Electric Vehicle Charging Station Market Size to Surpass USD 344.61 billion by 2032

The global electric vehicle charging station market size was estimated at USD 26.9 billion in 2022 and it is projected to hit around USD 344.61 billion by 2032 with a remarkable CAGR of 29.1% from 2023 to 2032.

Key Takeaway

As per a report published by International Energy Agency (IEA) in 2020, China own total 52% of slow chargers and 82% of fast chargers globally.
By charging Level, the Level 2 segment has captured 70% revenue share in 2022.
By mode of charging, the plug-in charging segment has accounted revenue share of around 86% in 2022.
By end user, the residential segment has held revenue share of around 65% in 2022.
In 2022, the public chargers application segment accounted market share of around 85%
DC charging station segment garnered revenue share of around 75% in 2022.

Electric vehicle charging station is an infrastructure that is used for recharging the batteries of electric vehicles. With the bolstering sales of electric vehicles worldwide EV manufacturers are increasingly focused towards the development of the charging infrastructure to fulfill the operational requirements of the electric vehicles. Moreover, with rising consumer demand market players are significantly transforming and developing new technologies in both public and private charging stations. Consumers have more emphasis on fast-charging stations that will save their time and also boost the performance of the battery.

Get the Sample Pages of Report for More Understanding@ https://www.precedenceresearch.com/sample/1003

Growth Factors

Commercial success for electric vehicles needs installation of charging infrastructure which is reachable, accessible, and comparatively reasonable irrespective of their location. Strategic initiatives taken by some of the major players to provide free charging facility to the electric vehicle owners will provide traction to the market growth. In addition, rising trend of home & workplace charging stations or private charging stations in North American and European countries attributed to boost the AC charging station market size. Private charging provides fast and reliable charging with no time constraint, which may provide ease of EV charging to the vehicle owners. However, lack of standardization coupled with various costs associated with charging station such as operational, maintenance, and installation costs may hinder the market growth. In addition, the looming under investment for the EV charging station development projects projected to hamper the growth of the market. The European Environment Agency (EEA) revealed that only 10 out of 28 European countries have received the incentives for the development of EV charging infrastructure as of May 2016.

Report Highlights

Asia Pacific was the dominant region in 2019 and is expected to be the most attractive market during the forecast period. China, India, Japan, and Korea are some of the most lucrative regions for the electric vehicle charging station market growth. Rising investments and government initiatives are the major factors for its significant growth.
North America and Europe are the significant revenue contributors in the global electric vehicle market with substantial growth. Government’s targets to curb the carbon emission and boost the adoption of electric vehicles are some of the major factors driving the EV charging station market in these regions.
DC charging point led the market share with approximately 60% of the revenue share in 2019 owing to fast charging capability and attractive pricing of the DC charging. However, wireless charging expected to witness the fastest growth rate during the forecast period.
By end user segment, public type charging station dominated the global EV charging station market because they are more economical to the manufacturer. Moreover, they offer larger paring space and are accessible to all public.

Report Scope of the Electric Vehicle Charging Station Market

Report Highlights	Details
Market Size in 2023	USD 34.59 Billion
Market Size by 2032	USD 344.61 Billion
Growth Rate from 2023 to 2032	CAGR of 29.1%
Largest Market	Asia Pacific
Fastest Growing Market	Europe and North America
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Charging Station Type, Power Output, Supplier Type, End User, Geography

Regional Snapshots

Asia Pacific projected as the most opportunistic region for this market during the forecast period. The prime factor attributed to significant investment by government of various Asian countries to promote the adoption of EV coupled with different initiative by government to reduce the carbon footprint in their areas. In September 2019, South Korea announced nearly USD 900 million for the e-mobility subsidies. Out of the total amount, USD 609 million is planned to be used for the development of EV charging infrastructure. Similarly, in June 2020, Tata Power announced its plan to expand the EV charging network in India by over 700 by the end of the year 2021.

Europe and North America are the other most prominent regions in the global electric vehicle charging station market. The regions have their prime focus to increase the battery-powered fleet and reduce the harmful gas emission. Being center for several technological giants, the regions are investing significantly by providing loans and other benefits to the EV startups and established manufacturers.

Key Players & Strategies

The global electric vehicle charging station market is highly competitive owing to significant technological developments in the market. Market players are also involved in merger, acquisition, partnership, regional expansion and other similar marketing strategies to consolidate their market position. For instance, in January 2017, BMW AG and Nissan Motor Corp. signed partnership agreement to build 174 DC fast-charging points to support their rising EV fleets in U.S.

Key Companies & Market Share Insights

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.

Segments Covered in the Report

By Level of Charging

Level 1
Level 2
Level 3

By Charging Station Type

AC Charging
DC Charging
Wireless Charging

By Power Output

<11KW
11KW-50KW
>50KW

By Supplier Type

OE Charging Station
Private Charging Station

By Vehicle Type

Passenger Cars
Battery Electric Vehicle (BEV)
Plug-in Hybrid Vehicle(PHEV)
Heavy Commercial Vehicles
Light Commercial Vehicles
Two-wheelers & Scooters

By Installation Type

Fixed
Portable
Residential
Commercial

By Connector Type

Normal Charging
Type 2
CCS
CHAdeMO
Tesla SC
GB/T

By Application

Private
Public

By Mounting Type

Wall Mount
Pedestal Mount
Ceiling Mount

By Charging Service

EV Charging Service
Battery Swapping Service

By End User

Commercial EV Charging Stations
- Commercial Public EV Charging Stations
  - On-Road Charging
  - Parking Spaces
  - Destination Chargers
- Commercial Private EV Charging Stations
  - Fleet Charging
  - Captive Charging
Residential EV Charging Stations