How big is the market for electric vehicle charging stations?

The rise in carbon emissions and other harmful pollutants from vehicles has necessitated the adoption of electric vehicles. As a result, there is a growing demand for electric vehicle charging infrastructure.Fully electric vehicles (EV) have zero tailpipe emissions, thus they are environment friendly. The running cost of an electric vehicle is much lower than an equivalent petrol or diesel vehicle.Rising EV sales all over the globe and the increase in the demand for EV charging stations worldwide are the key reasons augmenting the overall growth of the market.

The Global Electric Vehicle Charging Station market is predicted to reach a market value of USD 142.46 billion by 2030 from USD 9.47 billion in 2020, at a CAGR of 31.14 % during the forecasted period.Reason is increase in demand of EV charging stations , rising EV sales across globe and most important reason is rise in the investments made by the automakers towards the advancement of the electric vehicle charging infrastructures.

This research report study has done thoroughly by classifying global electric vehicle charging station market report on the basis of different parameters including charging station type, region,mode of charging, application,

Based on point of charge

DC Charging market segment dominated the market with the highest share of around 72.12 % in 2020.In DC charging power is directly given to battery of electric vehicle ,it does not require any onboard charger for the conversion process.This reduces overall charging time needed to completely charge electric vehicle.Thus helping rapid growth of this segment.

AC electric vehicle charging station market segment crossed around USD 5 billion revenue in 2021.AC segment is further sub-categorized into Level 1 and Level 2 AC charging.Level 2 charging stations are designed to deliver currents from outlets to vehicles via connectors, similar to standard-issue chargers that require a 208-240V, 40 Amp circuit.

Based on region

By Region, the "Asia-Pacific" segment is leading the market with the fastest growing CAGR throughout the forecasted period.Europe is at second position.Asia-Pasific is leading the market because of emerging economies like India China and Japan.Government of these countries taking different initiatives to boost EV adoption.As per a report published by International Energy Agency (IEA) in 2020, China own total 52% of slow chargers and 82% of fast chargers globally.

Based on mode of charging

Based on mode of charging, the plug-in charging system segment hit largest revenue share 78.5% in 2021

Plug-in Charging System" market segment held the biggest share of the total market at around 78.12 % in 2020.

Battery life can be taken care of by plug in charging because System enables an individual to control the current & voltage level at which the battery must be charged.

Based on application

In 2021, the public chargers application segment accounted for a market share of around 85%.Public type charging stations held major revenue share in the year 2021 as they are more cost-effective to the manufacturers. They are accessible to all public and have sufficient parking space.On the other hand private charginging stations usually at residential and workplace,stations that are only accessible to the owners or limited public.

Based on IOT connectivity

The 'Smart Connected Charging Stations' led to the maximum proportion of total EV Charging Station Market share based on IoT Connectivity.Smart charging enables the charging station owners to remotely manage, monitor, and restrict devices.This results in the overall market growth of this segment.

Major players

The global electric vehicle charging station market is highly competitive.Some of the prominent players in the electric vehicle charging station market include,

ABB

Charge point ,Inc.

Schneider electric

EVgo services LLC

General electric

Tesla Inc.

Blink charging Co.

Alfen

AeroVironment

Mojo Mobility, Inc.

Robert Bosch GmbH

Evatran Group

Engie

Alfen N.V.

ClipperCreek

Infineon Technologies AG

Qualcomm Technologies, Inc.

Influence of COVID-19

According to a survey conducted by Mobility Outlook, because of the pandemic over 80% of consumers postponed the purchase of a 4-wheeler, while 82% deferred plans to purchase a 2-wheeler. This factor may have adversely impacted the demand for EVs.Over the past year,Electric car sales have steadily recovered.