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Electric Vehicle Charging Station Market Analysis by Charging Point (AC Charging, DC Charging, and Wireless Charging); by Level of Charging (Level 1, Level 2, and Level 3); by Vehicle Type (Private, and Commercial); by Installation Type (Fixed, and Portable); and by Connector (Normal Charging, Type-2, CHAdeMO, CCS, and GB/T) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • September, 2021: ABB Group has launched Terra 360, a modular charger which can simultaneously charge up to four vehicles with dynamic power distribution.

  • January, 2020: BYD Motors Inc. has announced that its 150kW DC fast charger for buses and trucks has been certified by Underwriters Laboratory (UL), widening the its charging solutions.

Base Year

2022

Forecast Year

2023-2033

CAGR

~ 30%

Base Year Market Size (2022)

~ USD 15 Billion

Forecast Year Market Size (2033)

~ USD 130 Billion

Global Electric Vehicle Charging Station Market Size, Forecast, Trend Highlights Over 2023 - 2033

The global electric vehicle charging station market is estimated to garner a revenue of ~ USD 130 Billion by the end of 2033 by growing at a CAGR of ~30% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 15 Billion in the year 2022. The primary factor attributed to the electric vehicle charging stations market growth is the increased production of electric vehicles across the world. As per the reports of International Energy Agency, the number of electric vehicles sales in 2021 surpassed sales of year 2020, with nearly doubling to 6.6 million.

electric vehicle market

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Government initiatives to drive the adoption of electric vehicles, along with rising demand for electric vehicle fast-charging infrastructure and increasing prevalence of range anxiety are anticipated to support the growth of the market in the forecast period. As a result, the production rate of electric vehicle is expected to grow considerably which in turn is projected to bring lucrative growth opportunities. A latest report suggested that by 2030, it is being planned to produced approximately 55 million electric vehicles across the world.

Global Electric Vehicle Charging Station Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Population in the World – The burgeoning population is generating the need of fuel-efficient vehicles. Thus, the increasing demand for electric vehicle charging station expected to raise the production rate of electric vehicles in the forecast period. World Bank calculated the global population to be 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per United Nations, Department of Economic and Social Affairs.
  • Expansion of Automotive Industry - The recent statistics reveal that the global automotive industry is expected to reach approximately USD 9 trillion by 2030.  
  • Rising Concerns of Carbon Dioxide Emission – A report published recently stated that a passenger vehicle emits about 5 metric tons of carbon dioxide per year. Also, as per International Organization of Motor Vehicle Manufacturers, globally road transport is responsible for about 16% of man-made carbon dioxide emissions.
  • Increasing Prevalence of Electric Cars -  A latest report by International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021.

Challenges

  • Increased Need of Investments and Assets
  • High Costs of Infrastructure
  • Non presence of Standardization Among Nations

The electric vehicle charging station market is segmented and analyzed for demand and supply by vehicle type into private and commercial. Out of these, the private segment is attributed to garner the highest market share by 2033, owing to the high demand of personal vehicles by the burgeoning population. International Energy Agency stated that passenger electric cars are surging in popularity and is estimated that 13% of new car sold in 2022 will be electric.

Global Electric Car Charging Station Market Regional Synopsis

Regionally, the global electric car charging segment market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, owing to the large production of electric vehicles in the region. China is the top producer of electric vehicles as per International Energy Agency. The electric car registration rose from year 2019 with almost 1000 thousand units to year 2020 with around 1300 thousand units. Further, the large population in the region is expected to increase the demand of electric vehicle in the assessment period. The population in East Asia and Pacific as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with rise in disposable income are another factors that are anticipated to fuel the electric vehicle market size.

electric vehicle market share

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The global electric vehicle charging station market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global electric vehicle charging station market includes the following segments:

By Charging Point

  • AC Charging
  • DC Charging
  • Wireless Charging

By Level of Charging

  • Level 1
  • Level 2
  • Level 3

By Vehicle Type

  • Private
  • Commercial

By Installation Type

  • Fixed
  • Portable

By Connector

  • Normal Charging
  • Type-2
  • CHAdeMO
  • CCS
  • GB/T

Top Featured Companies Dominating the Global Electric Vehicle Charging Station Market

  • ABB Group

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • BYD Motors Inc.
  • Shell Group
  • ChargePoint
  • Tesla
  • Schneider Electric
  • Blink Charging Co.
  • General Electric Company
  • Toshiba Corporation
  • Siemens Aktiengesellschaft

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