Electric Vehicle (EV) Charging Station Market to Grow at a CAGR of 30.5% and will Reach USD 226.3 billion by 2031

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.

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.

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People on the move demand for faster charging solutions that can charge their vehicles for a longer range in lesser time. This has encouraged the companies to launch technologically advanced level 3 DC charging solutions for these customers. In addition, several companies operating in electric vehicle charging station market are introducing new and faster electric car charger to charge an electric vehicle at public charging stations, which fuels the growth of the segment.

For instance, in September 2021, ABB launched Terra 360, which is world's fastest EV charging station with the capability to charge most EVs in less than 15 minutes. It can also deliver 100 km range in less than 3 minutes. In addition, ABB exclusively launched this charger for public charging stations, and it has the potential to charge up to 4 electric vehicles simultaneously.

The growth of the global electric vehicle charging station market is propelling, due to rise in adoption of electric vehicles owing to government initiatives. However, high cost of electric vehicle charging infrastructure, and lack of standardization of current EV charging infrastructure are the factors hampering the growth of the market. Furthermore, incorporation of vehicle-to-grid (V2G) EV charging stations is the factor expected to offer growth opportunities during the forecast period.

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COVID-19 Impact Analysis:

Over the first half of 2020, global electric car sales were lower than over the same period in 2019. The prominent exception was Europe where electric car sales were considerably higher due to the existing policy support schemes. Global electric vehicle charging station market trends were noticeably different in the second half of 2020, when lockdowns were relaxed for some time, and the automotive market started to recover. However, the pandemic's impact on the automotive industry with the growing vaccination numbers globally, is expected to come down gradually over the span of a couple of years. The post pandemic demand for electric vehicle charging system-backed solutions is expected to grow appreciably as they offer superior comfort and safety to the vehicles.

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.

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.

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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.

The Asia-Pacific region is expected to lead the global electric vehicle (EV) charging station market during the forecast period. This growth is driven by an increase in the number of electric vehicles and rising vehicle standards. Government initiatives are also promoting technological advancements in EV infrastructure. China, for example, installed 284,000 public EV charging outlets in 2020, bringing the total to over 800,000 by the end of the year. Japan is also expanding its EV charging network, with collaborations like the 2022 partnership between Porsche Japan and Audi Japan to establish rapid charging stations across the country.

Europe is projected to witness substantial growth in the EV charging station market. Automotive giants are investing heavily in charging infrastructure, particularly in Germany. Volkswagen, for instance, plans to install around 4,000 charging stations in the country by 2025. In Italy, investment banks and energy companies are collaborating on nationwide EV charging projects. In 2022, Duferco Energia SpA secured a $26.44 million contract to install 1,800 charging stations across central and northern Italy, further bolstering the region's EV infrastructure.

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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

The report analyzes these key players of the global electric vehicle charging station market. These companies have adopted several strategies such as expansion, partnerships, new product launches, collaborations, and mergers & acquisitions to maintain their foothold in the industry. In addition, the report is essential in determining the business performance, product portfolio, operating segments, and developments by every market player.

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