Electric Vehicle Charging Station Market Analysis and Forecast to 2032: By Level of Charging (Level 1, Level 2, Level 3), By Mode of Charging (Plug-in Charging, Wireless Charging), By Installation Type (Fixed, Portable), By End User (Residential, Commerci

Electric Vehicle Charging Station Market Analysis and Forecast to 2032: By Level of Charging (Level 1, Level 2, Level 3), By Mode of Charging (Plug-in Charging, Wireless Charging), By Installation Type (Fixed, Portable), By End User (Residential, Commercial), and By Region

The global electric vehicle charging station market was valued at USD 46.5 billion in 2022 and it is anticipated to grow up to USD 617.5 billion by 2032, at a CAGR of 29.3% during the forecast period.

An electric car charging station is a piece of hardware that connects plug-ins and electric vehicles to an electrical source so they may be recharged. Private businesses or electric utility providers place charging stations in public areas like parking lots, shopping malls, and other places. Moreover, level 1, level 2, and level 3 charging levels are available at electric car charging stations. Also, there are several designs for electric vehicle charging stations, including wall-mounted or free-standing, single or multiple charging heads, commercial or residential grade, and indoor or outdoor installation.

Global Electric Vehicle Charging Station Market Scope and Report Structure

Market Trends and Drivers

Due to growing knowledge of the harmful impacts of operating fossil fuel-powered vehicles, governments worldwide are taking steps to minimize carbon footprints by promoting electric bikes, automobiles, and bicycles. Also, governments worldwide are pressuring automakers to invest in the development of electric cars to combat greenhouse gas emissions and minimize carbon emissions brought on by the burning of diesel fuel. In addition, governments throughout the globe are promoting the purchase of electric mobility in terms of tax credits and incentives. Also, the central governments of a select few nations exclude electric cars from paying highway tolls. For instance, the Indian government intends to reduce the Goods & Service Tax (GST) on e-cars to hasten electric vehicle adoption. Moreover, tax exemptions will be provided on loans made to buy an e-mobility.

Similarly, the South Korean government would offer tax breaks and subsidies to create and purchase electric and fuel-cell vehicles. Consequently, one of the key reasons driving demand for electric cars is a growth in government support for developing and purchasing electric mobility through tax credits, subsidies, and incentives. Hence, the market for electric vehicle charging stations is expected to develop throughout the projected period due to government efforts to increase the use of electric vehicles.

Market Restraints and Challenges

Governments must standardize charging infrastructure to create a positive ecology and boost sales of electric vehicles. Several nations have various quick charging requirements. China utilizes GB/T, whereas Europe, the United States, and South Korea use CCS. Japan uses CHAdeMO. As India hasn't achieved fast charging method standardization, the Indian government has enforced the installation of both CHAdeMO and CCS systems. Although this requirement raised the cost of installing charging stations, the government modified the rules in 2019 and now permits charging station developers to choose the approach of their choice. Tesla, an American manufacturer of electric automobiles, employs high-performance superchargers that are exclusive to Tesla and incompatible with other electric vehicles. Hence, a lack of uniformity across nations may damage the installation of charging stations and limit the growth of the electric car charging station market.

Global Electric Vehicle Charging Station Market Segmental Overview

The report analyses the global electric vehicle charging station market based on level of charging, mode of charging, installation type, end user, and region.

Global Electric Vehicle Charging Station Market by Level of Charging

Based on the level of charging, the electric vehicle charging station market is divided into level 1, level 2, and level 3. Of these, the level 2 segment held the highest market share of 40.1% in 2022. Although most EV owners set up level 2 EV charging equipment in their houses or apartment building, there is an increasing need for public charging stations globally. The demand for EV charging stations for level 2 will rise as EV sales expand globally.

Global Electric Vehicle Charging Station Market by Mode of Charging

By mode of charging, the market is bifurcated into plug-in charging and wireless charging. The plug-in charging segment held the highest market share of 80.4% in 2022. The quickest, safest way for drivers to charge their electric cars is through Plug & Charge. Drivers don't need to do any further user actions to begin charging their EV; they only need to attach the charging wire to the charging port. The worldwide standard for charging electric vehicles, ISO 15118, which is focused on guaranteeing the future of vehicle charging while offering usability, enables plug and charge.

Global Electric Vehicle Charging Station Market by Installation Type

Based on installation type, the market is bifurcated into fixed and portable. The fixed segment dominated the market and accounted for the highest market share in 2022. It is better to use a fixed installation when a ground fault circuit interrupter (GFCI) is integrated into the charging wire in order to avoid tripping caused by interactions between the two GFCIs.

Global Electric Vehicle Charging Station Market by End User

Based on end user, the electric vehicle charging station market is divided into residential and commercial. The residential segment held the highest market share in 2022. Level 1 and level 2 chargers would demand power at a fixed residential rate in residential areas (per kWh). Many utilities provide EVs with a particular time-to-use (ToU) pricing structure to entice consumers to charge during non-peak times. Prices during off-peak hours are less expensive than during peak hours. EV-specific ToU prices are divided into several categories, such as early evening and mid-afternoon rates, depending on the utility and service region.

