Press release
Electric Vehicle Charging Stations Market Worth $29.7 billion by 2027
According to this latest publication from Meticulous Research®, in terms of value, the electric vehicle charging stations market is expected to grow at a CAGR of 39.8% from 2020 to 2027 to reach $29.7 billion by 2027; whereas, in terms of volume, the market is expected to grow at a CAGR of 31.8% from 2020 to 2027 to reach 15,025.5 thousand units by 2027.
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This market is majorly driven by the government incentives, subsidies, and funding for the installation of charging stations; and automakers’ initiatives for the charging infrastructure development. However, the high cost of fast-charging stations, stringent rules for installation, and complex charging infrastructure obstructs the growth of this market to some extent.
The global electric vehicle charging stations market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027. The market is segmented on the basis of type (plug-in charging station- level 1 charging station, level 2 charging station, level 3 charging station; wireless charging station), components (hardware, software), bus charging infrastructure (off-board top-down pantograph, on-board bottom-up pantograph), connector ( CCS, CHAdeMO, GB/T, tesla supercharger, Type 2 (IEC 62196), Type 1 (SAE J1772)), installation (fixed, portable), and end-user (commercial-on road, public parking, others; non-commercial- residential, non-residential). The study also evaluates the industry competitors and analyses the market at the country level.
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Based on the charging station type, the overall electric vehicle charging stations market is segmented into the plug-in and wireless charging stations. The plug-in charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2020. The growth in this segment is mainly driven by the government and automakers initiatives to expand the level 3 plug-in charging station infrastructure. The plug-in charging stations market is further segmented into level 1 charging station, level 2 charging station, and level 3 charging station. The level 3 charging station segment is estimated to command the largest share of the plug-in electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to the factors such as rising government initiatives for installation of fast-charging stations; rebate on the purchase of level 3 charging stations; growing investment by automakers in level 3 charging stations in order to support their long-range battery electric vehicle; and advantage of faster charging than other types of charging stations.
Based on bus charging infrastructure, the overall electric vehicle charging stations market is segmented into off-board top-down pantograph and on-board bottom-up pantograph. The off-board top-down pantograph segment is estimated to command the largest share of the overall electric vehicle charging stations market in 2020. However, the on-board bottom-up pantograph segment is estimated to witness rapid growth during the forecast period. The on-board bottom-up pantograph charging solution is a fast-charging system mainly used for the charging of electric buses in cities with existing DC networks, such as for tramways. Factors attributed to driving the growth of this segment include increasing adoption of electric buses in countries such as China and the United States over the past years.
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Based on connector type, the overall electric vehicle charging stations market is segmented into CCS, CHAdeMO, GB/T, tesla supercharger, Type 2 (IEC 62196), and Type 1 (SAE J1772)). The GB/T segment is estimated to command the largest share of the overall electric vehicle charging stations market in 2020. The largest share of this market is mainly attributed to the fact that China’s dominating position in the charging station market, where GB/T is the most common type of charging station connector standard. However, the Combined Charging System (CCS) segment is expected to grow with the fastest CAGR during the forecast period.
Based on installation type, the overall electric vehicle charging stations market is segmented into fixed charging stations and portable charging stations. The fixed charging stations segment is estimated to account for the largest share of the overall market in 2020, mainly due to the rising focus of government agencies on providing funds to charging station OEMs for the development of charging stations. Moreover, the growing collaborations among various industry stakeholders such as charging station OEMs, electric vehicle manufacturers, charging network operators, corporates, and utility service providers to deploy fast-charging stations, expand their geographical presence, and enable cost-effective deployment of charging network further supports the growth of this segment.
Based on end-user, the overall electric vehicle charging stations market is segmented into commercial and non-commercial. The commercial end-user segment is estimated to account for the largest share of the overall market in 2020, mainly due to the increased installation of charging stations in public places like shopping malls, restaurants, commercial buildings, public parking spaces, and airports owing to the convenience of usage during the commercial activities.
Geographically, the Asia Pacific region is estimated to command the largest share of the global electric vehicle charging stations market in 2020. The large share of this region is primarily attributed to the increasing demand for electric vehicles in countries such as China, Japan, and South Korea owing to the factors such as stringent regulations to reduce the pollution; incentives to promote the sale of the electric vehicles; and subsidy on installation of charging stations. For instance, according to the International Renewable Energy Agency (IEA), on 12 February 2018, to promote energy-efficient electric vehicles, China offered subsidies on electric vehicles that were meeting additional range of requirements. The incentives increased from 44,000 Yuan (USD 6613) to 50,000 Yuan (USD 7440) for vehicles with at least 400 km range. Further, in 2018, Taiwan's Ministry of Economic Affairs (MOEA) announced that its Bureau of Industrial Development would provide subsidies of up to NT$300,000 (USD 10,141) for the installation of electric vehicle charging stations in front of PX Mart chain stores and 7-11 convenience stores.
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The key players operating in the global electric vehicle charging stations market are ABB (Switzerland), ChargePoint, Inc. (U.S.), Tesla, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Efacec (Portugal), Delta Electronics, Inc. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), EVBox (The Netherland), Blink Charging (U.S.), Alfen (The Netherland), The New Motion B.V. (The Netherland), Star Charge (China), Eaton Corporation Inc (Ireland), SemaConnect (U.S.), Webasto (Germany), Robert Bosch GmbH (Germany), and ClipperCreek Inc. (U.S.), among others.
Key questions answered in the report-
Which are the high growth market segments in terms of the charging station types, end-user, and countries?
What is the historical market for electric vehicle charging stations across the globe?
What are the market forecasts and estimates for the period of 2020-2027?
What are the major drivers, restraints, and opportunities in the overall electric vehicle charging stations market?
Who are the major players in the overall electric vehicle charging stations market and what share of the market do they hold?
Who are the major players in various countries and what share of the market do they hold?
How is the competitive landscape?
What are the recent developments in the overall electric vehicle charging stations market?
What are the different strategies adopted by the major players in the overall electric vehicle charging stations market?
What are the geographic trends and high growth countries?
Who are the local emerging players in the overall electric vehicle charging stations market and how do they compete with the other players?
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Mr. Khushal Bombe
Meticulous Research
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About Meticulous Research
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze and present the critical market data with great attention to details.
Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, with the help of its unique research methodologies, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa regions.
With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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