Electric Vehicle Charging Station Market

GMI Research analysis indicates that the Electric Vehicle Charging Station Market is slated to register a very high CAGR of 41.5% over the forecast period, till 2029.

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Key Drivers

The factors driving the growth of the global electric vehicle charging station market include the increasing demand for electric vehicles and growing awareness about the hazardous impact of gasses discharged from conventional vehicles. Moreover, strategic government policies with an increasing emphasis to encourage the development of electric vehicle charging stations through subsidies will further boost the market growth. Various organizations, including Electric Vehicle Charging Association (EVCA), CHAdeMO Association, AVERE (The European Association for Electromobility), among others, are emphasizing on the development of advanced electric vehicle charging infrastructure. Additionally, the advancements in communication technologies like real-time information on all-electric vehicle charging stations for smart connectivity will boost the market growth. Moreover, the growing focus of automakers with rebates, subsidies, tax exemptions, and fixed quotas for electric car purchases which will offer enormous opportunities to the market. Moreover, the increasing integration of all-EV charging stations systems with the Internet of Things (IoT) and real-time information solutions, will augment the market growth, as these technologies assist the users to locate the nearby charging stations, provide real-time data about the availability of vacant spots and schedule convenient slots for fill ups. In addition, the ongoing product innovations, which include the development of wireless induction pads to help fast recharging with the need of minimum equipment have bolstered the market growth. The widespread deployment of supercharging stations in remote areas, is forecast to drive the market size. Increasing number of portable charging stations, rising Government emphasis towards innovative oil fuels, and growing crude oil prices are projected to expand the market growth. According to the Federation of Automobile Dealers Associations’ (FADA) report, Indian Electric Vehicles sales witnessed a 155% YoY growth during FY20 and FY22 to 4,29,217 units in FY22, which will accelerate the market growth in the coming few years.

Furthermore, the growing inclination towards emission-free vehicles among transport companies, advent of latest technologies including wireless charging and ultra-fast DC charging solution, and the expansion in electric bus market will further stimulate the market growth over the upcoming years. On the other hand, the installation of these electric vehicle charging stations is very costly, which may hamper the market growth.

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Charging level Segment Analysis

Level 1 segment is projected to grow at a higher CAGR during the forecast period, as they do not need any additional equipment. The Level 1 chargers use a 120 Volt AC plug and provide a charging range of two to five miles per hour. Thus, exceptional features offered by these chargers which include easy installation and cost-efficiency drives the segment’s growth.

The Level 2 segment is expected to expand at a faster CAGR over the coming years, owing to their use across commercial and residential charging stations. These chargers use a 240 Volt AC plug and need a professional electrician for installation.

Application Type Segment Analysis

Based on the application type, public segment is predicted to hold a larger share over the upcoming years, owing to the strategic initiatives by the governments and electric vehicle manufactures for the expansion and installation of public EVSE infrastructure movie theatres, stadiums, airports, shopping malls, corporate buildings, hotels, and others. Safe and secure charging of vehicles, less charging time, cost-efficiency, and remote management will propel the segment’s growth. The easy availability of public stations on roads will add to the market growth. These sites allow the owners of the stations to restrict, monitor, and manage the use of EV devices through a distance for energy consumption and optimization, fuelling the public charging sites growth.

Installation Type Segment Analysis

Portable segment is expected to lead the market due to the remarkable advantages which include flexibility, easy carriage, and lightweight. Moreover, the development of new and advanced portable chargers for electronic vehicles by leading companies such as Volkswagen, among others are further propelling the market growth.

Charging Station Type Segment Analysis

Based on the charging station type, the normal charging stations will witness a promising growth, owing to the rising prominence of home charging system. Also, they do not need any special equipment apart from an outlet for the installation for normal chargers will compel the market growth.
The super charging segment is expected to grow at a higher CAGR during the forecast period owing to its fast-charging ability for electric vehicles and the increasing number of public charging stations.

Charging Infrastructure Type Segment Analysis

Based on the charging infrastructure type, CCS is projected to expand at a faster CAGR over the coming years, as it is a easy to use system. Moreover, leading companies, including General Motors, Daimler AG, Hyundai Motor Company, Tesla, Inc. and Volkswagen AG manufacture CCS supporting electric vehicle, which will compel the segment’s growth. Increasing inclination of leading automobile manufacturers to incorporate CCS connectors in their EVs, has augmented the market growth. For instance, in July 2019, Tesla introduced a CCS connector to support Model 3, which is compatible with Model S and Model X in Europe. The compatibility of CHAdeMO with a majority of electric vehicles and user-friendliness will pave the way for CHAdeMO connectors, driving the segment’s growth.

Electric Bus Charging Type Segment Analysis

Based on the electric bus charging type, the Charging via connector market is expected to grow at a higher CAGR during the forecast period, owing to its durability, safety, strength, and user-friendly features. Moreover, it is a fast and effective charging solution which can be accessed and controlled through a distance. The Off-board Top-down-Pantograph is a fully automated and cost-efficient charging solution for electric buses.

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Regional Analysis

Geographically, Asia-Pacific is expected to lead the market over the forecast period owing to the increasing production of electric vehicles in countries including China, Japan, and South Korea. Furthermore, rising per capita income of people in developing countries, including India, China, Bangladesh, and Thailand, and growing concerns pertaining greenhouse gas emission will pave the way for market. Increasing investment in the development of charging infrastructure, will strengthen the segment’s growth. For instance, in October 2015, the Chinese Government made an investment in the EV infrastructure to achieve its target of 5 million EVs, on-road, by 2020. Increasing implementation of favorable government schemes which include incentives and tax rebates to encourage the EV adoption will drive the regional growth. For example, in June 2022, China negotiated with vehicle manufacturers to expand EV subsidies that were set to expire in 2022.

