Electric Vehicle Charger Market Overview

The electric vehicle charger market is estimated to reach USD 298.5 billion by 2030, with a CAGR of 30.8% during the forecast period from 2022 to 2030, and it was valued at USD 32.5 billion in 2022.

Elements such as increasing EV sales worldwide and the growing demand for zero-emission transport will increase the electric vehicle charging station market. Expansions in technologies like portable charging stations, bi-directional charging, smart charging with load management, usage-based analytics and automatic payment, and ultra-fast charging technology will develop new prospects for this market.

What is Electric Vehicle Charging Station?

Electric vehicle chargers deliver charging to electric vehicles with a battery and the electrical source that allows charging the battery. Charging of such vehicles can be brought out through different charging levels, i.e., fast, slow and moderate. In addition to the maintenance cost of electric vehicles, the cost is lower than conventional petrol/diesel cars. Electric vehicles decrease the carbon footprints released into the atmosphere, containing toxic gas.

Growth Drivers

Rising Electric Vehicle sales globally will increase demand for Electric Vehicle charging stations.

Growth in the adoption and usage of electric vehicles has emphasized developing charging infrastructure. The top markets for electric vehicles such as China, the US, and Germany are extremely supportive of Electric Vehicle charging infrastructure and research & development for more rapid and efficient charging techniques. Considerable investments by automakers are anticipated to cater to the rising demand for Electric vehicles and play an important role in the market’s growth. Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have substantial R&D fundings for developing Electric Vehicles. In 2020, the world saw a 41% growth with around 3 million Electric Vehicle sales despite the effect of covid-19 in the market, while the overall automobile market declined by 6%. It indicates a growing demand for electric vehicles, which will, in turn, increase the market for Electric Vehicle charging stations. While most EV users establish a Level 1 or Level 2 EV charging machine in their home or residential complex, there has also been a growing need for public charging stations worldwide. With the growing Electric Vehicle sales worldwide, the demand for EV charging stations will grow.

Opportunities

Usage of V2G EV charging stations for electric vehicles

Vehicle-to-Grid (V2G) Electric Vehicle charging is a method that has a bi-directional electrical energy discharge between plug-in EVs and the power grid. The V2G technology allows EVs to store new power and release it to the grid. It can enhance the electrical element’s interpretation and add value for Electric Vehicle owners. The beginning of this concept has eased electric vehicle charging operations and made EVs one of the most preferred modes of transportation. Thus, the entire charging station market plays a vital role in connecting the grid to the electric vehicle to enable the vehicle’s charging.

Restraints

Strict rules for installation of Electric Vehicle charging stations

Governments of various countries have enforced strict regulations that govern the installation of charging stations. Service providers must follow a certain set of instructions while installing charging stations. They need support from plot owners when the installation is on private property, local governments regarding regulatory orders, and utility providers for energy transfer. For example, homeowners or contractors must submit plot plans, electrical load measures, electrical projects, installation instructions, and charger specifications to the local permitting office to acquire permits for installing residential Electric Vehicle charging stations. The procedures for installing Electric Vehicle charging stations are more complex in commercial locations than residential locations. A commercial installation requires permits, community or design guidelines, electrical source or metering, parking and signage requirements, zoning requirements, and inspection fees. Thus, installing charging stations is complicated as many phases are concerned in the value chain.

Pre Covid-19 Impact on Global Electric Vehicle Charging Station Market

Before the covid-19 period, intelligent mobility and electrification are reshaping the future of mobility through the movement from conventional to electric transportation. Many automobile manufacturers, power companies, and building management companies create high-capacity Electric Vehicle charging stations. These are some market movements for electric vehicle charging stations that are anticipated to play an important role in the charging infrastructure industry’s expansion before the covid-19 era.

Covid-19 Impact on Global Electric Vehicle Charging Station Market

During the covid-19 period, the pandemic had a medium effect on the Electric Vehicle charging business before 2020 due to lockdowns. Due to the growing market for Electric Vehicles and connected markets during the pandemic owing to motivations from governments worldwide, the market for Electric Vehicle charging stations grew in 2021. Topmost charging station manufacturers and network operators expanded their private and public Electric Vehicles chargers worldwide. Shell, for example, had over 250,000 EV charging stations globally as of December 2021, a big boost from less than 50,000 in 2020.

Post Covid-19 Impact on Global Electric Vehicle Charging Station Market

After the covid-19 period, the increase in electric car registrations resulted in expanded production of automotive lithium-ion batteries, up by 33% from 2020. China remains the top battery production country, accounting for over 70% of global production capacity. However, Europe is not staying behind. It announced many new battery plant constructions were in 2020 since the battery demand exceeded Europe’s production capacity in the past year. Further technological advances for the Electric Vehicle market contain changes in battery chemistry, energy density changes, and battery packs’ size. Ultimately, these modifications will lead to huge cost reductions and increased production efficiency after the pandemic.

