EV Charging Station and Charging Pile Market Size, Share, Growth, and Industry Analysis, By Type (Portable, Fixed and Others), By Application (Residential Charging, Public Charging and Others.), Regional Forecast To 2031

Updated On: 15 April 2024

EV Charging Station and Charging Pile Market REPORT OVERVIEW

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The global EV charging station and charging pile market size was USD 1.243 billion in 2021. As per our research, the market is projected to touch USD 74.79 billion in 2031, exhibiting a CAGR of 41.83% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the EV charging station and charging pile market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.  The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

An electric vehicle charging station, also known as an EV charging station and charging pile, ECS (electronic charging station), or EVSE, is a location where electric vehicles, such as electric cars, communal electric vehicles, and plug-in hybrids, can be recharged or charged (electric vehicle supply equipment). Commercial and passenger cars make up two of the market segments for electric car charging stations (AC charging station and DC charging station).The facilities and equipment required to supply power to and charge EVs make up the infrastructure for charging them, also referred to as the EV infrastructure. The centre of attention is the charging station, sometimes referred to as an EV Charging Point or EV Charger. A charging point is connected to the electric grid, which comprises of power production, high-voltage transmission to load centres, and distribution to customers, also known as charging points.

COVID-19 Impact: Underlying COVID-19 Conditions Crippled the Market Growth

The COVID-19 epidemic led over 95% of all enterprises involved in the automotive sector to halt operations during the lock-downs. The shutdown had significant and unprecedented worldwide implications since manufacturing operations were halted. The EV charging station and charging piles market growth, however, regained its momentum as economic activity picked up and global auto output rose. The EV charging station and charging piles market share is anticipated to increase significantly over the next five years as the economies gradually rebound.

LATEST TRENDS

"Multiplying Applications as Wireless and Autonomous Charging to Enlarge the Market Size"

The development of the EV charging stations and charging piles market will likely be impacted by a variety of innovative technologies in the years to come. A number of industry participants are creating innovations, such as wireless charging and autonomous charging robots that may make charging automobiles more practical. For instance, in January 2021, Siemens AG unveiled the Sicharge D, a new high-power charger. It has a 300 kW maximum scalable charging capability. The charging station can also manage charging currents up to 1,000 amps and voltages between 150 and 1,000 volts.

EV Charging Station and Charging Pile Market SEGMENTATION

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• By Type

Based on type the EV charging station and charging pile market is classified as residential charging, public charging and others.

• By Application

Based on application the EV charging station and charging pile market is classified as portablefixed and others.

DRIVING FACTORS

Government Initiatives and Programmes will Boost the Market Share

Long-term infrastructure development for charging electric vehicles can be attributed to the adoption of stringent emission and fuel economy requirements, government incentives, and the increased sales of electric vehicles, which are driving up the demand for charging stations. A few well-known players are also helping to build electric vehicle charging stations. These countries are enacting laws that encourage the use of electric vehicles by providing subsidies and lowering taxes. Additionally, they promote the growth of EV producers and related industries by giving subsidies or putting in place regulations that benefit EV-related businesses and promote quick expansion. Governments all over the world have established a range of programmes and initiatives to encourage people to choose electric vehicles over conventional autos.

Rising Demand and Production of Electric Vehicles will Drive the Market Growth

Public EV charging facilities are necessary for buying electric cars anywhere in the world. Fast public charging availability is seen as a key consideration when selecting an electric vehicle. As a result, it is predicted that revenue growth for the public charging segment will increase. Due to the increasing number of EV users, the Asia Pacific region, particularly in China, India, and South Korea, continues to create public charging stations at a rapid rate. Economic expansion, urbanisation, and increased spending on electric vehicles to support energy storage and environmental sustainability are all projected to result in increased travel demand which in turn boosted the EV charging station and charging pile market growth.

RESTRAINING FACTORS

"Limitations in Electric Grid Infrastructure will Hamper the Market Growth"

The question of whether the current electric grids can accommodate this increase in electric car use is a hot topic when discussing the EV revolution. The quick response is "not without investing in the infrastructure of the power grid." Fast chargers in particular can require a lot of energy, which frequently necessitates upgrading the grid's transformers, substations, and transmission lines. However restraining the growth of EV charging station and charging pile market share.

EV Charging Station and Charging Pile Market REGIONAL INSIGHTS

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"Asia Pacific To Lead The Market With Rising Demand and Production"

China is the region's biggest market for electric vehicles, including buses. The battery electric vehicle market in China, which also receives considerable government assistance, is a strong supporter of the country's electric vehicle charging station business. China increased the incentives for buying electric automobiles (NEVs). As demand for vehicles without emissions rises, the market for electric vehicles in Japan is expanding. The market for electric vehicles is receiving significant government investment as well. By 2050, the Japanese government wants all new automobiles sold in the nation to be electric or hybrid models. By 2050, the government also established a goal of reducing CO2 and other greenhouse gas emissions by 80% per car. Additionally, businesses in the private sector are taking the lead and forming strategic alliances to construct charging infrastructure.

KEY INDUSTRY PLAYERS

"Prominent Manufacturers to Contribute Towards Expansion of Market"

The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players, and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.

List of Market Players Profiled

• Webasto (Germany)
• Chargepoint (U.S.)
• Leviton (U.S.)
• Siemens (Germany)
• Eaton (Ireland)
• Schneider Electric (France)
• ABB (Switzerland)
• Xuji Group (China)
• Efacec (Portugal)
• IES Synergy (France)

INDUSTRY DEVELOPMENT

• October 2022: The UK's EV charging infrastructure received its first investment from Octopus Energy Generation. On behalf of its Sky fund (ORI SCSp), it intends to invest up to GBP 110 million in Manchester-based Be. EV, an EV public charging network, in order to expand and set up new charge points around the U.K. The arrangement will help to grow Be.150-strong EV's network of public charging stations, and Be. EV has committed to adding 1,000 more stations throughout the North of England and beyond.
• January 2021: Siemens AG unveiled the Sicharge D, a revolutionary high-power charger. It has high, scalable charging power that can reach 300 kW. Additionally, the charging station can handle charging currents of up to 1,000 and voltages ranging from 150 to 1,000 volts.

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the segmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Analysis of sales, the impact of the market players,  recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.