Electric Vehicle Charging Station Market Projected to reach 14,623 thousand units by 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%. 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. Developments in technologies like portable charging stations, bi-directional charging, smart charging with load management, usage based analytics and automated payment along with development of ultra-fast charging technology will create new opportunities for this market. The upcoming standardization (expected around 2025 with Tesla already providing ports for CCS, CHAdeMO already having GB/T ports as of December 2021) of charging ports and government regulations by the world's top economies has been increasing the speed of setup of electric vehicle charging stations.

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Level 3 segment is estimated to account for the fastest-growing market during the forecast period.

Level 3 charging is expected to be the fastest-growing segment by level of charging during the forecast period. The Asia Pacific region currently has the highest number of level 3 EV charging stations due to the high growth of EV usage in countries such as China, Japan, and South Korea. It is also expected to be the region where level 3 charging stations are expected to grow the fastest. In this region, the fast plug and charge options are preferred to home charging or waiting long hours for vehicles to charge. China's significant expansion in the EV infrastructure led to the highest growth of level 3 charging in the Asia Pacific region. In Europe, level 3 charging is led by countries such as the Netherlands, the UK, France, and Germany. These countries have collaborated with major automobile manufacturers and charging service providers to increase their EV charging network. These measures make Europe the second-highest growing market for level 3 charging. The North American region is led by the US, which has also started implementing measures to increase EVs on roads. 13 US states, including California, Maryland, Oklahoma, and Washington, have been at the forefront of increasing EV usage in their states. While these states have well-developed level 3 charging networks, the rest of the US has yet to increase EV usage and infrastructure.

Smart Connected EV Charging Stations are estimated to account for a rapid growth during the forecast period.

Smart connected charging stations or networked charging stations are individual units connected to a vast network of EVSEs and to a central management and payment system. They can be accessed remotely and have huge benefits over non-networked stations, including enabling their location to be known on various map applications, remote access by the driver, estimation of wait and charging times, better planning of a journey, centralized payment system where the driver can enable pre- and post-payment methods, and coupons and discounts. While non-connected charging stations will comprise most of the market in the short term, but with most EV charging station manufacturers and network providers coming up with smart charging devices for load management and other services, the demand for smart connected charging stations will be on the rise in the coming years. With automated billing and charger detection, IoT technology will be used extensively in public charging stations. Its penetration in home and business charging will also increase due to load management, charging behavior, performance analysis, and other features coming into the EV charging station market.

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Europe is expected to be the growing at a rapid pace market during the forecast period.

Europe is one of the fastest-growing regions for EVs and EV charging stations. The region accounted for 24.78% of the global electric vehicle charging station market in 2021 by volume. Normal chargers have a higher share than fast chargers, but the high demand for fast chargers has led to a much faster growth rate for the setup of fast and ultra-fast charging points in most European countries. The top five countries account for more than 83% of all chargers, and the rest is utilized in the rest of the countries. By August 2020, Europe had implemented stringent emission regulation standards to reduce the rising emission levels. Several countries in the region are promoting electric vehicles through significant incentives. The demand for electric vehicle charging stations has increased significantly due to the focus on zero- or low-emission vehicles in the region. The region is home to electric vehicle charging station providers such as Schneider Electric, ABB, Siemens, Efacec, Engie, and various others. The UK announced plans to phase out petrol/diesel-based vehicles by 2030 and encourage the growth of EVs. Other European countries had implemented plans for the transition to EVs during the past decade.

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.