Global Electric Vehicle Charging Station Market Research Report Forecast to 2030

Global Electric Vehicle Charging Station Market Research Report Forecast to 2030

Electric Vehicle Charging Station Market Forecast till 2030 Market Overview The Electric Vehicle Charging Station (EVSE) is a device that delivers electricity from the grid to charge electric vehicles, such as battery EVs, plug-in hybrids, and hybrids. There are 3 types of charging stations - AC, DC, and inductive - classified by residential and commercial use. EV charging involves converting AC electricity from the grid to DC electricity stored in EV batteries, with the charger acting as a power electronics device to control the conversion and charging. The EV charging station market is anticipating new innovations, like wireless charging and autonomous charging robots, for more convenient charging. For example, Siemens AG introduced a high-power Sicharge D charger in January 2021 with a scalable charging power of up to 300 kW, supporting voltages from 150 to 1,000 volts and currents of up to 1,000. Segment Overview The Global Electric Vehicle Charging Station Market is segmented by charging stations into AC, DC, and inductive. The AC segment is projected to have the highest growth rate and market dominance in the forecast period. AC charging stations are the most common type of plug-in vehicle chargers and typically have lower power ratings than DC stations because of their lower rated AC onboard chargers. A typical AC charging station has one or more contactors to shut off power to the vehicle.. The Global Electric Vehicle Charging Station Market is divided by application into Residential and Commercial. The Residential segment is expected to have the highest growth rate and market share in the forecast period. Level 1 and level 2 chargers in residential areas are charged at a fixed rate per kWh, and in some utilities, EVs are given a specific time-of-use rate to encourage off-peak charging which is cheaper than peak rates. This rate may have different brackets such as early evening or mid-afternoon rates based on the utility and service area. Regional Analysis The regions analyzed in the market are North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific has a significant share in the electric vehicle charging station market, due to government initiatives in countries like China, Japan, India, and Singapore. These countries focus on investing in charging infrastructure and increasing collaborations between vehicle manufacturers and technology providers. Favorable government policies, like tax waivers and incentives for EV owners, are not hindering factors in the region. In 2020, the rising sales of EVs prompted many manufacturers to establish operations in Asia-Pacific, including Tesla, Tata Motors, and Hyundai Motor Company who plan to produce EVs and charging stations. This is expected to boost sales and installation of EV charging infrastructure in the region. Major Players Key players in the market are Siemens (Germany), ABB (Switzerland), EVgo Services LLC (US), ChargePoint, Inc. (US), Eaton (Ireland), Webasto Group (Germany), Schneider Electric (France), and Tesla (US), COVID 19 Impacts Due to the widespread of the COVID-19 pandemic, automakers have taken drastic measures in the form of plant closures to prevent its spread. The impact of COVID-19 on the global economy is constantly evolving, posing a big challenge to various industries and causing job losses. The pandemic has caused widespread cancellations and postponements of recreational activities and sporting events due to global lockdowns. The ban on large gatherings has greatly impacted the motorsports industry. Major players in the electric vehicle charging market have been hit by the slowdown caused by COVID-19, making it difficult for them to initiate projects and develop products. To mitigate the slowdown in production, many companies are relying on government support in the form of special tax schemes and incentives to minimize losses during the pandemic.

Companies Mentioned
Siemens (Germany)
ABB (Switzerland)
EVgo Services LLC (US)
ChargePoint
Inc. (US)
Eaton (Ireland)
Webasto Group (Germany)
Schneider Electric (France)
and Tesla (US)


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