Electric Vehicle Charging Station Market Size

EV Charging Station Market Size

Electric Vehicle Charging Station Market size was valued at USD 38.5 billion in 2023 and is set to grow at over 23.1% CAGR from 2024 to 2032. EV charging station is an electric vehicle supply equipment (EVSE), or charge point where an equipment supplies electric power for charging electric vehicles including electric trucks, electric cars, neighborhood electric vehicles, plug-in hybrids, and electric buses. Large-scale investments coupled with increasing sustainable energy demand toward the deployment of EV charging infrastructure will augment a favorable business scenario.

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Stringency in government norms owing to the increasing effects of GHG emissions and impacts on environment health are encouraging the demand for sustainable energy vehicles operating on electricity. For instance, in August 2021, the U.S. government under its Build Back Better Agenda & Advance Smart Fuel Efficiency and Emission Standards, has set a target of 50% electric vehicle sales share by 2030.

A wide majority of EV charging providers are expanding their networks across various region, making it easier for consumers to find a charging station as per requirement, which directly adds to the increasing the electric vehicle charging station market expansion. Some are even partnering with other companies to create a seamless network of charging stations across the continent. For instance, in December 2022, Volkswagen AG became one of the largest EV charging network providers in the Europe with its energy brand Elli. The companies successfully deployed around 400,000 charging points across countries including Germany, Netherlands, Norway, & Sweden. Aggressive deployment of EV charging stations to fulfill the charging need along with continuous efforts of key companies through strategic partnership & alliances will augment the industry dynamics over the forecast timeline.

The increasing number of EV charging stations across developed region including North America & Europe is a result of a amalgamation of factors, including government support, growing demand, corporate social responsibility, and technological advancements. As electric vehicles become more mainstream, the region is anticipated to see further growth in the EV charging infrastructure sector over the projected timeline. In addition, many European countries have implemented policies and regulations to support the adoption of electric vehicles, such as subsidies, tax incentives, and emissions regulations. These policies create a favorable environment for businesses to invest in EV charging infrastructure, thereby complementing the overall EV charging station market.