Electric vehicle Charging Station Market Trends

Electric Vehicle Charging Station Market Overview:

Global Electric Vehicle vehicle Station Market Size was valued at USD 23.4 Billion in 2023. The Global Electric Vehicle Charging Station market size is projected to grow and expand from USD 32.40 Billion in 2024 to USD 316.9 Billion by 2032, contributing a compound annual growth rate (CAGR) of 32.97% during the projected timeframe (2024–2032). The key Electric Vehicle Charging Station market drivers contributing to market growth and expansion are increased enthusiasm for electric cars, strategic moves by major parties, and the rising deployment of ultra-fast electric stations for charging.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Electric Vehicle Charging Station Market Trends

Growing demand for electric cars is driving the market growth

The rising demand for electric cars drives the Electric Vehicle Charging Station market CAGR for Electric Vehicle Charging Station. The EV Charging Station Market growing interest in electric vehicles Government support for the establishment of charging stations to improve demand. The quantity of electric cars on the road is increasing, as is the need for electric vehicles. Strategic activities by major companies are significant industry factors boosting market expansion. Transportation's growing release of CO2 and other harmful pollutants has spurred the usage of electric cars. Consequently, the need for electric car charging infrastructure is expanding in both business and residential settings. Increased manufacturer collaboration for charging and subscription pricing infrastructure is also anticipated to fuel market development. The market adoption of electric car charging stations in business districts is substantially higher than in residential regions.

The major reasons driving the market's growth include government initiatives to encourage the use of electric cars and related infrastructure, rising demand for battery-powered fast-charging facilities, and greater installation of electric cars by public transportation operators. Increased R&D in vehicle-to-grid technological advances, along with increased adoption of electric transportation in emerging economies, may assist market participants. To guarantee smooth, continuous travel, most EVs need rapid charging options. Major electric vehicle network providers worldwide have announced initiatives for implementing rapid charging locations, and several shared mobility operators have set fleet electrification objectives, resulting in a considerable increase in charging infrastructure. Some businesses have established region-specific goals, while others have established overall fleet objectives.

During the COVID-19 epidemic, over 95% of automotive-related enterprises were forced to place their staffs on hold. Because of the suspension of production activity, the global ramifications of the shutdown were enormous and unprecedented. However, the Electric Vehicle Charging Station market recovered speed as economic activity restarted and global automobile manufacturing increased. As the economies progressively recover, the market is expected to rise significantly over the following five decades. After a disastrous year for the automotive sector, which already saw a substantial decrease of roughly 5% in global automobile manufacturing and concluded an upsurge of a decade of advancement, the worldwide automotive sector came across an entirely distinctive circumstance in 2020 due to the pandemic. Furthermore, due to the rising demand for electric cars during the epidemic, the need for charging stations for electric vehicles will rise due to government incentives worldwide.

For instance, to encourage greater usage of electric cars, the Indian government intends to reduce the GST (Goods and Services Tax) on e-vehicles from 12% to 5%. Furthermore, tax breaks of up to $2,101.5 will be provided on loans to acquire an e-mobility. Thus, a rise in government funding for electric mobility research and acquisition, in the form of tax credits, subsidies, and promotions, is one of the primary drivers driving demand for electric cars. Thus, it is anticipated that demand for Electric Vehicle Charging station will increase throughout the projected timeframe due to the rising demand for electric cars. Thus, driving the Electric Vehicle Charging Station market revenue.

EV Charging Station Market Segment Insights:

Electric Vehicle Charging Station Type Insights

The global Electric Vehicle Charging Station market segmentation, based on type, includes AC Charging Stations, DC Charging Station, and Inductive Charging Station. The AC Charging Station segment dominated the market, accounting for 39% of market revenue (USD 6.59 Billion) in 2022. Due to less-rated AC onboard chargers, AC charging points are the most prevalent form of plug-in car recharging station, with fewer wattage ratings than DC charging stations.

Electric Vehicle Charging Station Connector Type Insights

The global Electric Vehicle Charging Station market segmentation, based on Connector Types, includes Combined Charging Systems, Chademo, And Others. The Others category generated the highest market revenue of about 49% (USD 8.28 billion) in 2022. The Others category includes type 1/Yazaki, type 2, and Tesla supercharger connectors—the Japanese alternating current charging connection type 1/Yazaki can be utilized for charging electric car types.

Electric Vehicle Charging Station Application Insights

The global EV Charging Station market segmentation, based on Application, includes Residential and Commercial. The Residential application category dominated the market, accounting for 62% of market revenue (USD 10.5 Billion) in 2022. Power used by level 1 & level 2 chargers in residential regions would be charged at a set residential rate based on per kWh. Most utilities provide EVs preferential time-to-use tariffs to encourage customers to plug in throughout off-peak hours.

Figure 1: Global EV Charging Station Market, by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

EV Charging Stations Vehicle Insight.

The global Electric Vehicle Charging Station market segmentation, based on Vehicle, includes BEV, PHEV, and HEV. The BEV category dominated the market, accounting for 43% of market revenue (USD 7.3 Billion) in 2022. BEVs are all-electric cars with rechargeable batteries that lack a petrol engine. Unlike traditional gasoline-powered autos, they produce no hazardous emissions.

