Stationary Electric Vehicle Charging Gun Market Size, Share & COVID-19 Impact Analysis, By Type (DC Charging Gun and AC Charging Gun), By Application (Passenger Cars and Commercial Vehicles), and Regional Forecasts, 2023-2030

The global stationary electric vehicle charging gun market size was valued at USD 325.2 million in 2022. The market is projected to grow from USD 425.3 million in 2023 to USD 3,142.7 million by 2030, exhibiting a CAGR of 33.1% during the forecast period.

A stationary electric vehicle charging gun is a device used to charge an electric vehicle from an external power source. It consists of a charging cable with a plug on one end that connects to an electric vehicle and a plug on the other that connects to a charging station or socket. A charging gun is a crucial component of an Electric Vehicle (EV) charging system, typically used with an EV charging station to transfer power from the power grid to the EV.

Several stationary EV charging guns are in the market, each designed for a specific type of EV and charging system. Some charging guns are compatible with all types of electric vehicles, while others are designed for use with specific models and brands. Stationary electric vehicle charging guns may also have additional features such as LED indicators, built-in safety devices, and the ability to monitor and control the charging process remotely.

Stationary electric vehicle charging guns must have overvoltage protection, overcurrent protection, lightning protection, leakage protection, output short circuit protection, and other protective functions under one charging unit. The system will come into play in the event of a leak, protecting the consumer's safety during standby and charging. A leakproof system carries out this operation.

Economic factors such as rising disposable income and low-interest rates on purchasing new vehicles have contributed significantly to the increase in car sales. Increasing investment in the development of the electric vehicle industry in Canada, Japan, the U.K., China, India, Germany, and the U.S. has contributed to the stationary electric vehicle charging gun market growth. For instance, in February 2023, the Canadian government announced to invest in an end-to-end electric vehicle supply chain to achieve a zero-emission target by 2050.

COVID-19 IMPACT

Rising EV Sales and Increasing Charging Infrastructure Drove the Market Growth Post-COVID-19

The COVID-19 pandemic has negatively and positively impacted the stationary electric vehicle charging gun industry. The overall decline in economic activity and reduced consumer spending during the pandemic led to slow growth in EV sales. As a result, the demand for stationary electric vehicle charging guns also experienced a temporary setback. The sales of electric vehicles increased by more than double the sales compared to 2020 after the pandemic. The pandemic caused an interruption in global supply chains, affecting the production and distribution of various goods, including electric vehicle components. This affected the availability of charging guns and delayed new launches. Major players such as ChargePoint, EVgo, and other companies witnessed a shortfall in their revenue. ChargePoint witnessed a drop of 7.9% in revenue in 2020 as compared to the previous year, 2019.

Many governments recognized the need for economic recovery and the promotion of sustainable transportation. To stimulate the EV market, several incentives and subsidies for electric vehicles and related infrastructure, including charging stations and charging guns were implemented. These measures helped offset the pandemic's negative impact and maintain demand for charging guns. For instance, Germany extended a bonus of USD 10,000 for new EVs up to USD 45,000 for the upcoming four years. With the help of this, the country doubled its share in electric vehicles by 14% in 2022. All such factors are anticipated to bode well for the market growth.

The COVID-19 crisis highlighted the importance of sustainable practices and the need to address climate change. This has increased the emphasis on electric vehicles as a cleaner transportation option, driving interest and investments in EV charging infrastructure, including charging guns. In 2019, MPCA invested USD 1.4 million to install 22 fast-charging EV stations. The agency invested an additional USD 3.5 million to deploy EV charging stations from 2020 to 2023. This has benefited the EV charging gun market by creating requirements for charging guns and providing services to the growing demand for electric vehicles. While the COVID-19 pandemic initially posed challenges to the stationary electric vehicle charging gun industry, the long-term prospects remain positive. The increasing focus on sustainability, government incentives, technological advancements, and the transition to online solutions are expected to drive the market growth in the coming years.

