Electric Vehicle Charging Station Market : Growing at a CAGR of 30.5% from 2022 to 2031 | Industry Trends and Growth Analysis

Allied Market Research recently published a report, titled, "Electric Vehicle Charging Station Market by Mode of charging (Plug-in charging, Wireless charging), by Charging level (Level 1, Level 2, Level 3), by End User (Residential, Commercial): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global electric vehicle charging station industry accounted for $16.6 billion in 2021, and is expected to reach $226.3 billion by 2031, growing at a CAGR of 30.5% from 2022 to 2031. The report provides an in-depth analysis of changing market trends, key investment pockets, top segments, regional landscape, value chain, and competitive scenario.

Major determinants of the market growth

Increase in adoption of electric vehicles and favorable government initiatives have boosted the growth of the global electric vehicle charging station market. However, lack of standardization of current EV charging infrastructure and high cost of developing charging infrastructure hinder the market growth. On the contrary, incorporation of vehicle-to-grid EV charging station would open new opportunities in the future.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/17811

The plug-in charging segment dominated the market growth

By mode of charging, the plug-in charging segment held the largest share in 2021, accounting for more than four-fifths of the global electric vehicle charging station market, and is estimated to dominate the global wireless video surveillance market throughout the forecast period. The majority of electric vehicle stations are equipped with AC level 1 or 2 charging systems. These systems are preferred for charging electric vehicles at home as well as commercial areas. Charging stations at workplaces or different public locations may further strengthen the market for plug-in electric vehicle charging solutions for residential and commercial charging stations. However, the wireless charging segment is expected to register the highest CAGR of 33.5% during the forecast period, as wireless charging offers flexible operation for broad range of vehicles.

The level 3 segment to manifest the highest CAGR through 2031

By charging level, the level 3 segment is expected to register the highest CAGR of 34.9% during the forecast period, as level 3 charging systems require expensive hardware, making their installations primarily suitable at public station only. However, the level 2 segment held the largest share in 2021, contributing to more than four-fifth of the global EV charging station market, as this type of charging equipment is compatible with all the plug-in electric vehicles and electric vehicles.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/electric-vehicle-charging-station-market/purchase-options

The residential segment held the lion's share

By end user, the residential segment dominated the market in 2021, accounting for more than three-fourths of the global EV charging station market, and is expected to continue its dominance from 2022 to 2031. Many drivers or owners of electric vehicles and plug-in hybrid electric vehicles charge their vehicles overnight at home using AC level 1 or AC level 2 chargers. However, the commercial segment is estimated to showcase the highest CAGR of 35.9% during the forecast period. commercial charging stations are usually installed at workplaces, hotels, shopping malls, airports, business parks, and retail outlets. In addition, DC quick chargers are preferable at short-stop locales such as drugstores or convenience stores, as consumers make short stops at these places.

Asia-Pacific held the largest share

By region, the market across Asia-Pacific dominated the market in 2021, holding more than two-fifths of the global electric vehicle charging station market, and is expected to dominate in terms of revenue during the forecast period. This is due to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles. However, the market across Europe is projected to manifest the highest CAGR of 33.1% during the forecast period, due to government initiatives to reduce the emission of harmful gases from internal combustion engine vehicles and advent of new range of electric vehicle.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠- https://www.alliedmarketresearch.com/purchase-enquiry/17811

Major market players

ABB Ltd.
Webasto Group
Siemens AG
Schneider Electric SE
Eaton Corporation PLC
Delta Electronics Inc.
BorgWarner Inc.
General Electric Company
Plugless Power Inc.
Robert Bosch GmbH
AeroVironment Inc.
Moser Services Group

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