Electric Vehicle Charging Station Market Size, Growth Factors, Demand, Trends and Forecast to 2027

The global Electric Vehicle Charging Station Market size is projected to grow from 2,354 thousand units in 2022 to 14,623 thousand units by 2027, at a CAGR of 44.1%. Automotive companies and component manufacturers are investing significant amounts in research and testing of EV charging technology. Factors such as rising sales of EVs around the world, along with the growing demand for zero emission transport will boost the demand for the Electric Vehicle Charging Station Market. The Electric Vehicle Charging Station Market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the Electric Vehicle Charging Station Market.

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Market Dynamics:

Driver: Rising EV sales worldwide will increase demand for EV charging stations

An increase in the adoption and use of electric vehicles has accentuated the need to develop charging infrastructure. Leading markets for electric vehicles such as China, the US, and Germany are investing significantly in EV charging infrastructure along with research & development for faster and more efficient charging methods. Significant investments by automakers are expected to cater to the rising demand for EVs and play a major role in the evolution of the market. Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have significant R&D budgets for the development of EVs. In 2020, the world saw a 41% growth with around 3 million EV sales despite the impact of COVID-19 in the market, while the overall automobile market reduced by 6%. This indicates a growing demand for electric vehicles., which will, in turn, boost the market for EV charging stations. While the majority of EV users install a Level 1 or Level 2 EV charging device in their home or residential complex, there has also been a growing demand for public charging stations around the world. With the growing EV sales around the world, the demand for EV charging stations will increase.

Opportunity: Use of V2G EV charging stations for electric vehicles

Vehicle-to-Grid (V2G) EV charging is a system that has a bi-directional electrical energy flow between plug-in EVs and the power grid. The V2G technology enables EVs to store unused power and discharge it to the grid. This can improve the electrical component’s performance and add value for EV owners. The introduction 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 the connection of the grid to the electric vehicle to enable the vehicle’s charging.

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Public chargers will be the fastest-growing segment during the forecast period

The availability of public EV charging plays an important role to purchase electric vehicles across the globe. Public charging and access to fast charging are viewed as key criteria when buying an electric vehicle. This is anticipated to bolster revenue growth for the public charging segment. The Asia Pacific region continues to install public chargers at a significant rate due to the rising number of EV users, especially in China, India, and South Korea. These countries have implemented policies to increase the usage of EVs by providing subsidies and reduced taxes. They also encourage the growth of EV manufacturers and related industries by providing grants or implementing preferential policies for EV-related companies to enable them to expand faster. A steady surge in economic growth, urbanization, travel demand, etc., coupled with increasing investments toward electric mobility to contribute to energy storage and environmental sustainability is anticipated to bolster the growth of the public charging station segment.

Key Market Players:

The electric vehicle charging station market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the electric vehicle charging station market.

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This release was published on openPR.