EV Charging Station Market size is expected to cross USD 130 Billion by the end of 2033, growing at a CAGR of 30% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of electric vehicle charging station was over USD 15 Billion.The primary factor attributed to the electric vehicle charging stations market growth is the increased production of electric vehicles across the world. One of the primary drivers of the worldwide market is the rising popularity of electric vehicles. As more people switch to electric vehicles, the need for charging infrastructure grows. Electric cars are gaining popularity owing to their environmental benefits, as they emit no pollutants and minimize reliance on fossil fuels. Furthermore, as battery technology advances, the range of electric cars expands, making them more feasible for regular use. As per the reports of the International Energy Agency, the number of electric vehicle sales in 2021 surpassed sales of the year 2020, nearly doubling to 6.6 million.
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 electric vehicle charging station market in the forecast period. As a result, the production rate of electric vehicles is expected to grow considerably which in turn is projected to bring lucrative growth opportunities. For instance, by 2030, it is planned to produce approximately 55 million electric vehicles across the world.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~ 30% |
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Base Year Market Size (2022) |
~USD 15 Billion |
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Forecast Year Market Size (2033) |
~USD 130 Billion |
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Regional Scope |
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Vehicle Type (Private, Commercial)
The EV 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 for personal vehicles by the burgeoning population. The International Energy Agency stated that passenger electric cars are surging in popularity and is estimated that 13% of new cars sold in 2022 will be electric.
Level of Charging (Level 1, Level 2, Level 3)
The global EV charging station market is also segmented and analyzed for demand and supply by the level of charging into level 1, level 2, and level 3. Out of these segments, the level 2 segment is anticipated to garner the highest share of the market. This can be owed to the fact that the level 2 charging station offers a better range than level 1, while not requiring the special infrastructure required for level 3 DC fast chargers. For instance, a typical EV can be charged in 8-10 hours with a level 2 charger.
Our in-depth analysis of the global market includes the following segments:
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By Charging Point |
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By Level of Charging |
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By Vehicle Type |
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By Installation Type |
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By Connector |
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APAC Market Statistics
The Asia Pacific electric vehicle charging station market 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 the International Energy Agency. The electric car registration rose from the year 2019 with almost 1000 thousand units to the year 2020 with around 1300 thousand units. Further, the large population in the region is expected to increase the demand for electric vehicles in the assessment period. The population in East Asia and the Pacific as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with the rise in disposable income are other factors that are anticipated to fuel the electric vehicle market size.
Europe Market Forecast
Additionally, the EV charging station market in the European region is also projected to grow rapidly over the forecast period owing to government initiatives to build charging infrastructure across the area are factors contributing to the high growth of this region. France, Germany, the Netherlands, Norway, and the United Kingdom are five of the region's leading nations for electric cars and charging stations. To encourage customers to adopt the new technology, the EU set a goal in 2021 of one million public charging stations for electric cars by 2024 and three million by 2029. Furthermore, the deployment of EV charging stations in the area is being sparked by several other European nations' targets to lower carbon emissions and expand the use of electric vehicles in the forecast period.
ABB Group has launched Terra 360, a modular charger that can simultaneously charge up to four vehicles with dynamic power distribution.
BYD Motors Inc. has announced that its 150kW DC fast charger for buses and trucks has been certified by Underwriters Laboratory (UL), widening its charging solutions
Author Credits: Harshita Srivastava, Saima Khursheed
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