Europe will capture a larger share over the coming years, due to rise in the number of electric vehicles and charging stations. In 2020, several European nations witnesses a double-digit increase in EV sales, i.e., from 43% in 2020 to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019.  Also, strategic government initiatives to encourage the investment in electric vehicles and reduce harmful vehicular discharges supports the market growth. For example, the Federal Ministry of Transport and Digital Infrastructure, Germany provides allowances and tax benefits to the owners of charging stations and has decided to install 1 million charging stations by 2030 in Germany.

Various notable players operating in the global electric vehicle charging station market, include Tesla Inc., BYD Company Limited, Nissan Motor Company, ABB Group, Volkswagen AG, Yazaki, Bosch, Efacec Power Solutions, Mitsubishi Electric and Leviton.

 Key Developments:

• • In November 2021, Tesla introduced Gen 2 wall connector incorporated with J1772 connector. This EV charging station is compatible with all EVs available in the North American market.
  • In October 2021, ABB and Amazon AWS innovated a fleet management tool for public EV chargers. The cloud-based service called Panion EV charge planning is intended to help operators manage power in a more efficient way.
  • In September 2021, ABB launched the world’s fastest EV charging station Terra 360, which can charge most EVs in less than 15 minutes. It can deliver 100 km range in less than 3 minutes. This is made for public charging stations and can charge up to 4 EVs simultaneously.In 2020, Siemens AG collaborated with Ubitricity, a charging solution company to change 24 lampposts into EV charge points with the help of existing city infrastructure in London. Through this development the company extended its EV charging stations in UK.
  • In 2019, Nissan Motor Company partnered with EVgo Services LLC, a U.S. based public EV charging network, provides better charging facilities to the customers. This will help the Nissan Leaf car’s owner to get pre-paid charging credits and access to more than 30,000 chargers in the U.S.
  • In 2019, General Motors partnered with Qmerit Inc. to provide a better accessibility at home charging solution to customers. This collaboration will provide a seamless way to find electricians for the installation of the charging equipment.

The global Electric Vehicle Charging Station market has been segmented on the basis of charging level, application type, installation type, charging station type, charging infrastructure type, electric bus charging type, and key regions. Based on charging level, the market is segmented into level 1, level 2, and level 3. Based on application type, the market is public and private. Based on installation type, the market is segmented into portable and fixed. Based on charging station type, the market is segmented into normal charging, super charging, and inductive charging. Based on charging infrastructure type, the market is segmented into CCS, CHAdeMO, Normal Charger, Tesla Supercharger, and Type 2 (IEC 62196). Based on Electric Bus Charging Type, the market is segmented into Off-Board Top-Down Pantograph, Off-Board Bottom-Up Pantograph, and Charging via connector.

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Key questions answered in this research report:

• • At what pace is global Electric Vehicle Charging Station market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in electric vehicle charging station market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global electric vehicle charging station market?
  • Which application type generated maximum revenues in 2021 and identify the most promising application type during the forecast period?
  • What are the various charging levels of global electric vehicle charging station market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Electric Vehicle Charging Station Market by Charging Level

• • Level 1
  • Level 2
  • Level 3

Global Electric Vehicle Charging Station Market by Application Type

• • Public
  • Private

Global Electric Vehicle Charging Station Market by Installation Type

• • Portable
  • Fixed

Global Electric Vehicle Charging Station Market by Charging Station Type

• • Normal Charging
  • Super Charging
  • Inductive Charging

Global Electric Vehicle Charging Station Market by Charging Infrastructure Type

• • CCS
  • CHAdeMO
  • Normal Charger
  • Tesla Supercharger
  • Type 2 (IEC 62196)

Global Electric Vehicle Charging Station Market by Electric Bus Charging Type

• • Off-Board Top-Down Pantograph
  • Off-Board Bottom-Up Pantograph
  • Charging via connector

Global Electric Vehicle Charging Station Market by Region

• • North America Electric Vehicle Charging Station Charging Station Market (Option 1: As a part of the free 25% customization)
    • By Charging Level
    • By Application Type
    • By Installation Type
    • By Charging Station Type
    • By Charging Infrastructure Type
    • By Electric Bus Charging Type
    • US Market All-Up
    • Canada Market All-Up
  • Europe Electric Vehicle Charging Station Market (Option 2: As a part of the free 25% customization)
    • By Charging Level
    • By Application Type
    • By Installation Type
    • By Charging Station Type
    • By Charging Infrastructure Type
    • By Electric Bus Charging Type
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Electric Vehicle Charging Station Market (Option 3: As a part of the free 25% customization)
    • By Charging Level
    • By Application Type
    • By Installation Type
    • By Charging Station Type
    • By Charging Infrastructure Type
    • By Electric Bus Charging Type
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Electric Vehicle Charging Station Market (Option 4: As a part of the free 25% customization)
    • By Charging Level
    • By Application Type
    • By Installation Type
    • By Charging Station Type
    • By Charging Infrastructure Type
    • By Electric Bus Charging Type
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Electric Vehicle Charging Station Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Tesla, Inc.
  • BYD Company Limited
  • Nissan Motor Company
  • ABB Group
  • Volkswagen AG
  • Yazaki
  • Bosch
  • Efacec Power Solutions
  • Mitsubishi Electric
  • Leviton