Electric Vehicle Charging Station Market: Structure and Overview of Key Market Forces Propelling Market

An electric vehicle charging station, also known as electric vehicle supply equipment, is a charging base to recharge electric vehicles. It connects electric vehicles such as battery operated electric vehicles, plug-in hybrid vehicles, and hybrid vehicles to an electricity source in order to charge them. Electric vehicle charging stations provide an array of charging connectors that adapt to a wide variety and standards of electric charging connectors. The electric vehicle charging station offers electric vehicles with diverse charging solutions including fast charging, cordless charging, and charging while the vehicle is parked.

Surge in level of air pollution has prompted regulatory bodies around the world to develop environment-friendly machinery and technology. This has led to the development and introduction of electric vehicles, which are the best possible alternate solution. Evidence suggests that pollution caused by road transport accounts for around 50% share of the total health impacts such as asthma and emphysema. This is due to the harmful smoke and emission from conventional vehicles. Furthermore, stringent emission norms are also a major factor boosting the sales and demand for electric vehicles. Electric vehicles require an electric source, this electric power is transferred through the electric vehicle charging station.

This is a prime factor that is projected to boost the electric vehicle charging station market during the forecast period. Rapid advancements in technology, in order to cater to advanced and rapid electric vehicle charging, have led to the introduction of the wireless charging station. An electromagnetic field is used for electric energy transmission between the charging base and receiving pad in a wireless charging station. The electric vehicle charging station market is projected to expand at a significant growth rate due to rapid rise in sales of electric vehicles coupled with government incentives offering and subsidies on electric vehicles.

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The electric vehicle charging station, especially DC fast charging and wireless stations, are quite expensive in spite of numerous advantage, which in turn is expected to hamper the electric vehicle charging station market during the forecast period.

The global market of electric vehicle charging station has been segmenting based on charging station type, power output, end-user, supplier type, and geography.

Based on charging station type, the electric vehicle charging station market has been classified into AC charging, DC charging, and wireless charging. The DC charging segment accounted for major share of the market. This is due to rising awareness and benefits offered by the charging station type. DC charging offers more rapid charging as compared to other charging station types. The segment is projected to remain prominent during the forecast period.

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In terms of power output, the >50 KW segment accounts for a prominent share of the electric vehicle charging station market. >50 KW charging station provides rapid charging to the vehicle. This power output recharges the vehicle within 20 min to 30 min. Globally, governments of various countries are installing electric vehicle charging station with >50 KW power output in order to fulfill the demand for charging of electric vehicles.

Based on end-user, the public segment accounts for major share of the market, as compared to the private segment. This is due to large availability of publicly accessible charging stations, whose numbers are increasing. Higher rate of adoption of electric vehicles is also a key factor that is projected to boost the segment during the forecast period.

In terms of supplier, the private charging station segment holds a dominant share of the market primarily due to the limited presence of OE manufacturers of electric vehicles who offer electric vehicle charging stations. However, with surging electric vehicle sales, OE manufactures of the vehicle have started to offer and deal with electric vehicle charging stations. This is expected to boost the OE segment of the market during the forecast period.

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In terms of geography, the electric vehicle charging station market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific leads the global electric vehicle charging station market. This is due to booming sales and production of electric vehicle is countries such as China and Japan. China is a prominent market for electric vehicle charging stations. With growing economy and superior manufacturing, the demand for electric vehicle charging stations is rising in China. Expansion of electric vehicle charging station network is primarily due to the expansion of the electric vehicle industry. Surge in adoption of electric bus fleets in cities such as Shenzhen, in China, has fueled the electric vehicle charging station market in the country during the forecast period.

Several prominent players operate in the global electric vehicle charging station market, who hold prominent positions. Key players in the market include ABB, EVgo Services LLC., ChargePoint, Inc., Blink Charging Co., Allego, Scheinder Electric, Toshiba Corporation, Wi Tricity Corporation, Mojo Mobility, Inc., AeroViroment, Inc., Robert Bosch GmbH, GENERAL ELECTRIC, Evatran Group, Chargemaster plc., Siemens AG, Hella KGaA Hueck & Co., Leviton Manufacturing Co., Inc., Efacec, Alfen N.V., Elix Wireless, Engie, Denso Corporation, ClipperCreek, Tesla, Infineon Technologies AG, and Qualcomm Technologies, Inc.

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