PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250799
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1250799
According to Stratistics MRC, the Global Electric Vehicle Charging Station Market is accounted for $21.99 billion in 2022 and is expected to reach $119.01 billion by 2028 growing at a CAGR of 32.5% during the forecast period. A facility with (EVSE) Electric Vehicle Supply Equipment that provides electric energy and recharges electric cars, plug-in hybrids, and community electric vehicles-is referred to as an electric vehicle charging station. A software system, network operations centre, power controller, power conversion device, and facility metres connected to the power grid power charging stations. Worldwide, the overall number of electric vehicle charging infrastructures is expanding to offer charging stations for EVs that are accessible to the general public.
According to the International Energy Agency, about 1.8 million electric automobiles were recorded in the U.S. as of 2020, which is more than three times the number registered in 2016. The total number of electric vehicles registered in the U.S. increased from under 300,000 in 2016 to over 1.1 million in 2020.
Rising sales of EV
The requirement for developing charging infrastructure has been heightened by a rise in the development and utilization of electric vehicles. Major EV markets like China, the US, and Germany are making significant investments in EV charging stations as well as in development and research for quicker and more effective charging techniques. Automakers are anticipated to make large expenditures to satisfy the increasing need for EVs and to shape the industry. A level 1 or level 2 EV charging equipment is often installed in the house or residential complex of an EV user, however there is an increasing need for public charging stations globally.
Lack of charging infrastructure
Variations in charging loads as well as the growth of the electric vehicle sector have drawn attention to the need for standardisation of charging stations. Certain EV charging stations may require a specific voltage to function. To foster a positive climate and increase EV sales, authorities must regulate the infrastructure for charging Evs. Several countries use different standards for quick charging. The Indian government is requiring the construction of both CHAdeMO and CCS systems because the country has not yet achieved fast charging technique standardisation. The government altered the regulations to allow charging station builders to use the method of their choice, even though this law increased the cost of establishing charging stations. The lack of standardisation between nations may have an impact on the deployment of charging stations and impede the mark's expansion.
Rise in Fuel Rates
The increase in fuel prices is anticipated to boost the need for electric vehicle charging stations in the future. The cost of fuel has been increasing all throughout the world, particularly for gasoline. The battery life of an electric car is at least eight years, as well as the cost of charging is significantly less than the cost of petrol every month. Due to high taxes, fuel costs in India are already high and may rise further. Industrial fuel vehicles may disturb the supply because of price increases. India's import bill is also significantly increased by oil imports. The government is currently taking steps to promote e-transport by gradually replacing fossil fuel powered public transportation vehicles with Evs in several cities. Customers are therefore anticipated to switch to Evs as a result of the increase in petrol prices, boosting the need for electric vehicle charging stations.
High Initial Investment Cost
A significant barrier to this market's growth is the high initial cost of building electric vehicle charging stations and the related components. Transformers, later substations, cable, and auxiliary equipment for metering/termination are required for EV charging stations. Also, they must have enough room for electric vehicle entry, parking, and exit as well as enough electric charging stations to simultaneously charge several vehicles. A significant barrier for manufacturers of electric vehicles is local certifications that follow state standards. The cost of creating the infrastructure needed for electric vehicle charging is also very significant. Electric vehicle (EV) charging stations are the only places where additional equipment, such as electrical chargers, can be used to often and quickly recharge an EV's battery.
The COVID-19 epidemic had a minimal impact on the EV charging market because of lockdowns. Due to initiatives from governments around the world and the pandemic's increased demand for EVS and related markets, there is a greater need than ever for EV charging stations. Leading network operators & manufacturers are to thank for the rise in the amount of private and public charging stations. All other charging station suppliers and manufacturers have increased the variety of EV charging possibilities. Considering that governments all over the world are trying to phase out ICE cars, this market was hardly impacted by the outbreak.
The Public segment is expected to be the largest during the forecast period
The Public segment is estimated to have a lucrative growth due to the increasing number of electric vehicle users around the world. Fast public charging is said to be a crucial criterion when purchasing an electric vehicle. Governments in a number of nations have put policies into place to encourage the installation and use of public charging by offering subsidies and lowering taxes for telecom operators, which is anticipated to fuel sector revenue growth throughout the projected period.
The Battery Electric Vehicle (BEV) segment is expected to have the highest CAGR during the forecast period
The Battery Electric Vehicle (BEV) segment is anticipated to witness the fastest CAGR growth during the forecast period. BEVs are fully electric vehicles without a gasoline engine and rechargeable batteries. Unlike conventional gasoline-powered cars, they don't produce any hazardous pollutants. Currently, BEVs cost more than cars with internal combustion engines. Yet, refuelling a gasoline-powered car is far more expensive than charging a BEV.
Asia Pacific is projected to hold the largest market share during the forecast period owing to increased acceptance of smart mobility services, governmental regulations, rising fuel prices, and a growth in the popularity of adopting vehicles not supported by fossil fuels. Furthermore, this region is home to some of the economies that are expanding the quickest globally, like China and India. After seeing the growth potential of the worldwide market for electric vehicle charging stations, the administrations of these emerging countries have taken many actions to persuade major OEMs to create electric vehicle supercharger network in their own countries. As a result, recent growth in the manufacturing of electric cars has been able to meet both domestic and global demand.
North America is projected to have the highest CAGR over the forecast period, owing to growing government initiatives to encourage the widespread use of electric cars and related infrastructure. The demand for electric vehicle fast-charging networks is likely to increase, and shared mobility operators are anticipated to deploy more Evs. Also, expanding retail multinational companies' (MNCs) use of electric vehicle charging stations and growing research and development in the Vehicle to Grid (V2G) technology are anticipated to fuel revenue growth in the North American market during the projection period.
Some of the key players profiled in the Electric Vehicle Charging Station Market include Eaton Corporation, Siemens AG, ABB Ltd., Schneider Electric SE, ChargePoint, Inc., General Electric Company, EV Charge Solutions, Tesla Inc., Shell International BV, Webasto Group, Delta Electronics Inc., Robert Bosch GmbH, Qualcomm Technologies, Inc., Denso Corporation and Volkswagen Group.
In June 2022, ABB, a global leader in the electric vehicle charging station market, has recently introduced ABB's Terra Smart Connect (SC) and Terra SC Duo charging stations, offering convenient electric vehicle charging to short and long-stay customers build with Intel processor. Based on the Intel Atom processor, this Evs charging station can charge a car in 30 minutes to two hours while the driver works in the office, or has a meal, goes shopping or goes to the cinema.
In March 2020, ChargePoint, Inc. introduced the first Charging Forward report modules named as "Charging Forward at Work" that will serve as a reference for those exploring the electric vehicle (EV) mobility market. Charging Forward at Work will bring the Electric Revolution to the workplaces of customers. This has helped the company to enhance their product portfolio and grow in the market.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.