By Charger Type Segmental Analysis

The market is segmented into Fast and Moderate based on charger type segmental analysis. The fast plug charge opportunities are home charging or staying long hours for vehicles to charge. China’s substantial growth in the Electric Vehicle infrastructure conducted to the highest growth of level 3 charging in the Asia Pacific region. In Europe, level 3 charging is conducted by countries like the Netherlands, the UK, France, and Germany. These nations have cooperated with main automobile manufacturers and charging service providers to improve their Electric Vehicle charging network.

By Application Segmental Analysis

Based on application segmental analysis, the market is segmented into Commercial and Residential. Public chargers will be the fastest-growing chargers during the forecast period. The availability of public Electric Vehicle charging plays an essential role in buying electric vehicles across the globe. Public charging and token to fast charging are key measures when purchasing an electric vehicle. It is expected to support revenue growth for public charging. The Asia-Pacific region continues to install public chargers, especially due to the rising number of electric vehicles, mainly in China, India, and South Korea. These nations have executed guidelines to improve EVs by delivering subsidies and decreased taxes. They also promote the growth of Electric Vehicle manufacturers and related industries by supplying grants or implementing preferential policies for EV-related parties to expand faster. A steady surge in economic growth, urbanization, travel demand, etc., associated with growing investments toward electric mobility to donate to energy storage and environmental sustainability, is predicted to support the growth of the public charging station.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. The Asia-Pacific region is the fastest-growing market in the forecast period. The governments of these emerging economies have admitted the growth prospect of the global electric vehicle charging station market and, therefore, have adopted different endeavors to attract prominent OEMs to manufacture electric vehicle charging infrastructure in domestic markets. For example, charging network providers for Electric Vehicle charging stations have partnered with different OEMs to sponsor free EV charging to EV drivers. In recent years, it has shown an increase in electric vehicle production, which caters to domestic and overseas demand. Japan and China export electric vehicles and charging solutions across the world.

Competitors Analysis

The companies include ChargePoint Inc., Schneider Electric, Tesla Inc., BP Chargemaster, Shell International BV, Webasto Group, Siemens AG, EVBox, Eaton and other prominent players in the global electric vehicle charging station market.

Key Stakeholders

• Market research and consulting firms
• Electric Vehicle Charging Station Industries
• Local Governments
• Regulatory bodies
• Electric Vehicle Charging Station Market
• Suppliers
• Service Providers

Recent Developments

• In February 2023, ChargePoint Holdings, Inc. and Fisker, Inc., an automobile company, announced an agreement to enhance the driving experience of Fisker Ocean drivers. The collaboration aims to ensure that Fisker Ocean drivers can access charging facilities conveniently and seamlessly
• In November 2021, Tesla established its new Gen 2 wall connector with the J1772 connector. Unlike its prior charging stations, this Electric Vehicle charging station is consistent with all EVs open in North America.
• In October 2021, Tesla projected and deployed its first Mega charger to charge its semi-electric truck. The idea was presented in 2017 when Tesla established its Semi.
• In October 2021, ABB and Amazon AWS established a fleet management tool for public EV chargers. The cloud-based benefit called Panion Electric Vehicle charge planning will allow operators to manage power more efficiently.
• In September 2021, ABB founded the world’s most rapid Electric Vehicle charging station, Terra 360, which can charge most EVs in less than 15 minutes. It can provide a 100 km range in less than 3 minutes. It is made for public charging stations and can simultaneously charge up to 4 EVs.
• In July 2021, Shell established a new version of its Home charging system with NewMotion Connect components.

Scope of the Report

Market Modelling

By Charger Type

• Fast
• Slow/Moderate

By Application

• Commercial
• Residential

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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Report Content

