Electric Vehicle Charging Station Market Size, Share & Industry Analysis, By Charger Type (Fast and Slow/Moderate), By Application (Commercial and Residential), By Connector (J1772, Mennekes, GB/T, CCS1, CHAdeMO, CCS2, and Tesla), By Level (Level 1, Level 2, and Level 3), By Vehicle Type (Passenger Cars and Commercial Vehicles), By Propulsion (BEV and PHEV), and Regional Forecast, 2024-2032

The global electric vehicle charging station market size was valued at USD 16.43 billion in 2023. The market is projected to grow from USD 22.45 billion in 2024 to USD 257.03 billion by 2032, exhibiting a CAGR of 35.6% during the forecast period. The electric vehicle(EV) charging station market in the U.S. is projected to grow significantly, reaching an estimated value of USD 2.04 billion by 2032. The growth is attributed to increasing infrastructure program related to EVs.For instance In February 2022, The U.S. Departments of Transportation and Energy announced budget nearly USD 5 billion that will be made available under the new National Electric Vehicle Infrastructure(NEVI) Formula Program to build out a national electric vehicle charging network.

An electric vehicle charging station, also identified as an EV charging point, attaches an electric vehicle to an electricity source to charge electric cars. The station consists of electric vehicle supply equipment (EVSE) and the necessary infrastructure to deliver power. The charging stations have three capacities: Level 1, Level 2, and Level 3. They can be pedestal or wall-mounted units used in public places, commercial areas, workplaces, residential complexes, and private residences.

The demand for electric vehicle (EV) charging stations is rising, driven by the increasing adoption of electric vehicles globally. Several factors fuel this demand, including government incentives, growing environmental concerns, EV technology advancements, and the charging infrastructure expansion. As more people switch to electric vehicles, the need for convenient and accessible charging options is becoming increasingly important.

The COVID-19 pandemic sent shockwaves to most industries across the globe. However, the demand for electric vehicle charging station industry remained resilient during tough times. In the first quarter of 2020, the market faced difficulties due to strict lockdown measures and transportation restrictions. In addition, the supply chain associated with electric vehicle charging was affected due to trade barriers. The construction of electric vehicle charging stations worldwide slowed down due to labor unavailability and raw material procurement issues.

Electric Vehicle Charging Station Market Trends

Declining Battery Costs and Rising Customer Demand for EVs

Unlike conventional vehicles that refuel only at gas stations, EVs may charge at many locations, such as home, work, or public places. Charging equipment that delivers electricity from the energy grid to an EV comes in various types and configurations. Moreover, cost reductions in battery packs enable longer-range EVs, increase cost-competitiveness with ICE vehicles, and result in automobile manufacturers producing a wider variety of EVs across more vehicle segments to meet customer demand better.

Furthermore, battery pack costs have declined by nearly 90 per cent between 2010 and 2021. Recent supply chain issues are poised to potentially reverse the downward trend in battery prices in the near term, but the long-term projections of continued decreases in battery costs have not changed. Due to technological advancements in batteries, coupled with continued refinements in existing battery technology, which have driven down costs dramatically over the previous decade, several new companies have emerged recently that are demonstrating entirely new battery technologies capable of significant increases in energy density and reduced cost. In October 2022, Mobilize and Renault's dealerships launched Mobilize Fast Charge, an ultrafast EV charging network.

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Electric Vehicle Charging Station Market Growth Factors

Growing Demand for Electric Vehicles along with EV Penetration to Drive the Market Growth

The rising popularity of electric vehicles is the main driver behind the market growth. The global automotive industry has experienced outstanding development. Moreover, sales of electric cars have grown significantly over the past few years due to increased demand for zero-emission vehicles, strict government regulations to control car emissions, incentives, and government tax credits for rapid electrification. Therefore, the demand for EV chargers is anticipated to bolster market growth due to the rapid electrification of vehicles globally.

Global electric vehicle sales in 2021 have doubled compared to 2020, according to the 2021 edition of the International Energy Agency. By 2022, electric vehicle sales exceeded 10 million units. In addition, factors such as rising fossil fuel prices, increasing public environmental concerns, and falling electric vehicle battery prices are also boosting the market growth. Moreover, from 2010 to 2021, the cost of battery packs dropped by almost 90% in real terms.

