EV Charging Card Market

Growing number of electric vehicles and the expansion of EV charging infrastructure is driving the market growth

Market CAGR for EV charging card is being driven by the growing number of electric vehicles and the expansion of EV charging infrastructure. The global automotive industry is undergoing a transformative shift towards electric vehicles (EVs), driven by a growing emphasis on sustainable transportation. This shift is reflected in the remarkable surge in the demand for EV charging infrastructure and associated services, including charging cards. The electric car market has witnessed exponential growth, surpassing 10 million sales in 2022.

According to the International Energy Agency (IEA), electric cars accounted for 14% of all new car sales in 2022, a significant increase from around 9% in 2021 and less than 5% in 2020. China, leading the electric car market, has already exceeded its 2025 target for new energy vehicle sales, with over half of the electric cars globally now on Chinese roads. In Europe, the second-largest market, electric car sales saw a growth of over 15% in 2022, constituting more than one in every five cars sold.

Meanwhile, the United States, the third-largest market, experienced a 55% surge in electric car sales in 2022, achieving a sales share of 8%.

The pivotal driver for the expansion of the EV charging card market lies in the concerted efforts to enhance EV charging infrastructure. Companies are strategically investing in the development of additional charging stations to meet the escalating demand, and the use of charging cards facilitates seamless access to these charging points for users.

As a result, it is anticipated that throughout the projection period, demand for the EV Charging Card Market will increase due to the growing number of electric vehicles and the expansion of EV charging infrastructure. Thus, driving the EV Charging Card Market revenue.

The Global EV Charging Card Market Industry is poised for remarkable growth, with projections indicating a substantial increase in market value. The market is expected to reach 3.5 USD Billion in 2024 and is forecasted to expand to 15.2 USD Billion by 2035. This growth trajectory suggests a compound annual growth rate of 14.28% from 2025 to 2035. Such projections highlight the increasing importance of EV charging cards as essential tools for facilitating electric vehicle usage. The anticipated growth reflects broader trends in the automotive industry, where electric vehicles are becoming increasingly mainstream, thereby necessitating robust charging solutions.

Consumer awareness and education regarding electric vehicles and charging solutions are essential for the growth of the Global EV Charging Card Market Industry. As consumers become more informed about the benefits of electric vehicles, including lower operating costs and environmental advantages, their willingness to adopt this technology increases. Educational campaigns by governments and organizations aim to demystify electric vehicle ownership and charging processes. This heightened awareness is likely to drive demand for EV charging cards, as consumers seek reliable and efficient payment methods for charging their vehicles. The ongoing efforts to educate the public could significantly influence market dynamics in the coming years.

The Global EV Charging Card Market Industry is experiencing substantial growth due to the increasing adoption of electric vehicles worldwide. As governments implement stricter emissions regulations and provide incentives for EV purchases, consumer interest in electric vehicles is surging. In 2024, the market is projected to reach 3.5 USD Billion, reflecting a significant shift in consumer preferences towards sustainable transportation. This trend is expected to continue, with the market potentially expanding to 15.2 USD Billion by 2035. The growing number of electric vehicles on the road necessitates a corresponding increase in charging infrastructure, thereby driving demand for EV charging cards.

The expansion of charging infrastructure is a pivotal driver for the Global EV Charging Card Market Industry. As more charging stations are installed in urban and rural areas, the accessibility of charging facilities increases, thereby encouraging electric vehicle adoption. This infrastructure growth is often supported by public-private partnerships, which facilitate the development of extensive charging networks. The increasing number of charging points is expected to correlate with the rising demand for EV charging cards, as users seek convenient payment solutions. With the market projected to grow to 15.2 USD Billion by 2035, the expansion of charging infrastructure is likely to remain a key focus for stakeholders.

Government initiatives play a crucial role in shaping the Global EV Charging Card Market Industry. Various countries are implementing policies to promote electric vehicle usage, including tax credits, rebates, and grants for charging infrastructure development. These incentives not only encourage consumers to purchase electric vehicles but also stimulate the growth of charging networks. As a result, the demand for EV charging cards is likely to rise. For instance, in regions where government support is robust, the market is expected to witness a compound annual growth rate of 14.28% from 2025 to 2035, indicating a strong correlation between policy support and market expansion.

Technological advancements are significantly influencing the Global EV Charging Card Market Industry. Innovations in charging technology, such as faster charging solutions and smart charging systems, enhance user experience and convenience. These advancements not only reduce charging times but also enable better integration with renewable energy sources. As technology continues to evolve, the market for EV charging cards is likely to expand, catering to a more tech-savvy consumer base. The introduction of mobile applications that facilitate charging station location and payment processing further supports this growth, making EV charging more accessible and efficient for users.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The anticipated expansion of the EV Charging Card market in North America can be attributed to several key factors. The strategic expansion of charging infrastructure is paramount to facilitating the widespread adoption of electric vehicles. Notably, in North America, there has been a deliberate initiative to augment the quantity of charging stations, encompassing both public and private facilities. In the United States alone, 6,300 fast chargers were installed in 2022, with approximately 75% attributed to Tesla Superchargers.