1.     Research Strategic Development

1.1.   Market Modelling

1.2.   Product Analysis

1.3.   Market Trend and Economic Factors Analysis

1.4.   Market Segmental Analysis

1.5.   Geographical Mapping

1.6.   Country Wise Segregation

2.     Research Methodology

2.1.   Identification of Target Market

2.2.   Data Acquisition

2.3.   Refining of Data/ Data Transformations

2.4.   Data Validation through Primary Techniques

2.5.   Exploratory Data Analysis

2.6.   Graphical Techniques/Analysis

2.7.   Quantitative Techniques/Analysis

2.8.   Visual Result/Presentation

3.     Executive Summary
4.     Market Insights

4.1.  Supply Chain Analysis

4.2.  Economic Factor Analysis

4.2.1.            Drivers

4.2.2.            Trends

4.2.3.            Opportunities

4.2.4.            Challenges

4.3.  Technological Landscape

4.4.  Competitors & Product Analysis

4.5.   Regulatory Framework

4.6.   Company market share analysis, 2022

4.7.  Porter’s Five Forces Analysis

4.8.  Price point analysis

4.9.  New Investment Analysis

4.10.PESTEL Analysis

4.11.Pre Covid-19 Impact

4.12.Covid-19 Impact

4.13.Post Covid-19 Impact

5. Global Electric Vehicle Charging Station Market, 2017-2030

5.1.  Market size & Forecast, 2017-2030

5.1.1.            Demand

5.1.1.1.            By Value (USD Billion)

5.2.  Market Share & Forecast, 2017-2030

5.2.1.            By Charger Type

5.2.1.1.            Fast

5.2.1.2.            Slow/Moderate

5.2.2.            By Application  

5.2.2.1.            Commercial

5.2.2.2.            Residential

5.2.3.            By Region

5.2.3.1.            North America

5.2.3.2.            Europe

5.2.3.3.            Asia Pacific

5.2.3.4.            The Middle East & Africa

5.2.3.5.            South America

6. North America Electric Vehicle Charging Station Market, 2017-2030

6.1.  North America Electric Vehicle Charging Station Market size & Forecast, 2017-2030

6.1.1.            Demand

6.1.1.1.            By Value (USD Billion)

6.2.  North America Electric Vehicle Charging Station Market Share & Forecast, 2017-2030

6.2.1.            By Charger Type

6.2.1.1.            Fast

6.2.1.2.            Slow/Moderate

6.2.2.            By Application  

6.2.2.1.            Commercial

6.2.2.2.            Residential

6.2.3.            By Country

6.2.3.1.            US

6.2.3.2.            Canada

6.2.3.3.            Mexico

7. Europe Electric Vehicle Charging Station Market, 2017-2030

7.1.  Europe Electric Vehicle Charging Station Market size & Forecast, 2017-2030

7.1.1.            Demand

7.1.1.1.            By Value (USD Billion)

7.2.  Europe Electric Vehicle Charging Station Market Share & Forecast, 2017-2030

7.2.1.            By Charger Type

7.2.1.1.            Fast

7.2.1.2.            Slow/Moderate

7.2.2.            By Application  

7.2.2.1.            Commercial

7.2.2.2.            Residential

7.2.3.            By Country

7.2.3.1.            Germany

7.2.3.2.            UK

7.2.3.3.            France

7.2.3.4.            Italy

7.2.3.5.            Rest of Europe

8. Asia Pacific Electric Vehicle Charging Station Market, 2017-2030

8.1.  Asia Pacific Electric Vehicle Charging Station Market size & Forecast, 2017-2030

8.1.1.            Demand

8.1.1.1.            By Value (USD Billion)

8.2.  Asia Pacific Electric Vehicle Charging Station Market Share & Forecast, 2017-2030

8.2.1.            By Charger Type

8.2.1.1.            Fast

8.2.1.2.            Slow/Moderate

8.2.2.            By Application  

8.2.2.1.            Commercial

8.2.2.2.            Residential

8.2.3.            By Country

8.2.3.1.            China

8.2.3.2.            India

8.2.3.3.            Japan

8.2.3.4.            Australia

8.2.3.5.            Rest of Asia pacific

9. The Middle East & Africa Electric Vehicle Charging Station Market, 2017-2030

9.1.  The Middle East & Africa Electric Vehicle Charging Station Market size & Forecast, 2017-2030

9.1.1.            Demand

9.1.1.1.            By Value (USD Billion)

9.2.  The Middle East & Africa Electric Vehicle Charging Station Market Share & Forecast, 2017-2030

9.2.1.            By Charger Type

9.2.1.1.            Fast

9.2.1.2.            Slow/Moderate

9.2.2.            By Application  

9.2.2.1.            Commercial

9.2.2.2.            Residential

9.2.3.            By Country

9.2.3.1.            Saudi Arabia

9.2.3.2.            UAE

9.2.3.3.            South Africa

9.2.3.4.            Rest of The Middle East & Africa

10. South America Electric Vehicle Charging Station Market, 2017-2030

10.1.                    South America Electric Vehicle Charging Station Market size & Forecast, 2017-2030

10.1.1.        Demand

10.1.1.1.        By Value (USD Billion)

10.2.                    South America Electric Vehicle Charging Station Market Share & Forecast, 2017-2030

10.2.1.        By Charger Type

10.2.1.1.        Fast

10.2.1.2.        Slow/Moderate

10.2.2.        By Application  

10.2.2.1.        Commercial

10.2.2.2.        Residential

10.2.3.        By Country

10.2.3.1.        Brazil

10.2.3.2.        Argentina

10.2.3.3.        Rest of South America

11. Competitor Analysis

11.1. Company Description

11.2. Financial Analysis

11.3. Key Products

11.4. Key Management Personnel

11.5. Contact Address

11.6. SWOT Analysis

11.7. Company profile

11.7.1.        ChargePoint Inc.

11.7.2.        Schneider Electric

11.7.3.        Tesla Inc.

11.7.4.        BP Chargemaster

11.7.5.        Shell International BV

11.7.6.        Webasto Group

11.7.7.        Siemens AG

11.7.8.        EVBox

11.7.9.        Eaton

11.7.10. Other Prominent Players