RESTRAINING FACTORS

High Initial Costs for Setting up Electric Vehicle Charging Stations May Hamper the Market Growth

The sufficient availability of charging infrastructure is crucial for adopting electric vehicles. However, building a charging network requires vast investments and coordination between the government and other companies. In addition, setting up infrastructure and its maintenance requires substantial capital. The cost can vary from country to country and include subcomponents such as hardware costs, labour costs, electricity connection costs, land costs, EVSE management and software integration costs, and civil work costs.

Moreover, the increasing demand can put a load on the electricity grid. This may require constant grid upgrades to support the rising product demand. The absence of regulation and policy standardization in charging technologies may create challenges for electric vehicle charging station market growth.

Electric Vehicle (EV) Charging Station Market Segmentation Analysis

By Charger Type Analysis

Surging Government Investment in the Solution to Augment the Fast Segment Growth

Based on charger type, the market is segmented into slow/moderate and fast.

The fast segment is estimated to have the largest share and grow at the highest CAGR during the forecast period. The increasing requirements for AC fast chargers drives the segment growth due to the proliferation of EVs in North America and increased government investments in electric vehicle charging stations. These developments and active involvement in investment are expected to drive the segment growth during the forecast period.

The slow/moderate charger has also contributed to the rising adoption of standard chargers. A few countries are taking steps to develop efficient and sustainable EV charging infrastructure that will be available to a large number of electric vehicles. For instance, with the help of Okaya, the Indian government announced the provision of 1,020 multi-standard chargers across India by 2025. Moreover, similar initiatives are expected to drive the segment growth.

By Application Analysis

Promoting EVs for Long Journeys to Surge the Demand for Commercial Stations

Based on application, the market is classified into residential and commercial.

The commercial segment’s growth is due to the rising charging infrastructure, particularly in commercial locations by governments and the active involvement of service providers to meet the electric vehicle charging station target.

• For example, in March 2021, the U.S. government announced a national EV charging network under a USD 2 trillion infrastructure plan. In addition, the government is focused on installing at least 500,000 devices across the U.S. by 2030.

The residential segment is projected to witness a significant CAGR during the forecast period due to increasing demand for EVs and mandates of level 1 AC chargers while EVs are being purchased. Due to the need for home charging infrastructure, the companies are developing various home AC chargers that drive the segment growth. Moreover, OEM players also help to facilitate the charging systems within residential premises for a group of electric vehicles.

By Connector Analysis

Increasing Adoption of Electric Vehicles will Drive the Adoption of GB/T Connectors Across the Globe

Based on connector, the market for electric vehicle charging station is divided into J1772, Mennekes, GB/T, CCS1, CHAdeMO, CCS2, and Tesla.

GB/T connectors are primarily used in China and are compatible with Guobiao National Standards. These connectors are available for both AC charging and DC charging. The GB/T AC connector can offer up to 7.4 kW of power output. These connectors look like Mennekes plugs, which are used in Europe. However, the cable configuration inside the connector is in a different order, making them incompatible. The GB/T DC connector can deliver up to 237.5 kW of power output. Favorable growth conditions for the electric vehicle industry in China are poised to drive the segment’s growth in future.

The CHAdeMO segment is expected to grow fastest during the forecast period owing to the rapid adoption of DC charging technology. The CHAdeMO (CHArge de MOve) connector is a DC fast-charging standard initially developed by Japanese automakers. These connectors can deliver high-power charging, providing a maximum output of 400 kW and allowing electric vehicles to charge faster than standard AC charging. These connectors have gained international adoption, and many electric cars from different manufacturers support CHAdeMO charging. These connectors also support bidirectional charging, showcasing high growth potential for vehicle-to-grid applications.

By Level Analysis

Cost-effectiveness of Level 2 Charging Stations to Foster the Segment Expansion

By level, the electric vehicle charging station market is segmented into level 1, level 2, and level 3.

The level 2 segment is poised to dominate the market during the forecast period due to high demand from residential use cases. As more people adopt electric vehicles for daily commuting, the need for convenient home charging solutions has increased. Level 2 charging is suitable for locations where vehicles remain parked for extended periods, such as workplaces, shopping centres, and public parking lots. This facilitates charging during these longer dwell times. Level 2 charging stations are more cost-effective to install than level 3 (DC fast) charging stations. This makes them attractive for businesses, municipalities, and property owners looking to deploy charging infrastructure.