The aggregate number of fast chargers reached 28,000 by the close of 2022. Charging cards emerge as a pivotal facilitator, enabling users with seamless access to this growing and diversified charging network. This underscores the instrumental role of charging cards in enhancing the accessibility and usability of the expanding charging infrastructure.

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

Figure 2: EV CHARGING CARD MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe's EV Charging Card Market accounts for the second-largest market share as A substantial effort is underway to amplify the charging infrastructure throughout Europe, with robust investments from governments, businesses, and charging network operators focused on deploying public charging stations and high-speed chargers. By the conclusion of 2022, the total fast charger inventory in Europe exceeded 70,000 units, marking an impressive 55% surge compared to 2021. Key contributors to this growth include Germany, boasting over 12,000 fast chargers, followed by France with 9,700, and Norway with 9,000 units.

In this dynamic landscape, charging cards emerge as indispensable instruments for users, facilitating seamless access and payment for charging services across the extensive and diverse charging network prevalent in the region. This underscores the strategic importance of charging cards in optimizing the user experience within the evolving electric mobility sector in Europe. Further, the German EV Charging Card Market held the largest market share, and the UK EV Charging Card Market was the fastest-growing market in the European region

The Asia-Pacific EV Charging Card Market is expected to grow at the fastest CAGR from 2023 to 2032. Governments across the Asia Pacific region are actively instituting a range of initiatives and policies aimed at fostering the widespread adoption of electric vehicles. These efforts encompass financial incentives, subsidies, and the development of infrastructure conducive to electric vehicles. One notable example is the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India (FAME India) Scheme, launched in 2015 to reduce reliance on fossil fuels and address vehicular emissions.

The current implementation, Phase II of the scheme, boasts a substantial budget of INR 10,000 Crores (approximately $1.2 Billion) over 5 years starting from April 1, 2019. Of this budget, around 86% is allocated to stimulate demand for electric vehicles, supporting initiatives such as 7,000 e-Buses, 500,000 e-3 Wheelers, 55,000 e-4 Wheeler Passenger Cars (including Strong Hybrid), and 1 million e-2 Wheelers. Recognizing the pivotal role of government support, particularly in creating an environment conducive to growth, is essential in understanding the dynamics of the EV charging card market.

Moreover, China’s EV Charging Card Market held the largest market share, and the Indian EV Charging Card Market was the fastest-growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development to expand their product lines, which will help the EV Charging Card market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the EV Charging Card industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global EV Charging Card industry to benefit clients and increase the market sector. In recent years, the EV Charging Card industry has offered some of the most significant advantages to the electric vehicle ecosystem, streamlining accessibility, enhancing user convenience, and fostering the seamless integration of diverse charging networks.

Major players in the EV Charging Card Market, including E-Flux, Octopus Energy, Shell Recharge, Zap-Map, Bonnet, Elli, BP Pulse, Pod Point, Plugsurfing, and Maingau are attempting to increase market demand by investing in research and development operations.

Octopus Energy Ltd (OEL), a subsidiary of Octopus Energy Group Ltd, specializes in delivering environmentally friendly electricity solutions. The company engages in the distribution of gas and renewable energy, installation of intelligent energy infrastructure, and management of sustainable power generators. OEL provides a range of services, including the installation of heat pumps, deployment of smart meters, and the facilitation of electric vehicle (EV) charge points. Additionally, it offers comprehensive EV packages comprising electric cars, complimentary home chargers, service and maintenance, and insurance.

Collaborating with partners like London Power, M&S Energy, and Co-op Energy, the company extends its power services to households and businesses throughout the United Kingdom. Octopus Energy is headquartered in London, England, UK. In June 2023, Octopus Electric Vehicles, the electric vehicle (EV) business under Octopus Energy, secured a funding injection of £150 million from Pollen Street Capital. This latest funding round brings the total raised for its EV leasing arm to surpass £650 million.

Shell Recharge operates as a provider of electric vehicle (EV) charging and management solutions, catering to diverse sectors such as private homes, apartments, offices, housing associations, corporate entities, municipalities, parking complexes, leasing companies, and real estate properties. Positioned in the Energy Tech, Auto Tech, Transportation and Logistics Tech, and Environment Tech market segments, the company serves both business-to-consumer (B2C) and business-to-business (B2B) spaces. Shell Recharge specializes in public charging infrastructure and home charging solutions, encompassing the development of charging devices and mobile applications. The mobile app facilitates users in locating nearby charging stations and managing their EV charging activities.

Additionally, the company provides home charging solutions with features like compatibility with various car brands and chargers available in different colors. The mobile application is accessible on both Android and iOS platforms.