The global electric vehicle charging station market size was valued at $16.6 billion in 2021, and is projected to reach $226.3 billion by 2031, growing at a CAGR of 30.5% from 2022 to 2031.
An electric vehicle charging station is a device or equipment that is used to connect electric vehicle and plug-in electric vehicle to a source of electricity to recharge them. Charging stations are installed at public locations such as shopping centers, parking and others, by private companies or electric utility companies. In addition, electric vehicle charging station provides different types of charging levels such as level 1, level 2, and level 3. Moreover, electric vehicle charging stations have multiple configurations such as wall-mounted or free-standing, single charging head or multi-head, commercial or residential grade, and indoor or outdoor installment.
The growth of the global electric vehicle charging station market is propelling, due to rise in adoption of electric vehicles owing to government initiatives. However, high cost of electric vehicle charging infrastructure, and lack of standardization of current EV charging infrastructure are the factors hampering the growth of the market. Furthermore, incorporation of vehicle-to-grid (V2G) EV charging stations is the factor expected to offer growth opportunities during the forecast period.
The electric vehicle charging station market is segmented on the basis of mode of charging, charging level, end user, and region. By mode of charging, it is segmented into plug-in charging, and wireless charging system. By charging level, it is classified into Level 1, Level 2, and Level 3. By end user, it is categorized into residential, and commercial. By region, the report is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America includes U.S., Canada, and Mexico. Leading automobile manufacturers are planning deployment of huge electric vehicle charging infrastructure in North America, which in turn propels the growth of the electric vehicle charging station market in North America. For instance, Ford, an automobile manufacturer is planning a huge electric vehicle charging network in North America. The company will be building out 12,000 sites to charge electric vehicles and over 35,000 charge plugs. Such initiatives and developments from the leading companies operating in the market are anticipated to propel the growth of the market in this region.
By Mode Of Charging
Wireless charging is projected as the most lucrative segment
Moreover, U.S. government is taking initiative to install electric vehicle charging station across the nation, which supplement the growth of the market. For instance, in 2021, in the U.S., President Joe Biden proposed spending at least $15 billion to begin rolling out electric vehicle charging stations, with the goal of reaching 500,000 charging stations nationwide by 2030.
Electric vehicle technology manufacturers in Canada are planning to deploy more charging stations in the country. For instance, in 2021, Electrify Canada, partnership formed by Electrify America in cooperation with Volkswagen Group Canada, announced that it is planning to widen its electric vehicle charging station network of 32 stations to more than 100 charging locations and 500 chargers in the next 4.5 years across Canada. Electrify Canada is expected to expand its network to nine provinces, adding stations in Manitoba, Saskatchewan, New Brunswick, Nova Scotia, and Prince Edward Island.
Europe includes Germany, France, UK, Italy, and rest of Europe. The government initiatives to reduce the emission of harmful gases from the internal combustion engine vehicles are anticipated to provide significant growth to the electric vehicle market, which in turn propel the growth of the Europe electric vehicle charging station market. In addition, introduction of a new range of electric vehicle with advancement and innovations are anticipated to propel the growth of the market in Europe.
Technological advancements and growth in vehicle standards across Europe such as strict emission limits contribute toward the growth of the electric vehicle market in Europe. Prevalence of various vehicle emission protocols forces the manufacturers to manufacture technically advanced, low-cost, and lightweight electric vehicles. High disposable income, and rise in prevalence of Europe safety protocols, drive the electric vehicle charging station market growth in this region.
The increase in adoption of electric vehicle and government mandates to promote adoption of electric vehicle is anticipated to boost the growth of the electric vehicle charging station market in the UK. In addition, companies operating in electric vehicle charging station market are focusing on establishing ultra-fast charging hubs across UK, which fuels the growth of the market. For instance, in 2021, BP pulse in a partnership with Electric Vehicle Network (EVN), unveiled new plans to rollout ultra-fast charging hubs across the UK. The rollout included charging hubs of 6-12 chargers as well as e-forecourts with up to 24 ultra-fast 300 kW charge points along with on-site solar PV and battery storage systems. The e-forecourt will have both retail and convenience facilities for drivers.
By Charging Level
Level 3 is projected as the most lucrative segment
In France, companies are focusing on installation of fast and ultra-fast electric vehicle charging stations across the country, which fuels the growth of the market. For instance, in 2021, Allego Holding B.V., a subsidiary of Meridiam, and GreenYellow, a subsidiary of Casino Group, have announced the commissioning of the first terminals in a major network of fast and ultra-fast charging stations for electric vehicles in France. This partnership provides consumers access to infrastructure that will aid to meet the increasing demand for electric mobility. The project will install more than 250 charging stations in France across 36 Casino Group hypermarket sites located on high-density roads, motorways and in active shopping areas.
Some leading companies profiled in the electric vehicle charging station market report comprises ABB Ltd., Aerovironment Inc., Borgwarner, Inc., Delta Electronics, Inc., Eaton Corporation Plc, General Electric Company, Moser Services Group, LLC, Plugless Power Inc., Robert Bosch GmbH, Schneider Electric, Siemens AG, and Webasto Group. The leading companies are adopting strategies such as product launch and partnerships to strengthen market position. For instance, in August 2022, Siemens and MAHLE entered into a collaboration ensure full interoperability between vehicles and the charging infrastructure.
Growth in production of electric vehicles
There has been a significant increase in the demand and production of electric vehicles in the recent years as electric vehicles have several advantages over fuel-powered automobiles. Components such as fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs do not require replacement, which in return makes it cheaper and efficient for fuel-powered automobiles. This makes electric vehicle a preferred choice, which in turn restraints the fuel-powered automobile markets. Thus, growth in production of electric vehicles boosts the growth of the electric vehicle charging station market.
