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According to Research Layer, the Global Electric Vehicle Charging Stations Market is expected to surpass USD 1624.56 Million by 2030 with a CAGR rate of 38.7% during the projected period.
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The electric vehicle charging station is also referred as EV charging station or an electric charging point. It is a component in infrastructure that supplies electric energy for recharging an electric vehicle. These vehicles are plug-in electric vehicles including electric cars, neighborhood electric vehicles, and plug-in hybrids. A charging station is generally in the form of fixture connected directly to an electrical distribution panel. It includes one or more charging cables which are equipped with a connector that is like a gas pump nozzle. To charge the battery it is connected to the EVs charging socket. The charging station has the light that shows that electric vehicle id charging.
The global electrical vehicle charging station market is fueled by growing government support, increased electric vehicle sale, and need to reduce pollution. However, high cost of charging station and installation might hinder the EV charging station market growth.
The coronavirus outbreak has caused a slowdown in the global economy. The market for electric car charging stations is anticipated to rise once again as restrictions are relaxed and trade borders are opened, despite the fact that new versions represent a significant risk to human health. Market players are using contingency planning to address supply chain, operational, and inventory management challenges since the vehicle sector has been one of the most severely affected by the epidemic. Businesses both domestically and abroad are utilising government stimulus programmes to increase EV sales. The infrastructure for electric car charging stations is anticipated to expand as a result of these developments.
Global Electric Vehicle Charging Stations Market Driver:
Increasing Government Support
The government follows various initiatives to support the electric vehicle charging station market. The government supports by providing tax credits and various subsidies to promote the sale of electric vehicles. Further, the government also provides road tax exemption to increase the sale of the electric vehicles. Another driving factor for the growth of market is government incentives and subsidies for electric vehicle charger infrastructure development. For instance, in October 2017, the Indian government has promoted investment imitative from the number of companies, both domestic and foreign.
Increasing Use of Electric Vehicles
The demand for electric vehicles is increasing drastically across the globe. The adoption rate of electric vehicles is increasing with the introduction of DC fast charging, wireless charging, ultrafast electric vehicle supply equipment (EVSE) that has capacity to charge vehicle batteries to 100% within 15-30 minutes. The different technologies and applications help the drivers to easily search for charging stations by using smartphones and navigation system in cars which may also boost the sale of electric vehicles. For instance, the EV sales is increased by 63 % in 2017, compared to 2016.
Reduce Pollution
Electric vehicles will help to keep the society clean. The use of electric vehicle would reduce the harmful air pollution from exhaust emission. According to the government of Colorado finalized a plan to spend $68.7 million to cut car and truck pollution in the state by investing in electric and alternative-fuel vehicles.
Global Electric Vehicle Charging Stations Market Opportunity:
Growing investment within electric vehicle industry
There is heavy investment from automakers in electric vehicles which is an emerging opportunity for the growth of the market. According to the government of Andhra Pradesh, they are attracting investments to the tune of $4.6 billion (INR 30,000 Cr), in a proposal to boost its electric vehicles industry. The state is planning to offer an array of incentives both to consumers and companies, in the form of capital subsidies to automakers and charging equipment manufacturers.
The Global Electric Vehicle Charging Stations Market has been segmented based on charging station, power output, supplier type, end use, and region/country.
Based on the component, the Global Electric Vehicle Charging Stations has been segmented into AC Level1, Level 2, and Level 3. Level 3 held the largest share for the market. This dominance is owing to presence of large number of level 3 charging station in APAC region.
Based on the communication infrastructure, the market has been segmented into <11KW, 11KW-50KW, and >50KW.
Based on the device usage, the Global Electric Vehicle Charging Stations Market has been segmented into OE Charging Station and Private Charging Station.
Based on the end use, the market has been segmented into Private Type and Public Type. Public Type held the largest share for the EV charging station market. Public access to fast charging is the key factor considered before buying EV. Hence, anticipated to drive the segment growth.