The level 3 segment will grow at a highest CAGR during the forecast time period. These charging stations provide significantly faster charging times than level 2 chargers. This is crucial for electric vehicle (EV) owners, especially during long journeys, as it reduces charging time. As more people embrace electric vehicles, the demand for convenient and rapid charging options has risen. Level 3 charging stations address the need for quick and efficient charging, supporting the expanding EV market. Many governments and municipalities are investing in and incentivizing the development of charging infrastructure to support the transition to electric mobility. The development of electric vehicles with long driving ranges has increased the need for fast-charging infrastructure. Level 3 chargers are essential for enabling long-distance travel without excessive charging delays.

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By Vehicle Type Analysis

Increasing Environmental Awareness regarding Electric Passenger Cars will Augment the Growth of Electric Vehicle Charging Stations

Based on vehicle type, the market is segmented into passenger cars and commercial vehicles.

Currently the global market has been dominated by the passenger car segment. The growth is attributed to the rising demand for the eco-friendly vehicles. Rising concerns about climate change have led consumers to seek cleaner and more sustainable transportation options, with electric passenger cars offering an eco-friendly alternative to traditional internal combustion engine vehicles. Ongoing improvements in battery technology have resulted in increased electric vehicle range, performance, and affordability. These technological advancements make electric passenger cars more appealing and practical for many consumers. Many governments worldwide are providing incentives to promote EV adoption. These incentives may include tax benefits, reduced registration fees, rebates, and infrastructure development support, making electric passenger cars more financially attractive.

The commercial vehicle segment is expected to exhibit a higher CAGR during the forecast period. Stringent emission regulations and targets set by governments and regulatory bodies are pushing the commercial vehicle industry toward electrification. Many regions are implementing measures to reduce air pollution and greenhouse gas emissions, encouraging the adoption of electric vehicles used for commercial purposes. While the initial cost of electric commercial vehicles may be higher, their lower operating and maintenance costs contribute to a favorable total cost of ownership over the vehicle’s lifespan. Moreover, many companies align their operations with sustainability goals, aiming to reduce their carbon footprint. Electrifying commercial vehicle fleets is a tangible way for businesses to exhibit their commitment to environmental responsibility.

By Propulsion Analysis

Technological Advancements Associated with Battery Technology will Drive the Market Growth for Battery Electric Vehicles

By propulsion, the market is divided into BEV and PHEV.

The market is dominated by the BEV segment due to customer’s preference and rising demand & manufacturing of BEV propulsion based vehicles across the globe and it will remain dominated in the upcoming future. Ongoing advancements in battery technology have improved the performance and range of battery electric vehicles (BEV). Lithium-ion batteries have become less expensive and efficient, addressing concerns about limited driving range. Major automotive manufacturers are investing in electric vehicle technology and production. This commitment is reflected in the increasing variety of electric models available, catering to different market segments and consumer preferences. Stringent emission standards and regulations in various regions push automakers to prioritize electric vehicles in their product portfolios. This regulatory pressure contributes to the industry’s shift toward cleaner transportation solutions.

Plug-in hybrid vehicles (PHEV) combine an electric motor with a conventional engine, offering the advantage of extended range. This addresses the range anxiety often associated with BEVs, making PHEVs more appealing to consumers concerned about charging infrastructure availability. PHEVs can operate in electric-only mode for short distances and shift to the internal combustion engine for long distances. This dual capability provides flexibility and addresses concerns about limited electric range.

REGIONAL INSIGHTS

Geographically, the market is divided into North America, Europe, the Asia Pacific, and the rest of the world.

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The Asia Pacific dominated the electric vehicle charging station market share in 2023 and is estimated to remain dominant with the fastest CAGR throughout the forecast period. This growth is expected due to the rising demand for EVs and the required infrastructure. For example, in May 2023, Charge+ announced its plan to establish a 5,000 km EV charging highway with 45 fast-charging hubs across five Southeast Asian countries, including Singapore, Malaysia, Thailand, Cambodia, and Vietnam.

