The global Electric Vehicle Charging Station Market size is projected to reach 30,758 thousand units by 2027, from an estimated 2,115 thousand units in 2020, at a CAGR of 46.6%. The base year for the report is 2019, and the forecast period is from 2020 to 2027. Factors such as growing demand for energy-efficient commuting and governments supporting electric Electric vehicles and Electric Vehicle charging station through subsidies & tax rebates have compelled Vehicle Manufacturers to invest into EV which has further increased demand for EV charging stations.
The electric vehicle charging station market has promising growth potential due to several factors, including the growing demand for EV’s in the market, government’s support for growth in charging infrastructure, plans to reduce fossil fuel vehicles across many countries across the world etc. The rapidly growing sales volume of Electric Vehicles in Asia Pacific, especially in China has propelled the growth of the global electric vehicle charging stations market.
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Europe presents a significant growth opportunity for electric vehicle charging stations market as it is expected to be the second-largest market during the forecast period. The region’s vibrant R&D landscape, Government support and technological excellence justify the region’s dominance in the field of innovative electric charging station related technologies. Additionally, the region has significant demand for Level 2 and Level 3 chargers. Many of the top electric vehicle charging manufacturers from the region, such as Shell, Siemens, Schneider electric, BP, Ionity, Webasto, Efacec etc. have led to the growth of this industry.
Asia Pacific is projected to account for the largest share of the electric vehicle charging station market during the forecast period as it is home to renowned OEMs such as BYD, TGOOD, Charge+ etc. which offer EV charging solutions in the region as well as export all over the world. Many foreign players have also entered into the region to provide high EVCS network growth across the region. One of the key factors driving the market in Asia Pacific is the government initiatives taken by countries like China, Japan, South Korea and India for the expansion of charging station networks in the region. Asia Pacific is estimated to be the fastest growing EV charging stations market in the predicted years and accounts for a market share of 83.5% in 2020, by volume.
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In the electric vehicle charging stations market, by charging level type, the Level 2 charging segment is projected to dominate the market, while Level 3 Charging will be the fastest growing charging during the forecast period. Level 2 charging has been used highly for Semi-Public and Public charging uses. It has been increasingly being used for apartments, businesses, parking spaces, etc. As of 2020, a majority of Electric Vehicle charging points are using level 2 Charging. Level 3 charging has been growing at the fastest rate due to its convenience of fast charging the EV’s withn 30 minuites. ChargePoint, Shell, Blink Charging, Tesla, BYD are some of the top EV charging providers across the world and provide all three levels of charging for their customers.
With the development of charging technology and increasing adoption of electric vehicles across various major and developing countries, the global electric vehicle charging station market is anticipated to witness exponential growth in the coming decades. During the last few years, many countries have initiated plans to develop charging infrastructure network to propel the growth of electric vehicles and reduce carbon emissions caused by conventional ICE vehicles. As of December 2020, the global electric vehicle charging station market is dominated by Level 2 chargers while Level 3 chargers have been growing at the fastest rate. Newer technologies like Ultra Fast charging, Flash Charging, Inductive charging have been coming due to extensive R&D in this Industry. Thus, this industry is still in its high growth stage with a trend of lower charging time requirement, better connected services preferablity, personal and semi-public charging stations along with public charging stations, more innovation etc.
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