Electric Vehicle Charging Stations Market Size, Share, Opportunities, And Trends By Type Of Electric Vehicle (Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs)), By Type Of Charging Station (AC Charging Station, DC Charging Station), And By Geography - Forecasts From 2024 To 2029

The electric vehicle charging stations market is evaluated at US$45.172 billion for the year 2022 growing at a CAGR of 31.57% reaching the market size of US$308.357 billion by the year 2029.

An electric vehicle charging station connects an electric vehicle to the source of electricity to provide charging to electric vehicles, as well as plug-in hybrids.

A key factor that has led to steady growth in the EV charging station market is the rising demand for energy efficiency.

Further, increasing fuel prices, the continuous depletion of fossil fuels, and government initiatives supporting electric vehicles in multiple countries, along with improved charging infrastructure, tax rebates, and subsidies, are expected to show growing investments in this infrastructure.

Increasing Adoption of Electric Vehicles

An increase in the sales and adoption of electric vehicles is expected to drive the need for the development of charging infrastructure. According to the International Energy Agency, there were 95,00,000 battery electric vehicles in 2023, According to the same source, global sales of electric vehicles continued to rise quickly in 2022, with 2 million in sales in the first quarter, up 75% from the previous time in 2021. Therefore, due to the rise in the number of electric vehicles adopted by consumers, the electric vehicle charging stations market will be impacted positively in the coming years.

Favorable Government Investments

Investments by governments worldwide for the development of charging infrastructure and incentives offered to buyers are projected to create huge opportunities to expand the revenue stream. For instance, Bentley Motors will invest around US$3.4 billion over the next decade to become a 100% electrified premium brand by 2030. However, Bentley will rely on plug-in hybrid electric cars to transition to all-electric vehicles, unlike many major automakers. Beginning in 2026, the business intends to offer only electrified vehicles, including all-electric and plug-in hybrids. Additionally, Toyota wants to release plug-in hybrid versions of the Levin and Corolla.

Expanding R&D Activities by the Automobile Industry

Significant investments by automakers are also projected to aid the rising demand for these vehicles and, thus, play a huge role in the development of the market. Key EV market players like Tesla, Ford, Nissan, Volkswagen, BMW, and General Motors have allocated significant budgets to R&D to develop industry-leading EVs. OEMs offer various electric vehicles, from small hatchbacks like Leaf to high-end sedans like the Tesla Model 3. This humongous range of product offerings has been successful in attracting a high number of customers, which has resulted in an increased market size for electric vehicles. For instance, in order to boost localization of cutting-edge components like electrical motors and automated transmissions, lower imports, and take advantage of the "China Plus One" trend, the Indian auto industry plans to spend US$ 7 billion (Rs. 58,000 crore) by FY28..

Rising demand for passenger cars

Since most electric vehicles are passenger vehicles, a bigger portion of EV sales relates to passenger cars than any other type of EV. As a result, there is more demand for infrastructure to support them in term of charging stations than any other type of electric vehicle. Moreover, aimed at cutting down on greenhouse gas emissions and encouraging electric mobility, legislation or policy measures have largely targeted passenger vehicles. There are many countries offering tax breaks, requirements and financial aid aimed at encouraging the wide adoption of electric cars hence the demand for charging facilities for Electric Vehicles (EVs).

Advancements in battery technology

In the EV industry, a number of manufacturers are quickly developing their battery technologies. Accordingly, they are developing technologies that could make charging cars more convenient, like wireless chargers and autonomous charging robots. Furthermore, in order to meet the growing demand for quicker and more reasonably priced charging options, a number of power companies are making more and more investments in building the public charging infrastructure. For example, Ather Energy announced in October 2022 that the Ather Grid, the 580th public rapid charging point, will be installed in 56 Indian cities. By the end of FY23, Ather Energy intends to have installed 820 more grids, increasing its total to 1400 as the company grows across the country. With 60% of current installations in tier-II markets, ether grids are carefully installed across markets.