Europe is planning to achieve net zero emissions by 2050. Moreover, most companies are entering the market in the region. For instance, in March 2023, BP Pulse opened its most significant, most potent EV charging hub in the U.K., at Kettering, North Northamptonshire, built by The EV Network and operated by BP Pulse. Such investments are leading to the regional growth.

The rising number of new entrants and supportive infrastructure has eased charging station operations in some North American countries. In addition, many investments for the charging infrastructure in the region are anticipated to lead to the market growth. In April 2023, Enel X Way declared to add 10,000 DC public charging stations and at least 2 million home, commercial, and public EV charge ports in North America by 2030.

Countries such as Chile, Brazil, and South Africa introduced policies to enhance the use of electric vehicles. This propels the market growth of electric vehicles in the region, which drives product demand.

List of Key Companies in Electric Vehicle Charging Station Market

Technological Progressions Coupled with Dedicated R&D Efforts Make Tesla One of the Prominent Players in the Industry

Tesla is focusing on research and development activities and entering partnerships and agreements to gain a strong foothold in the market. In February 2023, Tesla announced that it would be opening some of its fast chargers, exclusive to its customers, to all-electric vehicles by the end of next year. The company plans to open up 7,500 charging stations to non-Tesla electric vehicles for the first time by the end of the 2024.

ABB is one of the leading global engineering company that provides electrification, automation, and digital technologies. The company has a diversified product portfolio that includes electric vehicle charging infrastructure, power converters and inverters, smart home systems, motors and generators, and others. The company provides its customers with effective use of power solutions to increase industrial productivity.

ABB has delivered one million EV chargers globally, counting together AC charging points and DC fast chargers. The company is present in 85 markets and offers various electric vehicle charging equipment, starting from basic AC charging points, three-phase charging points and DC fast chargers.

LIST OF THE KEY COMPANIES PROFILED:

• Siemens AG (Germany)


• Eaton (Ireland)


• ChargePoint Inc. (U.S.)


• ABB (Switzerland)


• Schneider Electric (France)


• EVBox (Netherlands)


• Webasto Group (Germany)


• Tesla (U.S.)


• Blink Charging Co. (U.S.)


• EO Charging (U.K.)

KEY INDUSTRY DEVELOPMENTS:

May 2023 - Canada and the U.S. announced the first EV charging corridor between Quebec and Michigan, one of the busiest passenger and trade corridors between the two countries. This corridor will include electric vehicle charging infrastructure every 80 km, including at least one DC fast charger with CCS (Combined Charging System) ports. In Canada, the corridor will include 215 stations, all located within 6km of a highway, with 61 stations between Detroit and Toronto and another 154 stations between Toronto and Quebec City.

May 2023 - Blink Charging Co. launched a new integrated battery storage and DCFC charger unit that will integrate with four Blink EV chargers at the Southport Plaza in Philadelphia, PA. The new state-of-the-art battery energy storage system (BESS) efficiently stores energy onsite and provides that power to EV drivers when needed.

September 2022 - Blink Charging Co. signed a contract with the City of Newton, Iowa. The contract concludes the installation of Blink IQ 200 fast Level 2 charging station in the city. The IQ 200 generates 80 amps of output, providing 65 miles of travel in 1 hour of charging. The charger can charge any battery-electric or plugin hybrid vehicle.

June 2022 - EO Charging launched two new products to market – EO Genius 2 and EO Mini Pro 3. These two new smart chargers comply with the Electric Vehicles (Smart Charge Points) Regulations, which require all home or commercial chargers sold in the U.K., excluding Northern Ireland, to have smart functionality and incorporate pre-set, off-peak charging hours.

May 2022 - EO Charging signed a partnership with YHI Energy. YHI Energy is an energy service and products provider in New Zealand. EO Charging will supply its electric vehicle charging products and cloud management software in New Zealand. Through this partnership, EO Charging expands its business in New Zealand, providing efficient products and services. EO Charging will provide its EO Mini and EO Mini Pro 2 for home solutions, EO Genius for commercial charging, and EO Cloud for charging monitoring and management.

REPORT COVERAGE

The electric vehicle charging station market report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, product types, end-users, design, and technology. Besides this, it offers in-depth analysis and insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market growth in recent years.

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