An electric vehicle charging station recharges a plug-in electric vehicle (EV), such as a hybrid, electric vehicle, or neighborhood electric vehicle. A software program, an energy controller, a network operations center, a facility meter, and an energy conversion system linked to the power grid operate the charging stations. The charger device is capable of charging at different intensities.
In 2021, the market for electric vehicle charging stations was worth USD 12.41 billion, and it will be worth USD 142.36 billion by 2030, expanding at a 31.14% CAGR During the forecast period.
The market for electric car charging stations has grown due to favorable government efforts and a rise in the adoption of electric automobiles. However, the current EV charging infrastructure needs to be standardized, and building new charging infrastructure is expensive, restricting market expansion. On the contrary, adding EV charging stations that connect to the grid would create new market possibilities.
Market Dynamics
Drivers
Government measures to promote the use of electric vehicles and related infrastructure, expanding demand for electric vehicle fast charging infrastructure, and increased use of electric vehicles by shared mobility operators are the main factors propelling the market’s expansion. The market participants greatly benefit from expanded work on vehicle-to-grid technologies and the rising acceptance of electric mobility in developing countries.
The numerous attempts done by the governments of various nations to achieve improved energy efficiency by lowering greenhouse gas (GHG) and pollutants emissions are primarily driving the global market for electric car charging stations. Accordingly, rising environmental consciousness among customers and integrating all-EV charging station systems with real-time information systems and the Internet of Things (IoT) creates a favorable picture for the market.
Restraints
Strict guidelines governing the location of charging stations have been adopted by numerous countries. Service providers must follow a set of rules while installing charging stations. When the installation is on private property, the plot owners, the local government for regulatory requirements, and utility providers for energy transmission all need their consent.
Opportunity
The expanding popularity and use of electric vehicles have brought attention to the need to construct a charging infrastructure. Leading electric car markets are investing extensively in infrastructure for charging electric vehicles and R&D to create quicker and more efficient charging techniques.
Market Segmentation
By Point of Charge
On the basis of point of charge, the market is segmented into AC and DC.
In 2020, the DC segment led the market with 72.12% of the revenue share. DC charging delivers electricity straight to the vehicle’s battery and eliminates the need for an onboard charger during the conversion process, increasing the total number of EV sales worldwide. All of these variables are responsible for the market’s overall expansion. EV sales increased significantly from 4.2% of all sales in 2020 to 8.3% of all light passenger vehicle sales in 2021.
By Charging Level
On the basis of charging level, the electric vehicle charging stations market is divided into level 2, level 1, and Level 3.
In 2020, the level 3 segment led the entire market with a significant revenue share. The quickest way to fully charge an EV in a few minutes is using Level 3 charging. The best charging method for electric vehicles is level 3 because it is quicker and offers more power. This is a crucial element fueling this market’s overall expansion.
By Mode of Charging
On the basis of the mode of charging, the market is segmented into wireless charging systems and plug-in charging systems.
The plug-in charging system was the market leader, with 78.12% of the revenue share in 2020. An individual can regulate the current & voltage level at which the battery must be charged using the Plug-in Charging System, effectively extending the battery’s life. The constant voltage or constant current charging provided by the battery charger, which is significantly simpler to use, significantly boosts the expansion of this market segment.
By Application
On the basis of application, the market is segmented into private and public chargers.
The public segment contributed the largest market share of 84.13% in 2020. The widespread availability of public EV charging stations is essential for EV sales globally. Public charging stations are typically found along roadways and are regarded as a crucial factor in the decision to purchase an electric vehicle.
Furthermore, environmentally friendly power energy is supposed to assume a huge part in both public and private electric vehicle charging spaces. EV proprietors are significantly worried about fossil fuel byproducts. To address these worries, organizations are making fast progressions in the charging advances of their electric vehicle charging networks.
Regional Analysis
Asia Pacific was the biggest regional market in 2021, with a significant revenue share. This is mostly because of the rising investments made in the construction of charging infrastructure by the governments of China, South Korea, Japan, and other Asian nations. For instance, China declared in April 2020 that it would invest USD 1.43 billion in 2020 to keep the lead in the EV adoption race.
Key Players
- Engie
- ChargePoint Inc.
- ABB
- Tesla
- Blink Charging
- Siemens
- Alfen
- Schneider Electric
- EVgo
- AeroVironment
In 2021, the market for electric vehicle charging stations was worth USD 12.41 billion, and it will be worth USD 142.36 billion by 2030, expanding at a 31.14% CAGR During the forecast period. The main drivers of the market’s expansion are rising demand for electric vehicle fast-charging infrastructure and an increase in the deployment of EVs by shared mobility operators.
The mechanical advancement of both electric vehicles charging programming and equipment is supposed to alter the manner in which EV proprietors use and advantage from electric vehicle charging applications. Innovations, for example, Smart car Programming interfaces and charging networks unequivocally decide an electric vehicle’s charge time even before the vehicle driver connects the vehicle to a station.
The market entrance of EV charging gear is fundamentally high in business spaces when contrasted with private spots. The quantity of business charging stations is anticipated to increment in accordance with the developing reception of electric vehicles.
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