Rising demand for commercial charging

The term "commercial application" describes the installation of charging infrastructure at places of business, public spaces, and parking lots used by electric vehicle owners while they are out and about doing things like working, dining, or shopping. In order to develop commercial charging networks and stations, a number of important companies are engaging in strategic partnerships with other players. For example, a memorandum of understanding (MoU) was signed by Siemens Limited and Switch Mobility Automotive Limited of the Hinduja Group in order to enter the Indian market for electric commercial vehicles. In a similar vein, BP partnered with Daimler Mobility and the BMW Group to advance electrification through digital charging solutions. In Digital Charging Solutions (DCS), one of Europe's top providers of digital charging solutions for automakers and fleet managers, BP will join forces with BMW Group and Daimler Mobility.

Asia Pacific is witnessing exponential growth during the forecast period

The Asia Pacific region is continuing to install public charging stations at a rapid pace, especially in China, India, and South Korea, due to the growing number of electric vehicle (EV) users.

For example, Ather Energy announced in October 2022 that the Ather Grid, the 580th public fast charging point, will be installed in 56 Indian cities. By the end of FY23, Ather Energy intends to have installed 820 more grids, increasing its total to 1400 as the company grows across the country. 60% of the current Ather Grid installations are in tier-II and tier-III cities, with the systems being strategically placed throughout markets. Aside from this, the Asia Pacific market is expanding thanks to supportive government initiatives.

Market key launches

• In March 2024, the Nashik Municipal Corporation area's EV charging station contract was awarded to Servotech Power Systems Ltd., an Indian provider of green charging solutions. Under this contract, twenty electric vehicle (EV) charging stations will be installed throughout the region. They will also be supplied, built, and commissioned.
• In March 2024, V-Green Global Charging Station Development Company was announced by Pham Nhat Vuong, the founder of VinFast, an electric vehicle company, and chairman of Vingroup.
• In January 2023, ABB E-mobility unveiled Terra Home at CES 2023 in Las Vegas, a new residential AC charging option for electric vehicles (EVs). Users can use their renewable energy sources to lessen their carbon footprint because of the innovative design.

Segmentation:

• By Type of Electric Vehicle
  • Battery Electric Vehicles (BEVs)
  • Plug-In Hybrid Electric Vehicles (PHEVs)
• By Type of Charging Stations
  • AC Charging Station
  • DC Charging Station
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • Thailand
    • Indonesia
    • Taiwan
    • South Korea
    • Others

Key questions answered in this report:

• What is the current market size of the electric vehicle charging stations sector?
• What are the key trends driving the electric vehicle charging stations market growth?
• What are the main challenges faced by the electric vehicle charging stations industry?
• Who are the major players in the electric vehicle charging stations market?
• Which regions are leading the electric vehicle charging stations market? 
• What are the revenue forecasts for electric vehicle charging stations market over the next five years?
• What are the most significant technological advancements in the electric vehicle charging stations industry?
• What are the regulatory and policy frameworks impacting the electric vehicle charging stations market?
• What are the environmental impacts of electric vehicle charging stations production/ industry?
• How does the government support the electric vehicle charging stations market?

 

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Processes

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY TYPE OF ELECTRIC VEHICLE

5.1. Introduction

5.2. Battery Electric Vehicles (BEVs)

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Plug-In Hybrid Electric Vehicles (PHEVs)

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

6. ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY TYPE OF CHARGING STATIONS 

6.1. Introduction

6.2. AC Charging Station

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. DC Charging Station

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

7. ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. By Type of Electric Vehicle

