Electric Vehicle Charging Station Market to Exhibit a CAGR of 35.6% from 2024 to 2032; Market Value to Rise Owing to the Increasing Demand for Electric Vehicles and EV Penetration

The global electric vehicle charging station market size stood at USD 16.43 billion in 2023. The market value is slated to rise from USD 22.45 billion in 2024 to USD 257.03 billion by 2032 at a CAGR of 35.6% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “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.”

An electric vehicle charging station, also known as an EV charging point, affixes an electric vehicle to an electricity source to offer charging to electric cars. It comprises electric vehicle supply equipment (EVSE) and the essential infrastructure to supply power. The increase in the customer demand for EVs, along with the reduction in battery costs, is proliferating the market growth. The cost reduction in battery packs allows for a surge in cost-competitiveness with ICE vehicles and longer-range EVs, leading to the production of a wide variety of EVs by automobile manufacturers across more vehicle segments to serve customer demand better.

Moreover, trade barriers influenced the supply chain pertaining to electric vehicle charging. In addition, the market witnessed a slowdown in the establishment of these stations across the globe owing to challenges in raw material procurement and unavailability of labor.

Webasto Charging Systems, Inc. Released Webasto Go to Broaden its Product Portfolio

In September 2022, Webasto Charging Systems, Inc. announced the launch of Webasto Go, a Level 2 mobile EV Charger for electric vehicle owners. The company launched the product at the Fully Charged LIVE North America 2022 Show in San Diego, California.

Rise in the Demand for Electric Vehicles and Penetration of EVs to Spur the Market Growth

The electric vehicle charging station market growth is driven by a surge in the demand for electric vehicles coupled with the penetration of EVs. The 2021 edition of the International Energy Agency reported a two-fold increase in global electric vehicle sales as compared to 2020.

Despite an expanding scope for the adoption of the product, the prohibitive initial cost for the establishment of electric vehicle charging stations may impede the market growth.

Key Companies Focus on Partnership Strategies to Enhance Their Position

Prominent companies are undertaking various strategic initiatives to capture the largest share in the market. Mergers & acquisitions, joint ventures, and capacity expansions are some of these strategies. Several companies are also focusing on partnership strategies to maximize their revenue and strengthen their position.

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List of Key Players 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 Development

• May 2022 - EO Charging inked a deal with YHI Energy, which is an energy service and products provider in New Zealand. This deal would help EO Charging in the expansion of its business in New Zealand by offering efficient services and products. EO Mini Pro 2 and EO Mini for home solutions, EO Cloud for charging management and monitoring, and EO Genius for commercial charging would be delivered by EO Charging under this deal.

Further Report Findings

• The Asia Pacific is slated to capture the largest electric vehicle charging station market share during the forecast period. This is on the back of a rise in the demand for EVs and the required infrastructure.


• Europe market growth can be attributed to the region’s plan to achieve net zero emissions by 2050.


• The fast segment is anticipated to register the largest share during the forecast period. The growth in government investment in electric vehicle charging stations is augmenting the segment expansion.


• The level 2 segment is poised to witness the largest share during the forecast period. The suitability of level 2 charging for locations where vehicles remain parked for longer periods, such as shopping centres, public parking lots, and workplaces is fostering the segment growth.

Table of Segmentation