Electric Vehicle Charging Stations Market Forecast 2023-2032
Electric Vehicle Charging Stations Market Size, Share Global Analysis Report, 2023-2032

Electric Vehicle Charging Stations Market Share, Size, Trends, Industry Analysis Report, By Charging Level (Level 1, Level 2, & Level 3), By Vehicle Type, By Charger Type, By Application, By Region, Segments & Forecast, 2023 – 2032

  • Published Date:Apr-2023
  • Pages: 115
  • Format: PDF
  • Report ID: PM1029
  • Base Year: 2022
  • Historical Data: 2019-2021

Report Outlook

The global electric vehicle charging stations market was valued at USD 10.16 Billion in 2022 and is expected to grow at a CAGR of 42.3% in the forecast period. The increasing government support for developing EV charging stations, backed by the growing adoption of passenger and commercial electric vehicles, has propelled the demand for EV charging stations globally. The rising pollution awareness due to traditional vehicles has shifted consumers towards electric vehicles.

Electric Vehicle Charging Stations Market Size

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As per the International Energy Agency, the sales of electric vehicles nearly doubled from 2021 to 2020 to a value of 6.6 million, and almost 10% of global car sales were electric in 2021, nearly four times the market share in 2019.

Electric vehicle charging stations are infrastructure that provides electrical energy for electric vehicles to recharge their batteries. Several EV charging stations exist, including level 1, level 2, and DC fast charging stations.

Level 1 charging stations are the most basic type and use a standard 120-volt electrical outlet to provide a slow and steady charge to the EV's battery. This type of charging is typically used at home or workplaces where vehicles are parked for long periods. Level 2 charging stations are faster and provide a higher voltage (240 volts) and amperage to charge the vehicle's battery. Depending on the vehicle's battery capacity, they can typically provide a full charge in 4-8 hours. These stations are commonly found in public locations such as parking garages, shopping centers, and airports.

DC fast charging stations are the quickest type, providing up to 80% charge in as little as 30 minutes. These stations are typically located along highways, providing fast and convenient charging for EV drivers on long trips. The availability and accessibility of charging stations are critically adopting and growth of electric vehicles. Governments, automakers, and private companies are investing in charging infrastructure to accelerate the transition to electric mobility. The increasing number of charging stations and the ongoing improvements in charging speed and convenience are helping to address one of the key concerns for potential electric vehicle buyers: range anxiety.

For instance, as per International Energy Agency, publicly accessible EV charging points reached 1.8 million in 2021, a third were fast chargers, and nearly 500,000 chargers were installed in 2021. The number of publicly accessible chargers also grew by 37% in 2021.

Despite the growth potential of the electric vehicle (EV) charging station market, several factors can restrict its growth, including higher upfront costs, lack of standardization, power grid limitations, competition from alternative fuel vehicles, and regulatory and policy issues. The installation of fast EV charging stations requires significant investment, including the cost of equipment, installation, and maintenance. These costs can be a substantial barrier to entry for companies, individuals, and governments looking to invest in charging infrastructure.

Electric Vehicle Charging Stations Market

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Industry Dynamics

Growth Drivers
The increasing adoption of electric vehicles (EVs) is one of the major driving factors for the electric vehicle charging stations market growth. The growing demand for EVs is driving the charging station market's development, as more people will need to recharge their vehicles while on the go. As governments, businesses, and individuals adopt EVs, the demand for charging infrastructure will continue to increase.

Innovations in charging technology are making EV charging faster, more convenient, and more efficient. These innovations include wireless, high-power, and smart charging systems that optimize charging based on grid demand and renewable energy availability. Private companies and investors invest heavily in electric vehicle charging infrastructure, including charging stations, networks, and software. The potential for new revenue streams drives this investment, the growing demand for charging services, and the opportunity to support sustainable transportation.

Many governments worldwide are implementing policies and incentives to promote the adoption of electric vehicles and invest in charging infrastructure. These policies include tax credits, rebates, grants, and regulations that require new buildings to have EV charging infrastructure. For instance, as per International Energy Agency, the public spending on incentives and subsidies for EVs has almost doubled in 2021 to nearly USD 30 billion.

Report Segmentation

The market is primarily segmented based on charging level, vehicle type, charger type, application, and region.

By Charging Level

By Vehicle Type

By Charger Type

By Application

By Region

  • Level 1
  • Level 2
  • Direct Current Fast Chargers (DCFC)

 

  • Passenger Vehicles
  • Commercial Vehicles

 

  • AC Charging Station
  • DC Charging Station
  • Public
  • Private
  • North America (U.S, Canada, Mexico)
  • Asia-pacific (China, Japan, India, Australia, Rest of Asia- pacific)
  • Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
  • LAMEA (Latin America, Middle East & Africa) 

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The Direct Current Fast Chargers (DCFC) segment is accounted to witness a considerable growth in the f  orecast period.