Geographical Analysis of Global Electric Vehicle Charging Station Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific dominated the electric vehicle charging station market and accounted for the largest revenue share in 2022 and is expected to be the most lucrative region during the forecast period. This is majorly attributed to the increasing investments by the government of China, South Korea, Japan, and other Asian countries to install charging infrastructures. Similarly, Singapore, India, Korea, and Japan also invest in the electric vehicle charging infrastructure to promote its adoption in their region.

The growing government initiatives are driving the market for EV charging stations in the Asia Pacific region. As of the end of July, members of the Alliance claimed that around 566,000 public charging stations had been erected and were operational across the country, according to figures released by the China Electric Charging Infrastructure Promotion in August 2020. Furthermore, by 2050, the Japanese government plans to convert all new cars sold in the country to electric or hybrid vehicles. Thus, market growth in the region is expected shortly.

Major Players in the Global Electric Vehicle Charging Station Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global electric vehicle charging station market include ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US), Robert Bosch GmbH (Germany), Schneider Electric (France), Siemens (Germany), Tesla (US), Webasto (US), and WiTricity Corporation (US), among others.

COVID-19 Impact

The global expansion of the COVID-19 pandemic threatens the market for EV charging stations. COVID-19's global growth has touched most industries. Lockdowns have been enacted by the governments of several nations, requiring citizens to remain indoors, which has decreased interpersonal contact. To maintain business continuity during the COVID-19 pandemic, which is anticipated to have a negative impact on the market over the forecast period, several firms have given their staff the option of working from home. The expansion of the automobile sector is anticipated to be hampered by the rising usage of remote working methods, which would restrict EV charging outlets. The global automobile sector has seen manufacturing and supply chain interruptions due to the COVID-19 problem. The movement in consumer choice towards necessary goods throughout the anticipated time range will probably impact this industry.

Also, the COVID-19 pandemic had forced the closing of international borders, significantly decreasing demand for EVs worldwide. The pandemic affected a few OEMs, despite most not suffering significant losses. In the first quarter of 2020, businesses like Tesla, ChargePoint, BP, Shell, ABB, Schneider Electric, Siemens, and others reported losses. Yet by Q3 2020, their EV charging business had recovered, which has since been growing. In early 2021 the electric vehicle charging station market is anticipated to boost the automobile sector, even though it is challenging to forecast how long the pandemic will last.

Recent Developments

In November 2022, Siemens has contracted to provide electric vehicle (EV) chargers to Electromin, the e-Mobility division of Saudi Arabia's Petromin, a lubricants and automotive services firm, for its planned construction of a charging network throughout the Kingdom and the region. The arrangement will guarantee the supply of Siemens' most cutting-edge EV infrastructure equipment for Electromin's network, including the lightning-quick Sicharge D direct-current chargers and the clever VersiCharge AC wall or pole-mounted devices that utilize alternating current.

In February 2022, After its IPO in late 2022, ABB's E-mobility unit will start the acquisition trail to meet its lofty sales targets. The company that manufactures quick chargers for trucks, buses, and autos plans to invest $750 million in growing its business.

In July 2021, An e-mobility company with a top-tier European charging software platform, has to be, has been acquired by ChargePoint Holdings, Inc., a major E) charging network in North America and Europe.

In July 2020, A joint venture was formed between EV Motors India Pvt. Ltd. (EVM) and BSES Yamuna Power Ltd (BYPL) to construct electric car charging stations. It is predicted that the JV would improve the company's competitive strategy.

Frequently Asked Questions

Q1. How big is the electric vehicle charging station market?

Ans. The global electric vehicle charging station market was valued at USD 46.5 billion in 2022 and it is anticipated to grow up to USD 617.5 billion by 2032, at a CAGR of 29.3% during the forecast period.

Q2. What is the electric vehicle charging station market growth rate?

Ans. The growth rate of the electric vehicle charging station market is 29.3%.

Q3. Which region holds a major market share for the market?

Ans. Asia Pacific holds a major market share of the electric vehicle charging station market in 2022.

Q4. Which segment accounted for the largest electric vehicle charging station market share?

Ans. By end user, the residential segment accounted for the largest electric vehicle charging station market share in 2022.

Q5. Who are the key players in the electric vehicle charging station market?

Ans. The global electric vehicle charging station market report includes players such as ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US), Robert Bosch GmbH (Germany), Schneider Electric (France), Siemens (Germany), Tesla (US), Webasto (US), and WiTricity Corporation (US), among others.

Q6. What is the factor driving the electric vehicle charging station market growth?

Ans. The major factor driving the growth of the market is surge in adoption of electric vehicles owing to government initiatives.

Q7. What are the key growth strategies of electric vehicle charging station market players?

Ans. The key growth strategies of electric vehicle charging station market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the electric vehicle charging station market during the forecast period?

Ans. The Asia Pacific region will provide more business opportunities for the electric vehicle charging station market during the forecast period.

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