The Global Electric Vehicle Charging Stations Market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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The geographic analysis of the Global EV charging station market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
Asia-Pacific region is expected to be the largest market for electric vehicle charging stations Market owing to improving infrastructure along with the favourable government initiatives and growing environmental awareness. However, there is high electric vehicle infrastructure spending and increasing use of electric vehicles in countries such as China and Japan. Moreover, the government of this region is investing a huge amount for R&D related to electric vehicles and offers incentives to assist electric vehicle charging stations. China has witnessed growth in both electric vehicles and their charging infrastructure. Japan has the highest penetration of fast electric vehicle charging stations. countries such as South Korea and India are taking huge initiatives to reduce greenhouse gas emissions by increasing the production of electric vehicles across the country and investing for the expansion of the charging infrastructure.
For instance, in January 2018, according to the open Government of China is continuously expanding public charging points for new energy vehicles (NEVs) through the country. China presently has 214,000 NEV public charging stations, the highest number of NEV public charging points in the world. For instance, in March 2018, The Indian government is progressively expanding and strengthening the infrastructure for electric vehicles with an intent to popularize and promote clean transportation. Indian railways will set up the charging stations at the parking lots of railway stations to help users to charge their vehicles. Additionally, in February 2018, ABB global power and automation player is betting India’s electric vehicle market as it has installed its first public EV fast charging station at Nitti Aayog office in Delhi.
· Chargemaster PLC declared the acquisition of infrastructure supplier Elektromotive Limited, as well as its subsidiary, in 2017. The former intended to enhance its existing portfolio and client offerings with this acquisition. Chargemaster PLC, the UK's top provider of electric vehicle chargers and operator of the country's largest electric vehicle charging network, was bought by BP PLC in 2018. Chargemaster PLC was renamed BP Chargemaster after the acquisition. BP PLC was able to construct a fast and ultra-fast charging network on its forecourts in the UK as a result of the acquisition.
· in July 2018, the U.K. government passed the Automated and Electric Vehicles (AEV) Act. It provides the government with new powers to ensure the rapid development of EVCI on motorways and fuel stations.
· In September 2021, Terra 360, the world's quickest electric vehicle charger, has been announced by ABB. This charging infrastructure can charge up to four vehicles at once and can fully charge an electric vehicle in 15 minutes. This company is believed to be worth USD 3 billion. By 2021, Europe was anticipated to have this infrastructure.
The key players in the Global Electric Vehicle Charging Stations Market are ABB Ltd., AeroVironment Inc., ChargePoint Inc., EV-Box B.V., Fastned B.V., Pod Point Ltd., Robert Bosch GmbH, Schneider Electric SE, Siemens AG and Tesla Motors Inc. are prominent players of the EV charging station industry.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2022 to 2030. For this analysis, Research Layer segmented the Global Electric Vehicle Charging Stations Market has based on component, communication infrastructure, device usage, end use, and region/country.
· Potential Investors
· Regulatory & Government Bodies
· Research & Consulting Firms
· Upstream & Downstream Vendors
· End Users
· Others
Report Scope
The Global Electric Vehicle Charging Stations Market is expected to exhibit 38.7% during the projected period.
The Asia-Pacific region is expected to dominate the Global Electric Vehicle Charging Stations Market by 2030.
The Level 3 segment is expected to be lucrative for the Electric Vehicle Charging Stations market during the forecast period.
Public segment is expected to be the largest contributor to the Global Electric Vehicle Charging Stations Market by 2030.
ABB Ltd., AeroVironment, Inc., ChargePoint Inc., EV-Box B.V., Fastned B.V., Pod Point Ltd., Robert Bosch GmbH, Schneider Electric SE, Siemens AG and Tesla Motors Inc. are prominent players of the Electric Vehicle Charging Stations market.
As per Research Layer the global Electric Vehicle Charging Stations Market size is estimated to reach USD 1624.56 million by 2030.
Report Code :
RL6528
Published on :
Dec 2022
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