LATEST TRENDS

Adoption of Fast Charging Technology is Anticipated to Accelerate Market Development

One of the key ongoing trends in the EV charging gun market is the increasing adoption of fast charging technology. Fast charging enables EV owners to charge their vehicles at significantly higher power, reducing charging time and enhancing convenience. Several factors drive this trend. The charging infrastructure is evolving to accommodate faster chagrining speeds; DC fast charging stations, also known as Level 3 charging, are becoming more prevalent, offering higher power outputs than traditional Level 2 charging stations. These fast charging stations can deliver substantial energy to the EV battery in a shorter period, significantly reducing the charging time.

The ongoing advancement in EV battery technology has led to the development of larger-capacity batteries. These high-capacity batteries can store more energy, allowing for longer driving range. However, charging these batteries with traditional charging speeds can be time-consuming. Fast charging technology addresses these challenges by enabling EV owners to quickly recharge their high-capacity battered mote, making long-distance travel more convenient. For instance, in October 2022, Zerova Technologies, a subsidiary of Phihong, launched a prototype of the Four Gun Charger. The super-fast charger is compact and features independent left and right chargers on the front and back of a single body. The charger supports CCS-1, CCS-2, CHAdeMO, and GB charging standards. The Four Gun Ultra-fast charger charges the vehicle with a 75 kWh battery back in 10 minutes.

Overall, the ongoing trend of adopting fast charging technology fuels technological advancements for EV charging solutions. As battery capacities increase and consumer expectations evolve, fast charging is becoming a crucial feature for EV owners, driving the demand for charging guns capable of high-speed charging. This boosts market development over the forecast period.

DRIVING FACTORS

Increasing Adoption and Demand for Electric Vehicles to Develop the Market

The key factor that drives the stationary EV charging gun market is the increasing adoption and demand for electric vehicles worldwide. As more people switch to electric cars to reduce their carbon-footprint and mitigate the effects of climate change, the need for convenient and efficient charging infrastructure grows. Governments worldwide are implementing policies and regulations to promote the adoption of electric vehicles. These initiatives include subsidies, tax incentives, and the installation of charging infrastructure. Such support encourages consumers and businesses to invest in electric vehicles and surges the demand for charging guns. For instance, under the Inflation Reduction Act (IRA), the U.S. government subsidizes up to USD 7,500 to consumers who prefer to buy electric vehicles. This enhances the market of electric vehicles, which generates sales of EVs on the road. The infrastructure required to service these vehicles fuels the demand for charging stations and guns.

The sales of Electric Vehicles (EVs) witnessed a steady rise in recent years. As more electric vehicles are on the road, the demand for charging stations and compatible guns increases. Charging gun manufacturers and suppliers are motivated to meet this demand by producing various charging gun models to cater to different charging needs. For instance, in 2022, according to the International Energy Agency (IEA), Battery Electric Vehicle (BEV) sales increased by around 58.7% compared to the previous year, 2021. In 2022, the number of BEVs sold was around 7.3 million units. In 2021, around 4.6 million units were sold. This rapid growth in demand for electric vehicles generates the requirement for efficient charging solutions, which ultimately drives the need for charging guns, thus boosting the market growth.

RESTRAINING FACTORS

Lack of Standardized Charging Infrastructure and Wireless Charging Hampers the Market Growth

One key constraint that hampers the market growth of stationary electric vehicle charging gun is the lack of standardized charging infrastructure. Different countries, regions, and even charging networks may use different types of connectors for EV charging. Common connector types include CHAdeMO, CCS (Combined Charging System), and Tesla's proprietary connector. This lack of standardization creates challenges for EV owners needing different guns or adapters to access various charging stations. It can be inconvenient and frustrating for the users and slows down the adoption of EVs. EV charging infrastructure offers different charging speeds and power levels, such as Level 1 (standard household outlet), Level 2 (240-volt AC charging), and DC fast charging. However, not all EV models support all charging speeds or power levels. This discrepancy creates limitations for EV owners who may not have access to fast charging options. It also complicates the design and production of charging guns that need to cater to various power levels and charging speeds.

