EV Charging Station Market

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Electric vehicle sales continue to rise sharply due to the significant environmental impacts of gas-powered vehicles and concerns about greenhouse gas emissions. In the United States, EV adoption is picking up pace as gas prices soar to record levels. As per an American Automobile Association survey, a quarter of the American population revealed plans to purchase an EV. Also, 77% of those looking to purchase a plug-in vehicle stated that their interest was driven by a desire to save on gas costs.
 

The rising awareness about the benefits of sustainable fuel sources will also contribute to the growth trajectory of electric vehicle charging station market. Residential establishments near transportation facilities are at greater risk of vehicle emissions, which are associated with cardiac and respiratory health issues such as asthma. Since these conditions are regarded as long-term chronic ailments, the acceptance of low-emission automobiles and electric car charging stations will grow considerably over the forecast period.
 

High installation costs of EV chargers may hinder industry size

Concerns regarding the high installation costs associated with EV charger installation, alongside lack of incentives, may hamper the industry expansion. However, in developed nations, varied provisions have been introduced for EVSE (electric vehicle supply equipment). For example, as a part of the CEJA (Climate and Equitable Jobs Act), Illinois planned to award tax credits of over 80% of the EVSE costs to applications.
 

Rising acceptance of energy-efficient transportation in the AC segment

EV Charging Station Market Share By Current

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In terms of current, the AC electric vehicle charging station market segment crossed around USD 5 billion revenue in 2021. This was attributable to the large-scale deployment of EV charging networks across private and public sites including homes and parks. Recently, there has been a paradigm shift towards the adoption of electric-powered, energy-efficient, and low-carbon transportation. Furthermore, with the rapid tech innovation and integration of advanced built-in elements, AC-powered electric vehicle charging stations will gain significant traction.
 

The market from the AC segment is further sub-categorized into Level 1 and Level 2 AC charging. Of these, the Level 2 AC charging station sub-segment is poised to register a 25% growth rate through 2030. Level 2 charging stations are designed to deliver currents from hardwired units or outlets to vehicles via connectors, similar to standard-issue chargers that require a 208-240V, 40 Amp circuit.
 

High accessibility of public EV charging stations to shape the global industry landscape

The public charging site segment is set to witness 26% gains through 2030, driven by easy accessibility to these stations on roads. Public charging sites also enable the owners of the stations to remotely restrict, monitor, and manage the use of EV devices for energy consumption and optimization, bolstering the segmental outlook.
 

APAC to emerge as a key hub for EV charging infrastructure expansion

Electric Vehicle Charging Station Market Share By Region

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On the regional front, the Asia Pacific is projected to account for nearly 43% of the electric vehicle charging station market share by 2030. Introduction of government schemes such as incentives and tax rebates to boost EV adoption will drive the regional industry growth. For example, in June 2022, China announced negotiations with vehicle manufacturers to extend expensive EV subsidies that were set to expire in 2022. Furthermore, retail MNCs are increasing the installation of EV charging stations, offering significant growth prospects to industry players in the region.
 

Business acquisitions strategies to push the market development

Blink Charging Co., Volta Industries, Inc., Hyundai Motor Company, Schneider Electric, Volkswagen AG, BMW Group, Nissan Motor Co., Ltd., ABB, Siemens, Renault Group, Shell plc, Leviton Manufacturing Co., Inc., Tesla, and Eaton are some of the key electric vehicles charging station market participants globally. Major manufacturers are focusing on strategic alliances and acquisitions to strengthen their footprint and gain a competitive edge over rivals.
 

For example, in June 2022, Blink Charging Co. took over a UK-based electric vehicle charging and sustainable energy solutions company, EB Charging. The acquisition was aimed at enabling Blink to develop and boost its footprint across the UK market through the development of nearly 1,150 EV charging points. The deal was also intended to fuel the company’s rapidly growing presence in the European region and internationally.
 

Influence of COVID-19 on the Electric Vehicle Charging Station Market Dynamics

The COVID-19 outbreak has posed unprecedented impacts on varied industry verticals, including automotive. According to a survey conducted by Mobility Outlook, the pandemic forced over 80% of consumers to postpone the purchase of a 4-wheeler, while 82% deferred plans to purchase a 2-wheeler. This factor may have adversely impacted the demand for EVs and consequently hindered the electric vehicle charging station industry share in the initial months of the pandemic. However, electric car sales have steadily recovered over the past year, which may add impetus to industry progress in the coming years.
 

This market research report on electric vehicle charging station includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2021 to 2030, for the following segments:

Market, By Current

  • AC
    • Level 1
    • Level 2
  • DC
    • DC Fast
    • Others

Market, By Charging Site

  • Public
  • Private

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Mexico
    • Canada
  • Europe
    • Norway
    • Germany
    • Austria
    • Belgium
    • Denmark
    • Finland
    • France
    • Netherland
    • UK
    • Ireland
    • Luxembourg
    • Sweden
    • Italy
    • Portugal
    • Spain
    • Poland
  • Asia Pacific
    • China
    • Japan
    • India
    • Philippines
    • Malaysia
    • Indonesia
    • South Korea
    • Singapore
    • Vietnam
    • Thailand
    • Australia
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Jordan
    • Israel
  • Latin America
    • Argentina
    • Chile

 

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The electric vehicle charging station market size crossed around USD 11 billion in 2021 and is poised to depict a CAGR of over 27% from 2022 to 2030, driven by the strong focus on greenhouse gas emission reduction.

Increasing penetration of EVs, government investments in charging infrastructure, and the proliferating awareness of sustainability are the major market trends defining EV charging station sector.

The AC segment valued at more than USD 5 billion in 2021, which was attributable to the large-scale deployment of EV charging networks in private and public sites including homes and parks.

The electric vehicles (EV) charging station demand from the public segment is slated to depict a growth rate of around 26% through 2030, owing to their increased accessibility on roads.

The APAC will account for around 43% of the revenue share by 2030, which is attributable to the introduction of government schemes such as tax rebates to boost EV adoption.

Blink Charging Co., Volta Industries, Inc., Hyundai Motor Company, Schneider Electric, Volkswagen AG, BMW Group, Nissan Motor Co., Ltd., Renault Group, Shell plc, and Eaton are among the key players partaking in the market share.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 26
  • Tables & Figures: 1266
  • Countries covered: 37
  • Pages: 550

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