Press release
Electric Vehicle Charging Station Market Latest Survey Report 2024
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Electric Vehicle Charging Station Market Size, Share & Trends Analysis Report By Application (Public, Private), Level Of Charging (Level 1, Level 2 And Level 3), Charging Point Type (A.C. (normal charging) and D.C. (supercharging)), Infrastructure (Normal Charging, Type-2, CHAdeMO, CCS, Tesla, SC and GB/T), Service Type (E.V. Charging Services And Battery Swapping Services), Installation (Fixed And Portable), Electric Bus Charging (Off-Board Top-Down Pantograph, On-Board Bottom-Up Pantograph And Charging Via A Connector.), DC Fast Charging (Faster And Ultra-Fast Chargers), IOT Connectivity (Non-Connected Charging Stations And Smart Connected Charging Stations (Networked))- Market Outlook And Industry Analysis 2031"
The global electric vehicle charging station market is estimated to reach over USD 239.62 billion by 2024-2031, exhibiting a CAGR of 30.94% during the forecast period.
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Electricity from the electric grid is distributed to electric vehicles, such as plug-in hybrid electric vehicles, battery electric vehicles, and hybrid electric vehicles, via the electric vehicle supply equipment (EVSE), commonly known as a charging station. The presence of multiple local, regional, and international suppliers defines the global market for electric car charging stations.
The electric vehicle charging stations market is highly competitive, with players striving to capture more of the market. Several factors, such as intense rivalry, rapid technological progress, periodic modifications to governmental regulations, and stringent environmental standards, may constrain the expansion of the electric vehicle charging station business. Vendors compete on price, product quality, dependability, and aftermarket services. In a competitive market, vendors need to provide goods that are both cost-effective and high-quality.
List of Prominent Players in the Electric Vehicle Charging Station Market:
• ABB Ltd.
• Aerovironment Inc.
• Borgwarner, Inc.
• BP Chargemaster (Luton, UK)
• BYD (China)
• ChargePoint Inc. (California, U.S.)
• Delta Electronics, Inc.
• Eaton Corporation Plc
• EVBox (Amsterdam, Netherlands)
• General Electric Company
• Moser Services Group, LLC
• Plugless Power Inc.
• Robert Bosch GmbH
• Schneider Electric
• Shell Global
• ChargePoint (US)
• Shell International BV
• Siemens AG,
• Tesla Inc.
• Webasto Group
Market Dynamics:
Drivers-
The deployment of electric vehicle charging stations across the nation is a competitive and collaborative effort between government organizations, major electric vehicle and related system developing companies, automakers, oil companies, electrical utilities, and charging network companies. For instance, Volkswagen invested USD 2 billion in the nation's charging infrastructure in June 2019 and installed 2,800 electric vehicle charging stations in 17 of the largest US cities.
Additionally, many European nations are constantly constructing incentive programs to promote the use of electric vehicles throughout the continent. Additionally, several nations are focusing on raising demand for and awareness of electric vehicles. To meet the ongoing demand for electric vehicles, economies worldwide, including India, have begun concentrating on expanding investments in creating a charging infrastructure. Major market players have started a few strategic initiatives, but they are still in the early stages and focused on a small number of areas.
However, it is projected that the strategic efforts will expand over the forecast period. Therefore, it is anticipated that the impact of key companies' strategic initiatives will increase from a moderate level to a high level throughout the projected period.
Challenges:
Different nations' governments have put strict regulations in place that control the placement of charging stations. When installing charging stations, service providers must adhere to specific guidelines. When installing on private property, they need permission from the landowners, the local government to comply with legal requirements, and the utility companies to transfer energy. For instance, to secure permits for the installation of domestic EV charging stations, homeowners or contractors must submit plot designs, electrical load calculations, electrical plans, installation instructions, and charger specs to the local permitting office.
Commercial locations require more complicated installation methods for EV charging stations than residential locations. Permits, community or design standards, electrical source or metering, parking and signage regulations, zoning restrictions, and inspection fees are necessary for a commercial installation. As a result, installing charging stations takes a lot of work due to the length of the value chain.
Regional Trends:
The Asia Pacific electric vehicle charging station market is anticipated to record a substantial market share in revenue and is projected to develop at a high CAGR shortly. A sizeable portion of the electric vehicle charging stations market is in Asia-Pacific. Due to the successful initiatives taken by the governments of nations like China, Japan, India, and Singapore, electric car charging stations are dominating the global industry.
The Asia-Pacific region's nations primarily invest time and resources in creating charging infrastructure and expanding partnerships between automakers and aftermarket technology suppliers. Due to supportive government measures like tax exemptions and other incentives for owners of electric vehicles, the high price is not a deterrent in the area.
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Recent Developments:
• In October 2022, the Luxembourg government announced that the first call for projects offering financial aid to businesses engaging in charging infrastructure projects for electric vehicles resulted in 29 projects being chosen.
• In January 2021, Siemens AG introduced the Sicharge D, a new high-power charger. It has high, scalable charging power that can reach 300 kW. Additionally, the charging station can handle charging currents of up to 1,000 and voltages ranging from 150 to 1,000 volts.
Segmentation of Electric Vehicle Charging Station Market-
By Level of charging-
• Level 1
• Level 2
• Level 3
By Charging Point Type-
• AC (Normal Charging)
• DC (Super Charging)
By Application-
• Private
• Public
By Charging Infrastructure type-
• Normal Charging
• Type-2
• CHAdeMO
• CCS
• Tesla
• SC
• GB/T
By Installation type-
• Fixed
• Portable
By DC Fast Charging-
• Faster Charger
• Ultra-fast Charger
By IoT Connectivity-
• Non-Connected Charging Stations
• Smart Connected Charging Stations (Networked)
By Charging Service-
• EV Charging Service
• Battery Swapping Service
By Electric Bus Charging Type-
• Off-board Top-down Pantograph
• On-board Bottom-up Pantograph
• Charging Via Connector
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
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