One of the main drivers of this growth is the increasing demand for direct current fast chargers (DCFC) due to their shorter charging times and the need for charging infrastructure that can quickly recharge the vehicle's battery. DCFCs can provide a much faster charging experience than Level 1 and Level 2 chargers. EV owners can restore their cars rapidly, making DCFCs a more convenient and practical option for those on the go.

As more people switch to EVs, the demand for charging infrastructure that can quickly recharge the vehicle's battery is also increasing. DCFCs can provide a fast and reliable charging solution that can help alleviate range anxiety for EV owners.

The Passenger Vehicles segment is projected to dominate in the forecast period.

The passenger vehicle segment is the largest in the EV market and is expected to continue to dominate in the coming years. For instance, the World Economic Forum has estimated the global sales of electric cars to be surpassed 10 million units for the first time and has also projected that 1 in every seven cars sold globally is now electric. The passenger vehicle segment is likely the primary driver of this growth, as more consumers switch to EVs as their primary mode of transportation.

The Public charging station segment accounted for the significant growth rate in 2022

The growth of public charging stations is also expected to be significant in the electric vehicle charging station market. Public charging stations are essential for EV owners who need access to private charging facilities, such as those living in apartments or condos or those traveling long distances.

As EV adoption increases, the demand for public charging stations is expected to grow. Governments and private companies invest in developing charging infrastructure to meet this demand. For example, in the US, the Biden administration has proposed investing $15 billion to build 500,000 new EV charging stations by 2030.

The growth of public charging stations is wider than just urban areas. Rural areas could benefit the most from the development of charging infrastructure, as these areas typically have longer distances between charging stations. Developing a robust network of public charging stations in rural areas will be crucial to support long-distance travel and increasing EV adoption.

The Asia Pacific market is projected to account for the fastest growth in the forecast period.

The growth of electric vehicle (EV) charging stations in the Asia Pacific region is expected to be significant in the coming years. The Asia Pacific region is home to some of the largest and fastest-growing EV markets, such as China, Japan, and South Korea. These countries are leading the way in the adoption of EVs and are expected to continue to drive the growth of the EV charging station market in the region.

China is the largest EV market in the world, and it is expected to continue to be the primary driver of the EV charging station market in the Asia Pacific region. The Chinese government has set a target of 1.2 million public charging stations by 2025, which will require significant investment in charging infrastructure. In addition to government investment, private companies such as State Grid Corporation of China and BYD are also investing in developing EV charging infrastructure. Japan is another significant market for EVs and charging infrastructure in the Asia Pacific. The Japanese government has set a goal to have 60,000 public and 800,000 private charging stations by 2030.

Competitive Insight

Some of the prominent key players operating in the electric vehicle charging stations market space includes ChargePoint Inc., Tesla Inc., Schneider Electric, Shell International BV, BP Chargemaster, Siemens AG, EVBox, Eaton, BYD, TGOOD Global Ltd., State Grid Corporation of China, Delta Electronics Inc.

Recent Developments

  • April 2023: ChargePoint Holdings Inc. has signed an international agreement with ALD Automotive, a global sustainable mobility player, to create a new charging business in Europe.
  • October 2022: Mobilize partnered with Renault dealership and launched “Mobilize Fast Charge,” an ultrafast charging network in Europe.

Electric Vehicle Charging Stations Market Report Scope

Report Attributes

Details

Market size value in 2023

USD 14.42 Billion

Revenue forecast in 2032

USD 345.19 Billion

CAGR

42.31% from 2023 - 2032

Base year

2022

Historical data

2019 - 2021

Forecast period

2023 - 2032

Quantitative units

Revenue in USD Billion and CAGR from 2023 to 2032

Segments covered

By Charging Level, By Vehicle Type , By Charger Type, By Application, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

ChargePoint Inc., Tesla Inc., Schneider Electric, Shell International BV, BP Chargemaster, Siemens AG, EVBox, Eaton, BYD, TGOOD Global Ltd., State Grid Corporation of China, Delta Electronics Inc.

FAQ's

Key companies in electric vehicle charging stations market are ChargePoint Inc., Tesla Inc., Schneider Electric, Shell International BV, BP Chargemaster, Siemens AG, EVBox, Eaton, BYD, TGOOD Global Ltd., State Grid Corporation of China.

The global electric vehicle charging stations market expected to grow at a CAGR of 42.3% in the forecast period.

The electric vehicle charging stations market report covering key segments are charging level, vehicle type, charger type, application, and region.

Key driving factors in electric vehicle charging stations market are rising adoption of electric vehicles (EVs) and increasing government support for developing EV charging stations.

The global electric vehicle charging systems market size is expected to reach USD 345.19 Billion by 2032.