Electric Vehicle Charging Station Market - Global Industry Analysis, Size, Growth, Trends Forecast 2024

Electric vehicle charging station is an component in an infrastructure that recharges electric vehicles such as plug-in electric vehicles, including electric cars, neighborhood electric vehicles and plug-in hybrids by supplying specific amount of electric energy. Although the rechargeable electric vehicles and equipment can be recharged from a domestic wall socket, electric vehicle charging stations support faster charging at higher voltages and currents than are available from residential Electric Vehicle Supply Equipment (EVSEs).

The electric vehicle charging station market has been experiencing massive growth in the recent years due to rising need to reduce carbon emissions across the globe and government subsidies and incentives promoting production of electric vehicles. The increasing use of electric vehicles in parks, zoo’s, and other monuments is boosting the demand and adoption of electric vehicles, resulting into growth in electric vehicle charging stations. However, high initial cost and short range of electric vehicles is expected to suppress the market growth. Also, lack of standardization within electric vehicle charging is expected to restrain the market growth. Heavy investments from automaker in electric vehicles and need for cost effective charging stations is expected to create new opportunities for the companies operating in electric vehicle charging stations market.

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The global electric vehicles charging station market is segmented based on the vehicle type, battery type, charging station, by location and geography. Based on the vehicle type, the global electric vehicles charging station market is segmented into battery electric vehicle and plug-in hybrid electric vehicle. On the basis of battery type, the market is classified into lead-acid battery, nickel metal hydride battery, lithium-ion battery and solid state battery. Based on the location, the market for electric vehicles charging station is further segmented into private and public charging stations. Global electric vehicles charging station market are also segmented based on the charging stations into AC charging station, DC charging station and inductive charging station. Among these, AC charging stations are expected to hold the largest share of the electric vehicle charging stations market due to low cost and more convenience. On the basis of geography, the global electric vehicles charging station market is segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among these, Asia Pacific is expected to hold the major share of the electric vehicle charging stations market. Increasing use of electric vehicles in countries such as China and Japan and high electric vehicle infrastructure spending are contributing to the growth for electric vehicles charging stations market in the Asia Pacific region. Further, government initiatives and regulations to reduce greenhouse gas emissions by increasing the production of electric vehicles across the countries such as India and South Korea. This is expected to offer potential growth opportunities for electric vehicles charging stations market in the region during forecast period.

The electric vehicle charging stations ecosystem includes, software providers, electronics and networking component manufacturers OEMs, site owners and network operators. Some of the leading companies operating in the global electric vehicle charging stations market transforming the market with product innovation are Aerovironment, Inc., General Electric Company, Delphi Automotive PLC, Siemens AG, Chargepoint Inc., POD Point Ltd., ABB Ltd., Elektromotive Limited, Schneider Electric SE, Eaton Corporation PLC, Tesla Motors Inc., Leviton Manufacturing Co., Inc., and Semaconnect Inc.

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