Electric Vehicle Charging Station Regional Insights

By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Electric Vehicle Charging Station market area will dominate this market during the projected timeframe because the governing body of North America wants to minimize greenhouse gas emissions and increase the usage of electric cars, which will boost the market growth in the North American region.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Global EV Charging Station Market Share by Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe region’s Electric Vehicle Charging Station market accounts for the second-highest market share because of stringent carbon-cutting objectives and plans to purchase electric vehicles. Further, the German Electric Vehicle Charging Station market holds the largest market share, and the UK EV Charging Station market is projected to grow and expand significantly in the European region during the projected timeframe.

The Asia-Pacific Electric Vehicle Charging Station Marketis projected to grow quickly during the projected timeframe. This is due to increasing collaboration between automakers and aftermarket technology providers. The high cost is not a barrier in the region due to favorable government measures such as tax rebates and other benefits for electric car users. Moreover, China’s Electric Vehicle Charging Station market dominates the Electric Vehicle Charging Station market share, and the Indian Electric Vehicle Charging Station market is expected to expand and grow steadily in the Asia-Pacific region during the projected timeframe.

EV Charging Station Key Market Players & Competitive Insights

Leading Electric Vehicle Charging Station market players invested heavily in research and development (R&D) to scale up their manufacturing units and develop technologically advanced solutions, which will help the Electric Vehicle Charging Station market grow worldwide. EV charging station market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their worldwide footprint, with major market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The electric vehicle charging station industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic EV charging station market climate.

Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the critical business strategies organizations use in the global electric vehicle charging station industry to benefit customers and capture untapped market share and revenue. The EV charging station market has recently offered significant advantages to the automobile industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the electric vehicle charging station market, which includes Webasto Group, Schneider Electric, ABB, Eaton, Siemens, Tesla, EVgo Services LLC, ChargePoint, Inc., and others, are attempting to expand market share and demand by investing in R&D operations to produce sustainable and affordable solutions.

Shell Corporation produces oil and natural gas. It works in four divisions: Unified Gas, Upstream, Downstream, and Management. The Hague, the Netherlands-based firm, was formed in February 1907. Shell completed the purchase of Schaltbau Holding AG, a leading EV Charging Station market infrastructure developer for charging solutions for businesses that manufacture electric cars, in November 2022. The purchase expands Shell's offering of lower-carbon options for fleet services and industrial transportation clients by adding considerable knowledge of electrical bus charging and an extensive electric vehicle charging pipeline.

Renault SA is a manufacturer of automobiles. It sells passenger automobiles, business vehicles, electric-powered cars, and performance vehicles. Renault, Dacia, Renault Samsung Motors, Alpine, and LADA are the brands it operates under. Louis Renault created the corporation in 1898, based in Boulogne-Billancourt, France. Mobilise and Renault dealerships confirmed the deployment of Mobilise Fast Charge, a rapid charging network, in October 2022. The bulk of the units will be positioned at Renault dealers within 5 minutes of a motorway or motorway exit.

Key Companies in the Electric Vehicle Charging Station market include

• Schneider Electric (France)


• ABB (Switzerland)


• Eaton (Ireland)


• Siemens (Germany)


• Webasto Group (Germany)


• Tesla (US)


• EVgo Services LLC (US)


• ChargePoint, Inc. (US)

EV Charging Station Industry Developments

July 2024 : Electric vehicle (EV) networked charging solutions leader ChargePoint announced today that it is still at the forefront of enabling DC fast charging at locations funded by the National Electric Vehicle Infrastructure (NEVI) program. Rhode Island has completed Phase 1 of the NEVI program, making it the first state in the country, with the opening of two new ChargePoint locations along Interstate 95.

The $5 billion NEVI electric vehicle infrastructure bill, part of the Infrastructure Investment and Jobs Act (IIJA), aims to provide ultra-fast charging on American highways in a dependable and accessible manner. 40% of US states have announced ChargePoint's NEVI awards to date, solidifying the company's position as the industry leader in EV charging. The Company and its partners have been selected for awards at more than 125 sites. These sites total $75 million in proposed grant funding and represent nearly 600 fast charging ports across 20 U.S. states that have announced NEVI awards to date.

According to ChargePoint Vice President of Public Policy Anne Smart, "ChargePoint and its partners continue to lead the industry by enabling the most NEVI-funded fast charging locations along major U.S. highways." In order to guarantee that all EV drivers have access to charging whenever and wherever they need it, "together with our partners, we are enabling accessible, reliable fast charging solutions across the U.S."

Electric Vehicle Charging Station Market Segmentation:

Electric Vehicle Charging Station Type Outlook

• AC charging station


• DC charging station


• Inductive charging station

Electric Vehicle Charging Station Communication Type Outlook

• Combined charging system


• Chademo


• Others

Electric Vehicle Charging Station Application Outlook

• Residential


• Commercial

Electric Vehicle Charging Station Vehicle Outlook

• BEV


• PHEV


• HEV

E Vehicle Charging Station Regional Outlook

North America

• US


• Canada

Europe

• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe

Asia-Pacific

• China


• Japan


• India


• Australia


• South Korea


• Australia


• Rest of Asia-Pacific

Rest of the World

• Middle East


• Africa


• Latin America