Government incentives, subsidies, and funding to drive the growth of the electric vehicle charging stations market

According to a new market research report titled, "Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User- Global Forecast to 2027", the electric vehicle charging stations market is expected to grow at a CAGR of 39.8% from 2020 to reach $29.7 billion by 2027. In terms of volume, this market is expected to grow at a CAGR of 31.8% from 2020 to reach 15,025.5 thousand units by 2027.

Electric vehicles (EVs) is one of the fastest growing sub-segments of the automotive industry. Improved technology, customer inclination towards minimizing carbon footprints, and government policy incentives have been some of the key drivers contributing to the growth of the electric vehicle market over the past few years. Currently, the electric vehicle industry is undergoing a technological transformation with two-fold objectives of improving vehicle range and at the same time enhancing charging infrastructure.

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Electric vehicles (EVs) is one of the fastest growing sub-segments of the automotive industry. Improved technology, customer inclination towards minimizing carbon footprints, and government policy incentives have been some of the key drivers contributing to the growth of the electric vehicle market over the past few years. Currently, the electric vehicle industry is undergoing a technological transformation with two-fold objectives of improving vehicle range and at the same time enhancing charging infrastructure. Electric vehicle automakers are increasingly investing in charging station infrastructure development in order to support their long-range battery electric vehicles.

Impact of COVID-19 on the electric vehicle charging stations market

Among the most exposed verticals to the ongoing COVID-19 outbreak, the automotive & transportation industry is currently facing unprecedented uncertainty. The COVID-19 is projected to dramatically affect the supply chain and the market for goods in the automotive sector. The concern of the industry has shifted from focusing on China's supply chain disruption to the overall slump in demand for automotive products. Commercial vehicle demand is expected to plummet with all non-essential services being shut down. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic may have significant consequences for the industry's near-future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen further in the coming months.

However, the electric vehicle production seems to be somewhat less affected by the pandemic as predicted production levels for EVs in 2020 are expected to be more or less similar to that in 2019. As a result, the demand for EV infrastructure is not expected to be significantly disrupted due to the current pandemic, since electric vehicles and its associated charging infrastructure and sales originates from China, which has recovered from the pandemic to sustain its global dominance in terms of EV production. The Chinese government has also announced stimulus packages toward boosting the development of a network of electric vehicle charging stations.

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The electric vehicle adoption rate is growing, and many countries across the globe are investing heavily in research and development. Countries such as Canada, Australia, India, the Netherlands, and Germany have launched numerous programs to promote the adoption of electric vehicles. The government incentive programs for the future would assist the energy industry to solve the economic crisis triggered by COVID-19 through significant investments in charging facilities. Hence, most of the governments in these regions have used rehabilitation of infrastructure as an economic stimulus during COVID-19.

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, component, bus charging infrastructure, Connector, installation, and end-user. The study also evaluates industry competitors and analyses the market at the country level.

Based on the charging station type, 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. However, the wireless charging stations market is expected to witness rapid growth during the forecast period. The rapid growth of this segment is primarily attributed to the automaker's initiatives for the development of wireless charging stations technology and government funding for the installation of the wireless charging stations.

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Further, 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 the 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 off-board top-down pantograph segment is estimated to command the largest share of the overall electric vehicle charging stations market in 2020, which is mainly attributed to its fast, reliable, and versatile operation as it consists of one charging terminal that adds a lot of flexibility to eBus service since the off-board charging infrastructure can be used by several buses per hour, even of different manufacturers. 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. The key factor 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.

Based on connector type, 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. This is primarily attributed to the increasing preference by major U.S. and European automakers such as BMW (Germany), Tesla (U.S.), Daimler AG (Germany), FCA (U.K), Ford (U.S.), Jaguar (U.K.), General Motors (U.S.), Group PSA (France), MG (U.K.), Polestar (Canada), Renault (France), and Volkswagen Group (Germany).

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Based on installation type, the fixed charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations 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. However, the portable charger segment is expected to be the fastest-growing market during the forecast period.

Geographically, the Asia Pacific region is estimated to command the largest share of the overall electric vehicle charging stations market in 2020. Also, Asia Pacific region is expected to witness a rapid growth during the forecast period. The rapid growth of this region is mainly driven by the high adoption of electric vehicles in countries such as China and Japan, owing to the electrification of the automotive industry along with the initiatives for setting up charging infrastructure. For instance, the Ministry of Industry and Information Technology of China announced its new energy vehicle (NEV) quota in September 2017, requiring all car manufacturers in the country with over 30,000 annual vehicle sales to produce 10% new electric vehicles in 2019 and 12% in 2020. In addition, countries such as South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the adoption rate of electric vehicles. For instance, on 1 April 2019, the government of India launched the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to encourage the adoption of electric vehicles and its associated charging infrastructure.

The report also includes extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The electric vehicle charging stations market has witnessed a number of products launches in recent years. For instance, in September 2019, ChargePoint launched its most powerful, fastest and versatile home charger, ChargePoint Home Flex, which can deliver power up to 50 amps. It also offers a unique combination of speed and versatility, making it the most flexible home charger. Similarly, in October 2018, Webasto had launched its two new smart charging solutions: Webasto Live for the European market and Webasto TurboDX for the American and Asian markets. These new solutions allow flexible networking through a mobile network app.

The global electric vehicle charging stations market is consolidated and dominated by few major players, namely 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.

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Scope of the report

EV Charging Stations Market by Type

Plug-in Charging Station
Level 1 Charging Station
Level 2 Charging Station
Level 3 Charging Station
Wireless Charging Station
EV Charging Stations Market by Component

Hardware
Software
EV Charging Stations Market by Bus Charging Infrastructure

Off-Board Top-Down Pantograph
On-Board Bottom-Up Pantograph
EV Charging Stations Market by Connector Type

CCS
CHAdeMO
GB/T
Tesla Supercharger
Type 1 (SAE J1772)
Type 2 (IEC 62196)
EV Charging Stations Market by Installation Type

Portable
Fixed
EV Charging Stations Market by End User

Commercial
On-Road
Public Parking
Others
Non-Commercial
Residential
Non-Residential
EV Charging Stations Market by Geography

North America
U.S.
Canada
Europe
UK
Germany
France
The Netherlands
Norway
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Latin America
Middle East and Africa

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