Growth Opportunities in the Electric Vehicle Charging Station Market
Market Research Future Insights
According to MRFR analysis, the global Electric vehicle Charging Station Market is expected to register a CAGR of ~ 38.5% from 2023 to 2030 and hold a value of over ~USD 165.5 billion by 2030.
The electric vehicle charging station is a device to transfer electricity from the electric grid and allocates electricity to charge electric vehicles, such as battery electric vehicles, plug‐in hybrid electric vehicles, and hybrid electric vehicles. There are trio basic types of charging stations: AC, DC, and inductive charging stations, which have been distinguished according to the nature of the charger use, such as residential and commercial use.
Furthermore, electric vehicle charging includes the process of obtaining AC electricity through an AC electric grid and converting it into DC electricity and storing it in DC batteries of electric vehicles. The charger is cast-off as power electronics to convert AC to DC and to control battery charging.
The COVID-19 epidemic has posed unparalleled impacts on varied industry verticals, including automotive. According to a survey led by Mobility Outlook, the pandemic forced over 80% of consumers to postpone the acquisition of a 4-wheeler, while 82% deferred plans to purchase a 2-wheeler. This factor may have unfavorably impacted the demand for EVs and consequently delayed the electric vehicle charging station industry share in the initial months of the pandemic. However, electric car sales have progressively recovered over the past year, which may add impetus to industry progress in the imminent years.
EV Charging Station Market Trends:
Growing EV Adoption: The increasing popularity of electric vehicles is driving the demand for charging infrastructure. Governments, as well as individuals and businesses, are investing in EV charging stations to support the expanding EV market.
Government Initiatives: Governments around the world are implementing policies and initiatives to encourage the adoption of electric vehicles. This includes incentives for EV charging infrastructure development, such as grants, tax credits, and subsidies. These government actions are playing a significant role in the growth of the charging station market.
Expansion of Charging Networks: Companies and organizations are establishing charging networks to provide convenient access to charging infrastructure. These networks often involve partnerships between charging station operators, automakers, and energy companies. Examples include Tesla's Supercharger network and the Ionity network in Europe.
EV Charging Station Market Regional Analysis
Asia-Pacific dominates the ev charging stations market in a stand of market share and revenue and will stay to flourish its dominance during the estimated period. This is owing to the growing environmental concern among people and government and the rising number of electric vehicles in this region.
During the expected period, North America and Europe are projected to be the fastest-developing regions. Over the next years, the United States is likely to see a major upsurge in the number of DC charging stations installed. In the United States and Germany, an upsurge in the number of household electric vehicle charging stations is anticipated.
EV Charging Station Market Market Segmentation
The global Electric vehicle Charging Station Market has been segmented into type, and application
Based on type, The global Electric vehicle Charging Station Market has been segmented into AC Charging, DC Charging, and Wireless Charging. DC charging station led the global electric vehicle charging station market with the largest share in 2021. This is mostly attributed to the fast-charging capacity and attractive pricing of DC charging stations. The DC charging station straight charges the battery by converting the power before it enters the car's converter. The DC charging station charges the battery straight as it converts the electricity before inflowing it into the car's converter. Additionally, the rapid upsurge in the adoption of technologies, such as Near-field Communication (NFC) and Radio Frequency Identification (RFID), in charging stations connected to highways also flourishes the DC charging market growth.
Based on application, The global Electric vehicle Charging Station Market has been segmented into Private Type and Public Types. Public-type charging stations held the main revenue share in 2021 as they are more cost-effective to the manufacturers. In addition, they have adequate parking space and are accessible to all public. On the other hand, private-type charging stations are essentially workplace-based or residential-based stations that are only accessible to the owners. As a result, OEMs and different values are also focused on building public charging stations. Thus, important benefits offered by the public type over the private type fuel the market growth
EV Charging Station Market Key Players
Some of the key market players are Webasto Thermo & Comfort (Germany), Schneider Electric (France), Blink Charging Co. (US), Groupe Renault (France), Phihong USA Corp. (US), EV Safe Charge Inc (US), Eaton (Ireland), Tata Power. (India), SemaConnect, Inc. (US), Daimler AG (Germany), Siemens (Germany), and EVgo Services LLC (US)
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