Press release
Electric Vehicle Charging Stations Equipment Market Set to Reach $1041.46 Billion by 2029 with 31.2% Yearly Growth
Electric Vehicle Charging Stations Equipment Market Research
There has been an explosive growth in the electric vehicle charging stations equipment market in the past few years. The market, which was worth $259.02 billion in 2024, is projected to increase to $351.76 billion in 2025, boasting a compound annual growth rate (CAGR) of 35.8%. This impressive growth during the historic period is mainly driven by the rise in electric vehicle adoption, environmental awareness, government subsidies, technological progression, and alleviation of range anxiety.
The market size for equipment used in electric vehicle charging stations is predicted to experience a surge in growth over the upcoming years. The market is projected to reach $1041.46 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 31.2%. Several factors will contribute to this growth during the forecast period. These include the expanding market for electric vehicles, government backing, a transition to sustainable energy, urban expansion, and population density. Key anticipated trends during this period comprise ultra-fast charging, EV charging applications, wireless charging, and vehicle-to-grid (v2g) technology.
What Are the Forces Behind the Rapid Growth of the Electric Vehicle Charging Stations Equipment Market?
The expansion of the electric vehicle charging stations equipment market is propelled by global and national laws aimed at promoting electric vehicles (EV). Investors are encouraged through incentives to purchase electric vehicles and set up EV charging stations, thereby facilitating the growth of the electric vehicle charging stations equipment market. This scheme positively affects the electric vehicle charging stations equipment market. For instance, the German government has made electric vehicles more appealing by announcing a scheme that offers a direct discount of $4,520 for buyers of EVs. In addition, Norway provides public funding for charging stations at every 50 km. This contributes to the growth of the EV charging stations market and consequently, stimulates the electric vehicle charging stations equipment market.
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Who Are the Dominant Companies Influencing Electric Vehicle Charging Stations Equipment Market Trends?
Major companies operating in the electric vehicle charging stations equipment market include ABB Ltd., Siemens AG, The New Motion BV, Tesla Motors Inc., ClipperCreek Inc., DBT SA, Chargemaster Plc, Engie SA, Fortum Oyj, Leviton Manufacturing Co, Qualcomm Inc., Robert Bosch GmbH, Schneider Electric SE, AeroVironment Inc., National Thermal Power Corporation, Mahindra Reva Electric Vehicles Pvt Ltd., Tata Power Ltd., ACME Group, ChargePoint Inc., BP plc, Shell plc, Webasto SE, Hyundai Motor Company, RWE AG, Mercedes-Benz Group AG, EVBox, Southern California Edison, San Diego Gas and Electric Co, PG&E Corporation, Blink Charging Co
How Is the Electric Vehicle Charging Stations Equipment Market Evolving?
Top firms in the electric vehicle charging station equipment market are leveraging partnerships to unveil enhanced products such as the fastest EV charger, broadening their market penetration. EV chargers, devised to replenish the power of electric vehicle batteries from a power source, vary from modest home-based units to complex public fast-charging systems. These systems encourage the effective utilization of electric cars. For example, in May 2022, ABB Ltd., a Swiss automation manufacturing firm, collaborated with Shell Inc., a US oil and gas business, to introduce Terra 360's. Acknowledged as the swiftest integrated EV charger worldwide, Terra 360 is geared to revolutionize electric vehicle charging in Germany. A joint venture between ABB E-mobility and Shell plans to deploy over 200 units across the nation within the forthcoming year. The collaboration's goal is to increase the availability and speed of chargers for Germany's 1.7 million EV users. Implying remarkable efficiency, Terra 360 can supply 100 kilometers of range in less than three minutes.
What Are the Different Segmentations in the Electric Vehicle Charging Stations Equipment Market?
The electric vehicle charging stations equipment market covered in this report is segmented -
1) By Type: AC Charging, DC Charging, Inductive Charging
2) By Vehicle Type: Battery Electric Vehicles (BEV), Plug-In Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)
3) By Charging Type: Level One Charging (120 Volts), Level Two Charging (240 Volts), DC Fast Charging (480 Volts)
Subsegments:
1) By AC Charging: Level 1 AC Charging, Level 2 AC Charging
2) By DC Charging: DC Fast Charging (DCFC), Ultra-Fast Charging
3) By Inductive Charging: Static Inductive Charging, Dynamic Inductive Charging
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Which Region Is at the Forefront of the Electric Vehicle Charging Stations Equipment Market?
Asia Pacific was the largest region in the electric vehicle charging stations equipment market in 2023. The regions covered in the electric vehicle charging stations equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Electric Vehicle Charging Stations Equipment Global Market Report?
- Market Size Analysis: Analyze the Electric Vehicle Charging Stations Equipment Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Vehicle Charging Stations Equipment Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Vehicle Charging Stations Equipment Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Vehicle Charging Stations Equipment Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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