Additionally, wireless charging technology for electric vehicles is an emerging area for the electric vehicle charging infrastructure. It eliminates the need for physical connectors and charging guns by allowing vehicles to charge simply by parking over a charging pad or plate. As wireless charging technology matures and gains wider adoption, charging gun manufacturers may have to find alternative options to sustain in the market. The wireless charging technology may decrease the demand for charging guns in future and can restrain the market growth over the forecast period.

SEGMENTATION

By Type Analysis

AC Charging Gun to Dominate Owing to Increasing Sales of Electric Vehicles

The market is segmented into AC charging gun and DC charging gun based on type.

The AC charging gun segment held the leading market share in 2022. AC charging guns dominate the market as they are cheaper and easier to maintain than DC charging guns. AC charging guns dominate in this segment as they are easily accessible for most people and allow AC charging through standard outlets. Additionally, AC charging guns are considered safer than DC charging guns as they supply power with a sine wave that is less likely to cause electrocution than other waveforms. These factors will dominate the AC charging gun segment during the forecast period.

The DC charging gun segment is the fastest-growing segment in the EV stationary charging gun market. Connect your electric car to its DC charging station for fast charging. Unlike AC charging guns, which convert AC power to DC power in an onboard charger, DC charging guns deliver high-voltage DC power directly to the EV's battery, enabling faster charging speeds. DC charging guns are designed to comply with specific DC charging standards and connectors used by different regions and different EV manufacturers. The most common DC charging connectors are the Combined Charging System and CHAdeMO. DC charging guns are mainly installed at public charging stations along highways, shopping malls, and other places where fast charging is needed to minimize charging time for EV owners on the go. Increased investment in EV charging infrastructure by various governments around the world has boosted the demand for DC charging guns. For example, in February 2023, the U.S. government announced plans to develop 500,000 electric vehicle chargers along the U.S. highways by 2030.

By Application Analysis

Passenger Cars to Drive the Market Owing to Increasing Vehicle Production

By application, the market is fragmented into passenger cars and commercial vehicles.

The passenger cars segment is anticipated to dominate the market during the forecast period. With the introduction of advanced technology in the electric vehicle market, electric passenger vehicles are experiencing rapid growth. Increased government incentives, environmental regulations, and growing interest in sustainable transportation are expected to increase the demand for electric passenger vehicles during the forecast period. For example, as a subsidiary, the Government of Canada subsidizes up to USD 3,700 for BEVs and up to USD 1,800 for plug-in hybrid electric vehicles. In addition, rising global fuel prices are increasing the demand for passenger cars. This factor is expected to increase the demand for stationary electric vehicle charging guns during the forecast period.

The commercial vehicles segment is expected to grow significantly over the forecast period. Factors such as increasing demand for commercial electric vehicles and government support through subsidies and tax breaks for commercial electric vehicles, such as buses, trucks, pickups, and vans, are expected to continue to drive growth throughout the forecast period. Increased state investment in expanding vehicle charging infrastructure is another reason for the increasing demand for commercial vehicles. For example, the U.S. Environmental Protection Agency and the Highway Traffic Safety Administration proposed introducing Safer and Affordable Fuel Efficiency (SAFE) rules for 2021-2026 to amend present Corporate Average Fuel Economy (CAFE) tailpipe carbon dioxide emissions standards for commercial vehicles.  

REGIONAL INSIGHTS

Geographically, the market is divided into North America, Europe, Asia Pacific, and the Middle East & Africa.

Asia Pacific dominated the stationary electric vehicle charging gun market share in 2022. The availability of raw materials at a low cost and mass production of charging guns are driving the growth of the Asia Pacific market. Manufacturers in the region focus on developing technologically advanced charging guns to attract more consumers and gain an edge over their competitors. Increasing government investment in this region is another factor helping to maintain the dominance of Asia Pacific. For example, in August 2022, China's Ministry of Transport (MOT) announced increased charging stations along the country's highways. The new facilities should have the capacity to serve around 20 million new energy vehicles by 2024. The government is highly focused on green mobility adoption.

