Electric Vehicle (EV) Charging Equipment Market Size, Share, Growth, and Industry Analysis by Type (AC Charging Pile, DC Charging Pile), by Application (Residential Charging, Public Charging), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Electric Vehicle (EV) Charging Equipment Market Report Overview

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The global electric vehicle (EV) charging equipment market size was USD 3783.7 million in 2022 and will touch USD 17328 million by 2031, at CAGR of 18.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with electric vehicle (EV) charging equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Electric vehicle (EV) charging equipment is an electronic device that delivers the electric energy from electricity source for recharging the electric vehicle. Charging stations are fixed at public locations such as shopping centres, parking and others by private corporations or electric convenience companies. There has been a substantial upsurge in the demand and production of electric vehicles in the recent years as electric vehicles have numerous benefits over fuel-powered vehicles. Governments of several countries are taking initiatives to condense carbon footprints by inspiring use of electric bikes, electric vehicles, and bicycles due to upsurge in awareness toward dangerous effects of using vehicles running on fossil fuels. Governments across the world are setting burden on vehicle producers to decrease carbon emissions caused by diesel fuel combustion and challenge greenhouse gas releases in turn pushing them to capitalise in emerging electric vehicles. Governments need to regulate charging setup for the development of a favourable ecosystem and an upsurge in the sales of electric vehicles. Corporations are rapidly advancing the charging technologies used in their electric vehicle charging networks to calm these worries. With the augmented usage of electric vehicles, the number of commercial charging stations is predictable to upswing. Electric cars need less upkeep than regular gasoline or diesel vehicles. As a result, the annual cost of operating an electric car is relatively low. Road tax and registration for electric vehicles are less costly than those for petrol or diesel vehicles. These essentials are fuelling battery-electric vehicle growth on a world-wide measure. Continuous development of the growing EV sales across the world is one of the main motives that is fuelling the overall growth of the market as these are increasing the complete demand for EV charging stations worldwide. Players in electric transportation are recurrently investing in the research and development.

COVID-19 Impact:  Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. The supply chain got affected as there was shortage of raw material, labours. Sales of automotive industry witness a significant drop and instigated a large supply-demand breach in the products and services associated to electric vehicle charging station. Limitations hindered the work route of every industry. People were forced to stay at home and maintain social distancing standards and prevent the coronavirus from spreading, affecting the availability of the labour.

Latest Trends

"Use of innovative technology to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the downstream market. Technological advancement will improve performance and propel the market growth. As the demand in developing markets is projected to rise in the future, the demand in the market will also upsurge. Technological developments and modernisation are estimated to play a crucial role in improving the performance of the product and growing its uses in several industries.

Electric Vehicle (EV) Charging Equipment Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into ac charging pile, dc charging pile

Ac charging pile capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into Residential Charging, Public Charging

Electric vehicle (EV) charging equipment market players cover segment as residential charging will dominate the market share during forecast period.

Driving Factors

"Growing demand of electric vehicles to upsurge the market growth"

Growing demand of electric vehicles due to decline in fossil fuel consumption, discharge control, safe and secure atmosphere factors are growing the demand of electric vehicle (EV) charging equipment for charging down batteries of electric vehicles.

"Increase in R&D activity to drive the demand in market."

Increase in government support for development and purchase of electric mobility, in terms of tax credits, subsidies and incentives, is one of the major factors that propel demand for electric vehicles. Rise in implementation of electric vehicles due to government initiatives is driving the growth of the electric vehicle charging station industry during the forecast period.

Restraining Factors

"High cost to hamper the market growth"

The high cost is one of the primary factors limiting the electric vehicle (EV) charging equipment market growth. Thus this may affect the growth factor and show negative effects. High cost of electric vehicle charging set-up, and lack of standardization of current electric vehicle charging infrastructure are the factors hampering the growth of the market. The cost of electric vehicle charging system depends and fluctuates according to the consumer necessity and accessible electrical infrastructure. However, various costs associated to the EV charging infrastructure comprises upkeep cost, installation cost, and operative cost are impacting adversely on the market growth. Also charging electric vehicles need fix space this causes vital issue making the charging station practical.        

Electric Vehicle (EV) Charging Equipment Market Regional Insights

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"North America to dominate the region due to demand for eco-friendly vehicle"

North America is further expected to witness growth in the electric vehicle (EV) charging equipment market share. The growth in this region can be due to demand for eco-friendly vehicles to meet stringent standards and regulations. Also due to constant research and development activity the electric vehicle (EV) charging equipment industry anticipated to grow during the forecast period.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage."

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• ABB (Switzerland)
• Star Charge (China)
• Xuji Group (China)
• Chargepoint (California)
• Webasto (Germany)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas.