EV Charging Stations Market Size, Share, Growth, And Industry Analysis, By Type (AC Charging Station and DC Charging Station), By Application (Residential and Commercial), and Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global EV charging stations market size was USD 2419.2 million in 2022. As per our research, the market is expected to reach USD 12490 billion in 2028, exhibiting a CAGR of 31.5% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the EV charging stations market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Electric vehicle supply equipment (EVSE), often known as charging stations for electric vehicles, is a type of infrastructure used to power the recharging of electric vehicles including cars, buses, and trucks. These charging stations offer a secure and dependable source of electricity for the car batteries since they were created especially for the purpose of charging electric vehicles. Public parking lots, commercial buildings, and home garages are just a few of the places where EV charging stations can be located. The ability to charge an electric vehicle during lengthy excursions is made possible by the installation of some charging stations along motorways and other key thoroughfares.

There are various reasons why the market for EV charging stations is expanding. First, there is a rising demand for EV charging infrastructure due to the increased use of electric vehicles (EVs) across the globe. Second, to aid in the shift to a low-carbon economy, governments and private groups are making significant investments in the construction of charging stations. Finally, the market is being further stimulated by technological developments in electric vehicle charging stations, such as the creation of fast-charging stations and wireless charging technologies. The growing emphasis on environmentally friendly transportation is also anticipated to increase demand for charging stations for electric cars in the upcoming years.

COVID-19 Impact: To Prevent Contracting the Virus People Selected Personal Vehicles over Public Transportation

The market for EV charging stations has seen some benefits as a result of the COVID-19 outbreak. A shift towards personal vehicles, including electric vehicles, had occurred as a result of more individuals working from home and avoiding public transportation. This raised the demand for EV charging infrastructure. A heightened emphasis on eco-friendly transportation and cutting carbon emissions also resulted from the pandemic. In order to achieve sustainable mobility, governments and private organizations stepped up their efforts to encourage the use of electric vehicles and the construction of EV charging infrastructure.

Latest Trends

"Use of Bidirectional Technology in the EVs Aids them to Serve as Mobile Energy Storage Systems "

The creation of bidirectional charging technology is one of the most recent advancements in the market for EV charging stations. With the aid of this technology, electric vehicles may now discharge electricity from their batteries back into the power grid in addition to charging them at a charging station. This makes it possible for electric cars to serve as mobile energy storage systems, supplying the grid with backup power during times of peak demand or when renewable energy sources are not available.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into AC Charging Station and DC Charging Station

• By Application Analysis

Based on application, the market can be divided into Residential and Commercial

Driving Factors

"Demand for Charging Stations is Being Fueled by Favorable Government Regulations "

Government programmes to lower carbon emissions and encourage environmentally friendly transportation are significant market drivers for EV charging stations. Governments all across the world are providing financial incentives to encourage the construction of EV charging infrastructure, including tax credits, grants, and other financial aid. For instance, the federal government of the United States provides a tax credit for the acquisition and construction of charging stations. The demand for charging stations is being fueled by government laws that require the construction of EV charging points in new structures and public areas.

"Increasing Popularity of Electric Automobiles is Driving the Industry for the EV Stations "

A significant market driver for EV charging stations is the rising popularity of electric automobiles. The need for EV charging infrastructure is increasing quickly as more people transition to electric vehicles. The International Energy Agency estimates that there were over 10 million electric vehicles on the road in 2020 and that there will be 145 million by 2030. The demand for more charging stations is being driven by the increase in the use of electric vehicles, especially fast charging stations that can fully charge an EV's battery in as little as 20 to 30 minutes. Since drivers require access to charging stations for longer trips, the expanding range of EVs is also fueling demand for EV infrastructure.

Restraining Factors

"High Installation and Maintenance Expenses Related to the Stations are a Significant Barrier to the Market Growth"

The high installation and maintenance expenses related to EV charging infrastructure are a significant barrier to the EV charging stations market growth. Installation costs for charging stations are high and include the cost of construction, equipment, and electrical connections. Moreover, EV station maintenance and repair expenses can be substantial, particularly for rapid charging stations with high traffic volumes. Furthermore, there may be restrictions on the availability of acceptable locations for charging stations, such as constrained space in heavily populated urban areas. These elements may make it challenging for owners of charging infrastructure to turn a profit and may discourage potential investors from entering the sector.

Regional Insights

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"Due to Rapid Urbanization and Supportive Governmental Policies Asia Pacific Dominated the EV Market"

With a sizable portion of the international market, the Asia Pacific region dominated the EV charging stations market share. The Asia Pacific region has experienced rapid growth, which may be ascribed to a number of causes, including expanding urbanization, an increase in demand for electric vehicles, and government programmes to encourage the use of sustainable transportation. Furthermore, China, the largest EV market in the world, is a major market driver for EV charging infrastructures in the Asia Pacific region due to the Chinese government's significant investment in the construction of charging infrastructure.

Key Industry Players

"Key Players Focus on Expanding their Charging Network to Boost their Market Positions"

Companies that provide EV charging stations are aggressively growing their charging network in order to boost their market position by putting additional charging stations in key places such as office buildings, airports, and shopping malls. In order to give EV drivers more practical charging options, several businesses are also collaborating with other businesses to construct charging stations at their locations. To set themselves apart from their rivals, producers of electric vehicle (EV) charging infrastructure are always creating cutting-edge charging technology. For instance, some businesses are working on wireless charging systems that do not require physical wires or plugs, while others are creating ultra-fast charging stations that can fully charge the battery of an electric vehicle in only a few minutes.

List of Market Players Profiled

• ABB (Switzerland)
• Aerovironment (U.S.)
• Chargepoint (U.S.)
• Engie (France)
• Tesla (U.S.)
• Schneider Electric (France)
• Siemens (Germany)
• Efacec (Portugal)

Report Coverage

This report covers the EV charging stations market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.