The Global Electric Vehicle Charging Stations Market was valued at USD 5.1 Bn in 2020 and is expected to reach USD 59.9 Bn by 2027, with a growing CAGR of 42.2% during the forecast period.
An Electric Vehicle Charging Stations (EVCS) is also known as Electric Vehicle Supply Equipment (EVSE). The electric vehicle charging stations is equipment that connects an electric vehicle to a source of electricity to recharge electric cars and plug-in hybrid vehicles. These are provided in the municipal parking locations by electric utility companies or at retail shopping centres by private companies.
The growing adoption of electric vehicles across the globe is one of the significant factors to propel the electric vehicle charging stations market growth. The government is providing EV manufacturers with subsidies, rebates, tax exemptions, and fixed quotas. Government subsidies for electric vehicles purchase are an important factor influencing consumer buying decisions. These factors promote EV sales and production across the globe. For instance, according to the report of the International Energy Agency (IEA) published in 2021, governments across the globe spent USD 14 Bn to support electric car sales.
In addition, the increasing government funding to develop charging station infrastructure drives the growth of the electric vehicle charging stations industry throughout the forecast period. For instance, President of the United States Joe Biden announced USD 7.5 Bn for an EV charging infrastructure network. Moreover, rising concerns associated with carbon emission is the major factor influencing the demand for electric vehicles, which in turn, influence the demand for electric vehicle charging stations market.
By Charging Point Type
By Vehicle Type
By Installation Type
By Technology
By Charger Type
By Region
Based on the charging point type, the DC charging/super charging is the fastest-growing segment during the forecast period due to the lower charging time
Based on the charging point type, the electric vehicle charging stations market has been segmented into AC charging/normal charging, DC charging/super charging, and inductive charging. The DC charging/super charging in the electric vehicle charging stations industry is the fastest-growing segment during the forecast period owing to the lower charging time. Super charging has a lower charging time as compared to normal charging and can charge EVs within 30 minutes.
Based on the technology, the level 3 segment is growing at the highest CAGR during the forecast period owing to the highest power output
Based on the technology, the global electric vehicle charging stations market has been segmented into level 1, level 2, and level 3. The level 3 segment in electric vehicle charging stations market is growing at the highest CAGR during the forecast period. The growth in the segment is attributed to the highest power output and provide the most charge in the least amount of time.
Based on region, the Asia Pacific is accounted to hold the largest market share of over 80% in 2019 and is expected to show its dominance during the forecast period owing to advanced electrification technology and the government initiatives in the region
Based on region, the global electric vehicle charging stations market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific held the largest market share of over 80% in 2019 and is expected to show its dominance during the forecast period. The growth in the region is mainly attributed to the advanced electrification technology and the government initiatives in the region. For instance, according to secondary sources, China is expected to invest USD 1.2 billion for the enlargement of the charging infrastructures. Moreover, Tesla plans to install 400 additional superchargers in the country in the coming years, nearly doubling its current number.
The report also provides an in-depth analysis of electric vehicle charging stations market dynamics such as drivers, restraints, opportunities, and challenges:
Drivers
Restraints
Opportunities
Challenges
COVID-19 Impact on the Electric Vehicle Charging Stations Market Analysis:
The COVID-19 pandemic has significantly impacted many lives and businesses across the globe which result in the slowdown of economies. The slowdown of the economy happened due to the strict lockdown imposed by the government to limit the spread of the COVID-19 virus. The electric vehicle charging stations market was negatively impacted through the COVID-19 pandemic. The manufacturing plant and the supply chain of the EV charging stations equipment were disrupted due to the lockdown. For instance, according to secondary sources, there has been around a 12% decline in the revenue generated by EV charging stations solution providers in 2020. However, with the gradual reopening of the economy the electric vehicle charging stations market gaining traction due to the supportive government initiatives.
*Note: A detailed analysis is specific to electric vehicle charging stations market will be provided in the report
The report also provides an in-depth analysis of key trends in the electric vehicle charging stations market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Introduction
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Executive Summary
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
Market Dynamics
COVID – 19 Opportunity Mapping
Regional Market Analysis
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