Electric Vehicle Charging Station Market Economic Conditions, Acquisitions and Developments 2031

The global electric vehicle charging station market surpassed US$ 30.04 Bn in 2020, expanding at a CAGR of 33.6% during the forecast period. Electric vehicle charging station provides electric energy to charge electric and plug-in hybrid vehicle batteries. This station has superfast chargers, as they charge the vehicle batteries in less time, which depends upon the battery capacity.

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Increasing production capacity of electric as well as plug-in hybrid vehicles across the developed and developing economies, enhance the demand for EV charging stations. Due to shifting consumer's preference from IC engine vehicles to zero emission vehicles, i.e. electric vehicles, and government is also investing to create awareness about electric vehicles. Moreover, rising emission regulation is also boost the growth of EV sales and production, which further contribute in the growth of EV charging station market.

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Due to outburst of the COVID-19 pandemic, the manufacturing processes of the electric vehicles has been hampered, which further restrains the market growth. The designing processes of electric vehicles has stopped that hampered the development processes for electric vehicles and its related components. Moreover, due to disruption of supply chains, there was shortage of raw material supply. However, the global limitations has been relieved, which reinitiated the designing and manufacturing process, which will drive the growth of electric vehicle charging station market.

Contingency Planning to Expand Market Growth During COVID-19

The coronavirus outbreak has caused a slowdown in the global economy. Although new variants hold significant risk to human health, relaxation in restrictions and opening up of borders for trade are anticipated to revive the growth of the market for electric vehicle charging stations. Since business activities in the automotive industry have been one of the worst hit by the pandemic, market stakeholders are using contingency planning to overcome challenges in supply chains, operations, and inventory management.

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Public Stations and DC Charging Model Generating Revenue Streams for Stakeholders

Based on charging station type, the electric vehicle charging station market is divided into DC, AC, and wireless charging stations. Of these, the DC charging type segment is estimated to hold the highest share of the electric vehicle charging station market. It held more than 50% of the total market share in 2017. This is mainly due to the attractive pricing and fast charging capacity of DC charging stations. Furthermore, in DC charging stations, it converts electricity before entering the car's converter and thus, charges the battery directly. These aspects are fueling growth for DC charging stations in the market.

In terms of end-user type, public charging stations hold a higher revenue share as compared to other types. They accounted for nearly 60% of the total shares in 2017 in the market. Public stations are economical, as they have enough parking space and are accessible to everyone.

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Market Segmentation

The global electric vehicle charging station market has been segmented based on charging level, charging type, installation type, application, end-use industry, and region

Based on charging level, the level 2 charging segment dominated the global electric vehicle charging station market, in terms of revenue, in 2020 and it is expected to witness fastest growth in the market during the forecast period. Level 2 charging station provides fast charging solution, due to which it is widely adopted in the residential as well as commercial sectors.

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