Europe is expected to hold the second-largest position in the market owing to the steps taken by the governments to reduce carbon emissions by 2050 and the rapid adoption of fuel-efficient vehicles. The European Commission announced several new legislative proposals to meet this goal. Depending on population and GDP, national targets for new clean buses range from 24% to 45% in 2025 and 33% to 65% in 2030. For instance, after approval by the Council of Ministers, Belgium released its Belgian Hydrogen Vision and Strategy. The policy mainly focuses on three sectors of hydrogen electrification, including the country's transport sector. The country, therefore, assumes that by 2050, it will rely on hydrogen for transport and become CO2 neutral.

North America is also anticipated to show lucrative growth in the global market. The U.S. is the third largest market for electric vehicles, with about 320,000 new vehicles sold in 2019, according to the International Clean Transportation Council. Government funding and incentives, such as tax benefits on the purchase of electric vehicles, increase the demand for charging stations. For example, in 2020, the Minnesota Pollution Control Agency (MPCA) announced a USD 170,000 grant to install up to 22 additional dual-port Level 2 EV charging stations in public places and workplaces. Similarly, in 2020, Canadian Tire announced plans to open a network of around 240 fast chargers along with 55 Level 2 chargers at 90 Canadian Tire retail locations nationwide by the end of 2020. The network was established in collaboration with FLO, Tesla, and Electrify Canada. This factor is likely to increase the demand for stationary charging guns for electric vehicles in North America during the forecast period.

KEY INDUSTRY PLAYERS

Companies are Focusing on Partnerships, Acquisition, and R&D Investments to Gain a Competitive Edge

Some leading companies dominate the global stationary electric vehicle charging gun market due to their critical strategic decisions, robust product portfolio, and market share dominance. These include a few key companies with a more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.

Zhejiang Yonggui Electric Equipment Co., Ltd. engages in the research and development, manufacture, and sale of connectors in China and internationally. Yonggui (Zhejiang Yonggui Electric Equipment) produces electronic and electric equipment. The company has several independent technology research and development centers and has professional R&D and design capabilities.

LIST OF KEY COMPANIES PROFILED:

• Zhejiang Yonggui Electric Equipment Co., Ltd. (China)


• AVIC Jonhon Optronic Technology (China)


• Shenzhen Woer Heat - Shrinkable Material Co., Ltd (China)


• Phoenix Contact (Germany)


• Suzhou Recodeal Interconnect System (China)


• Shenglan Technology (China)


• Ebusbar (China)


• Nanjing Kangni Mechanical & Electrical Co Ltd (China)


• Shenzhen Lilutong Electronic Technology Co., Ltd. (China)


• Weihai Honglin Electronic Co., Ltd (China)


• AG Electrical Technology Co., Ltd. (China)


• Fisher Electronic Technology Co., Ltd. (China)


• Nanjing Kedsen Technology Co., Ltd. (China)


• Sinbon Electronics Co Ltd (Taiwan)


• Ningbo Juyi New Energy Technology Co., LTD (China)


• Hyperion Chargers Pvt. Ltd (India)

KEY INDUSTRY DEVELOPMENTS:

• July 2023− EVgo announced its plans to expand its deployment of North American Charging Standard (NACS) EV charging connectors for fast chargers across the U.S.


• June 2023− Blink Charging Co., Chargepoint, and Tritium will offer Tesla's connectors, considered the Combined Charging System (CCS), in its EV chargers.


• June 2023− Tesla bid for having standard EV charger ports all over the U.S. It can be achieved by allowing all automakers in the country to use Tesla's connector design.


• April 2023− Phoenix Contact introduced new HPC charging cables of the CHARX connect professional family from Phoenix Contact to enable safe High Power Charging with a permanent 375 kW and do not require any cooling. The CCS charging cables do not require cost-intensive liquid cooling. Instead, they have a larger conductor cross-section of 4 x 50 mm².


• January 2022− Phoenix Contact introduced Charx connect DC charging cables for ultra-fast High Power Charging (HPC) that are now available for the North American CCS type 1 charging standard. The liquid-cooled CCS charging cables reach permanent charging powers of up to 500 kW without compromising handling and safety.

REPORT COVERAGE

The research report provides a detailed market analysis and focuses on key aspects such as leading companies, vehicle types, and product types. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years. 

Report Scope & Segmentation