Global Electric Vehicle Charging Stations Market 2023-2030

Global Electric Vehicle Charging Stations Market 2023-2030

Global Electric Vehicle Charging Stations Market Size, Share & Trends Analysis Report by charging Point Type (AC (Normal Charging), and DC ( Super Charging), by Services (EV Charging, and Battery Swapping), and by Application (Private, and Public)by Installation ( Fixed, and portable) Forecast Period (2023-2030)

The global Electric Vehicle Charging Stations market is anticipated to grow a CAGR of 30.26% during the forecast period. The increasing demand for fuel-efficient vehicles, due to the rising prices of petrol and diesel, has been a major factor driving the growth of the global electric vehicles (EVs) market. Furthermore, the availability of three-pin charging plugs, public charging stations, and home wall box chargers has enabled EVs to charge from the grid, further propelling their market growth. EV charging station companies are expected to aggressively opt to reduce the issue that adds to smog, improving public health, and reducing ecological damage. The installation of EV charging stations is expected to be a major step forward in reducing air pollution, improving public health, and protecting the environment. By providing a convenient and reliable source of energy for electric vehicles, EV charging station companies can help reduce emissions and their associated environmental impacts. The factors that influence the consumers to purchase an electric vehicle includes driving range anxiety, charging time, price awareness, lack of infrastructure (charging facilities), government policies, and environmental concerns. Consumers also value the performance capabilities of electric vehicles, such as acceleration and top speed, when making their purchase decisions. Additionally, factors such as the design and aesthetics of the vehicle can influence consumer decisions. For instance, in December 2022, Tesla Inc. is leading the EV charging station market with its innovative charging solutions and has plans to expand into the Southeast Asian region.

Segmental Outlook

The global electric vehicle charging stations market is segmented based on charging point type, charging services, application, and Installation . Based on the charging point type, the market is bifurcated into AC (normal charging), and DC (super charging). Further, based on the charging services, the market is divided into EV charging, and battery swapping. Lastly based on the application, the market is augmented into private, and public. Among the charging services, the EV charging sub-segment is expected to hold a considerable share of the market.

The AC ( Normal Charging ) Segment is Anticipated to Hold Prominent Share in the Global Electric Vehicle Charging Stations Market

Among the AC ( Normal Charging ) segment is expected to hold a prominent share of the global Electric Vehicle Charging Stations market across the globe, owing to the high growth of the electric vehicle charging stations and battery swapping market Factors such as growing demand for reduced changing time, reduced fair cost of buying an electric vehicle, increasing demand for public charging support and supportive government premium. By swapping out the decreased batteries for fully charged ones drivers can increase the range of their EVs and travel longer distances without having to stop and charge. Improved Battery Life: With battery swapping, drivers can use newer, high-quality batteries, that can help extend the life of their EVs. For instances, In October 2022, ChargePoint Holdings, Inc. a leading electric vehicle (EV) charging network, has announced the launch of the CP6000, ChargePoint’s most flexible and serviceable global AC EV charging solution now available for vehicles of all types and sizes.

Regional Outlook

The global electric vehicle charging stations market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Europe regional market is expected to cater to prominent growth over the forecast period, owing to the presence of several EV manufacturers. However, the North American region is projected to experience considerable growth in the EV charging stations market, as it is the leader in advanced technology, manufacturing, and implementing the new challenges and investments in EV fast charging equipment.

Global Electric Vehicle Charging Stations Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Expected to Hold Prominent Share in the Global Electric Vehicle Charging Stations Market

Among all regions, the Asia-Pacific region is anticipated to emerge as the fastest-growing regional market over the forecast period. The Asia-Pacific region comprises countries such as China, India, Japan, and South Korea. Electric car sales have been strong in 2021 and 2022, but diversifying battery manufacturing and critical mineral supplies is needed to ensure future growth and avoid bottlenecks and price rises, says the International Energy Agency. That is induced by the considerable growth of EV charging networks and additionally, increasing the demand for an affordable electrical vehicle for usual use and governments are encouraging it. This move is a part of a larger trend across the auto industry to accelerate the adoption of EVs and respond to customer demand for greater accessibility to charging infrastructure. Additionally, many governments are introducing policies and plans to accelerate the development of charging networks and incentivize the purchase of EVs. For instance, in January 2023, charging Point Holdings, Inc. announced its plans to expand the availability of DC fast charging with the development of over 400 charging hubs across the. US and Canada. Powered by the ChargePoint network, the Mercedes-Benz charging hubs will be in key cities and urban population centers, along major highway corridors, and close to convenient retail and service destinations The auto industry is responding to increasing customer demand for EV charging infrastructure by investing in initiatives such as the expansion of the ChargePoint network. This network is expected to provide over 400 DC fast charging hubs across the US and Canada, located in key cities, urban population centers, major highways, and close to retail and service destinations. This move is in line with government plans to accelerate the adoption of EVs, with many governments introducing policies and plans to incentivize the purchase of EVs.

Market Players Outlook

The major companies serving the global electric vehicle charging stations market include ChargePoint Inc., ABB Ltd., Shell plc, Siemens AG, Schneider Electric SE, Tesla, Inc., Eaton Corporation, Webasto Group, Cyber Switching Patents LLC, TGOOD Global Ltd., and others. The market players are continuously working on new product developments and upgrades of their existing product portfolio. For instance, in January 2023, charging point Holdings, Inc. has announced an agreement to speed up the installation of electric vehicle (EV) charging and battery storage solutions, including DC fast charging for highway corridors and other EV charging applications, such as fleet charging. Through the combination of EV charging, battery storage, and AI-driven energy management, EV site hosts can enjoy reduced operating costs and enhanced energy resilience

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global electric vehicle charging stations market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.