Electric Vehicle Charging Station Market Size By Current (AC {Level 1, Level 2}, DC {DC Fast}), By Charging Site (Public, Private), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030
The global EV charging station market is projected to witness substantial growth from 2022 to 2030, as a result of the escalating investment to support EVSE (electric vehicle supply equipment) installation.
For example, the Biden Administration announced approximately USD 18.6 billion to boost EVSE installation in the United States in November 2021. Additionally, the shifting interest toward electrification to address rising gas prices and climate change is also slated to foster EV charging business development.
Based on data from Smart Energy Design Assistance Center, EVs emit around 75% less carbon and other pollutants hazardous to human health. Since the significant reduction in vehicle emissions can yield major health benefits, the popularity of low-carbon automobiles will increase and consequently stimulate the industry outlook over the forecast period.
The EV charging station market is segmented in terms of current, charging site, and region.
With regards to the current, the EV charging station industry is divided into AC and DC. The DC segment is further sub-segmented into DC fast and others. Among these, the DC fast EV charging station segment is expected to depict a growth rate of more than 25% through 2030.
The growing popularity of DC fast charging stations is attributed to the strong demand for hybrid vehicles and their related electrical components. These chargers also provide greater convenience, added employee and guest benefits, and a demonstrated commitment to lowering environmental impacts.
Based on the charging site, the industry is categorized into public and private. The private segment held a valuation of over USD 1.9 billion in 2021. The popularity of private EV charging networks is credited to benefits such as control over charge points.
Many EV owners are installing private networks at home to charge their vehicles overnight. High convenience and other associated benefits will therefore increase consumer interest in private EV charging stations.
From a regional frame of reference, the Latin America EV charging station market is expected to be valued at over USD 250 million by 2030. As one of the most urbanized regions, LATAM is emerging as a prominent hub for electric mobility. These factors are expected to strengthen regional industry expansion over the forthcoming years.
Additionally, the demand for electric vehicle charging stations will remain strong in the Middle East and Africa region, due to the burgeoning adoption of EVs. This growth is further influenced by the introduction of strict regulations to curb carbon emissions and drive energy conservation in the region.
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