By End User
Commercial is projected as the most lucrative segment
Rise in adoption of electric vehicles owing to government initiatives
Governments of various countries are taking initiatives to reduce carbon footprints by encouraging use of electric bikes, electric vehicles, and bicycles, owing to increase in awareness toward hazardous effects of using vehicles running on fossil fuels. Moreover, governments across the globe are putting pressure on vehicle manufacturers to reduce carbon emissions caused by diesel fuel combustion and tackle greenhouse gas emissions, in turn, pushing them to invest in developing electric vehicles.
In addition, governments across the globe are supporting purchase of electric mobility, in terms of tax credits and incentives. Moreover, central governments of few countries are providing exemption from highway toll tax for electric vehicles. For instance, for faster adoption of electric vehicles, the government of India plans to lower the Goods & Service Tax (GST) on e-vehicles from 12% to 5%.
Moreover, around $2,101.5 tax exemptions will be given on loan taken for purchase of an e-mobility. Similarly, the government of South Korea has announced that it will be providing $900 million tax exemptions and subsidies for development and purchase of electric and fuel cell vehicles. Thus, 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. Thus, rise in adoption of electric vehicles owing to government initiatives is driving the growth of the electric vehicle charging station industry during the forecast period.
High cost of electric vehicle charging infrastructure
The cost of electric vehicle charging system depends and varies according to the consumer requirement and available electrical infrastructure. However, the cost required for charging systems with level 2 and above is higher in comparison with level 1 charging systems as it consists of costly equipment. In addition, the equipment used in these charging systems are expensive as they are typically publicly mounted and come with additional features such as payment processing system, LCD screen, and tracking system, which add up to the cost of these charging stations.
Lack of standardization of current EV charging infrastructure
Governments need to standardize charging infrastructure for the development of a favorable ecosystem and an increase in the sales of electric vehicles. Several countries use different standards for fast charging. Japan uses CHAdeMO; Europe, the U.S., and South Korea use CCS; and China uses GB/T. The Indian government has mandated the installation of both CHAdeMO and CCS methods since India has not reached standardization in fast charging methods. Though, this mandate increased the installation cost of charging stations, and hence, in 2019, the government changed the guidelines and allowed charging station developers to choose the method they prefer. The U.S.-based electric car maker Tesla uses high-performance superchargers that are unique to Tesla and cannot be used for other electric vehicles. Thus, lack of standardization across countries may impact the installation of charging stations and hamper the growth of the electric vehicle charging station market.
By Region
Europe would exhibit the highest CAGR of 33.1% during 2022-2031
The electric vehicle charging station market is segmented into Mode of charging, Charging level and End User.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the electric vehicle charging station market analysis from 2021 to 2031 to identify the prevailing electric vehicle charging station market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the electric vehicle charging station market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global electric vehicle charging station market trends, key players, market segments, application areas, and market growth strategies.
Electric Vehicle Charging Station Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 226.3 billion |
 Growth Rate | CAGR of 30.5% |
 Forecast period | 2021 - 2031 |
 Report Pages | 256 |
 By Mode of charging |
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 By Charging level |
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 By End User |
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 By Region |
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 Key Market Players | Moser Services Group, LLC, ABB Ltd., Schneider Electric, Webasto Group, Siemens AG, Eaton Corporation plc, Aerovironment Inc., Borgwarner Inc., Robert Bosch GmbH, General Electric Company, PLUGLESS POWER INC., Delta Electronics Inc. |
Analyst Review
The global electric vehicle charging station market is expected to witness significant growth due to rise in adoption of electric vehicles owing to government initiatives.
The level 3 charging is anticipated to experience significant growth in the coming years. Level 3 charging technology is referred to as DC fast charging technology and charges through a 480V direct current (DC) outlet. Majority of the level 3 chargers provide an 80% of the charge in around 30 minutes. In addition, this type of charging is not compatible with all types of electric vehicles. Level 2 charging includes charging through a plug of 240 volt (V), alternating-current (AC) and requires installation of public charging or home charging equipment. This type of charging equipment is compatible with all the plug-in electric vehicles and electric vehicles. This type of charging system takes around 4-6 hours to fully charge a completely depleted battery.
Level 2 charging is generally utilized for daily electric vehicle charging. Level 2 charging equipment can be installed at home, at workplace as well as in public locations such as train stations, shopping plazas, and other locations. In addition, level 2 charging can replenish between 12-80 miles of range per hour, depending upon the power output of the level 2 charger.
In order to gain a fair share of the market, major players adopted different strategies, for instance, partnership, acquisition, product launch, and contract. Among these, product launch is the leading strategy used by prominent players such as ABB Ltd., AeroVironment, Inc., BorgWarner Inc., and Delta Electronics, Inc.
The global electric vehicle charging station market was valued at $16.6 billion in 2021 and is projected to reach $226.2 billion in 2031, registering a CAGR of 30.5%.
The leading companies in the market include ABB Ltd., Aerovironment Inc., Borgwarner, Inc., Delta Electronics, Inc., Eaton Corporation Plc, General Electric Company, Moser Services Group, LLC, Plugless Power Inc., Robert Bosch GmbH, Schneider Electric, Siemens AG, and Webasto Group.
The largest regional market is Asia-Pacific
The leading application is residential.
The upcoming trends include greater development of level 3 charging stations and increase in adoption of wireless charging stations.
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