7.2.2. By Type of Charging Station

7.2.3. By Country

7.2.3.1. United States

7.2.3.1.1. Market Trends and Opportunities

7.2.3.1.2. Growth Prospects

7.2.3.2. Canada

7.2.3.2.1. Market Trends and Opportunities

7.2.3.2.2. Growth Prospects

7.2.3.3. Mexico

7.2.3.3.1. Market Trends and Opportunities

7.2.3.3.2. Growth Prospects

7.3. South America

7.3.1. By Type of Electric Vehicle

7.3.2. By Type of Charging Station

7.3.3. By Country

7.3.3.1. Brazil

7.3.3.1.1. Market Trends and Opportunities

7.3.3.1.2. Growth Prospects

7.3.3.2. Argentina

7.3.3.2.1. Market Trends and Opportunities

7.3.3.2.2. Growth Prospects

7.3.3.3. Others

7.3.3.3.1. Market Trends and Opportunities

7.3.3.3.2. Growth Prospects

7.4. Europe

7.4.1. By Type of Electric Vehicle

7.4.2. By Type of Charging Station

7.4.3. By Country

7.4.3.1. UK

7.4.3.1.1. Market Trends and Opportunities

7.4.3.1.2. Growth Prospects

7.4.3.2. Germany

7.4.3.2.1. Market Trends and Opportunities

7.4.3.2.2. Growth Prospects

7.4.3.3. France

7.4.3.3.1. Market Trends and Opportunities

7.4.3.3.2. Growth Prospects

7.4.3.4. Spain

7.4.3.4.1. Market Trends and Opportunities

7.4.3.4.2. Growth Prospects

7.4.3.5. Others

7.4.3.5.1. Market Trends and Opportunities

7.4.3.5.2. Growth Prospects

7.5. Middle East and Africa

7.5.1. By Type of Electric Vehicle

7.5.2. By Type of Charging Station

7.5.3. By Country

7.5.3.1. Saudi Arabia

7.5.3.1.1. Market Trends and Opportunities

7.5.3.1.2. Growth Prospects

7.5.3.2. UAE

7.5.3.2.1. Market Trends and Opportunities

7.5.3.2.2. Growth Prospects

7.5.3.3. Israel

7.5.3.3.1. Market Trends and Opportunities

7.5.3.3.2. Growth Prospects

7.5.3.4. Others

7.5.3.4.1. Market Trends and Opportunities

7.5.3.4.2. Growth Prospects

7.6. Asia Pacific

7.6.1. By Type of Electric Vehicle

7.6.2. By Type of Charging Station

7.6.3. By Country

7.6.3.1. China

7.6.3.1.1. Market Trends and Opportunities

7.6.3.1.2. Growth Prospects

7.6.3.2. Japan

7.6.3.2.1. Market Trends and Opportunities

7.6.3.2.2. Growth Prospects

7.6.3.3. India

7.6.3.3.1. Market Trends and Opportunities

7.6.3.3.2. Growth Prospects

7.6.3.4. Thailand

7.6.3.4.1. Market Trends and Opportunities

7.6.3.4.2. Growth Prospects

7.6.3.5. Indonesia

7.6.3.5.1. Market Trends and Opportunities

7.6.3.5.2. Growth Prospects

7.6.3.6. Taiwan

7.6.3.6.1. Market Trends and Opportunities

7.6.3.6.2. Growth Prospects

7.6.3.7. South Korea

7.6.3.7.1. Market Trends and Opportunities

7.6.3.7.2. Growth Prospects

7.6.3.8. Others

7.6.3.8.1. Market Trends and Opportunities

7.6.3.8.2. Growth Prospects

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard

9. COMPANY PROFILES

9.1. ABB Ltd

9.2. Hong Kong EV Power Limited

9.3. General Electric

9.4. ChargePoint, Inc.

9.5. Xcharge, Inc.

9.6. Xiongan Lianxing Network Technology

9.7. Instavolt

9.8. The New Motion BV

9.9. Evgo Services LLC

9.10. Tesla

9.11. Shell

9.12. BYD

9.13. Eaton corporation

9.14. Robert bosch GmBH.

ABB Ltd

Hong Kong EV Power Limited

General Electric

ChargePoint, Inc.

Xcharge, Inc.

Xiongan Lianxing Network Technology

Instavolt

The New Motion BV

Evgo Services LLC

Tesla

Shell

BYD

Eaton corporation

Robert bosch GmBH