Electric Vehicle Charging Station Competitive Landscape
The electric vehicle charging station market is expected to register a value of USD 53.25 billion by 2027, at a CAGR of 44.44% during the forecast period.
- In the 2021 economic policy South Korea laid out a plan to supply an additional 100,000 electric cars in the new year, under which the government is also planning to increase the number of charging stations from the current 33,000 to 36,000 within the year, and to 45,000 by 2025.
- Electric charging station vendors are working on technologies such as wireless charging and autonomous charging robots.
- The massive investments in electric vehicles by major automotive companies, such as Toyota, Honda, Tesla, General Motors, and Ford, are expected to drive the EV charging station market in the near future.
Read our related report on: Wireless charging for electric vehicles market
Electric Charging Station Competitors Cubical
- The electric vehicle charging station market is fairly consolidated, approximately 61% of the market share is held by a few companies, such as The State Grid Corporation of China, ABB, Siemens, Qingdao Tgood Electric Co., Ltd, and Tesla Inc.
- ABB is the second-largest player among the electric vehicle charging station competitors holding 9.64% of the total market share. The company has been one of the largest installed bases of DC fast chargers.
- Siemens AG continues to focus on developing the new technologies market for charging e-mobility.
Also, check our report on: Electric vehicle charging adaptor market
Investments in Electric Vehicles are in Spike Across the Globe
- General Motors plans to raise its spending on electric and autonomous vehicles to USD 20 billion by 2025. The company is expected to launch 20 new electric models by 2023 and aims to sell more than 1 million electric cars a year in the United States and China over the forecast period.
- Volkswagen plans to spend USD 36 billion on electric cars across its mass-market brands by 2024. According to the company, by 2025, at least 25% of its global sales will be electric vehicles.
Key Initiatives by EV Charging Station Competitors
- As a part of its expansion, ChargePoint Inc. also partnered with businesses and building construction companies to set up its charging stations in the parking lots. It partnered with LinkedIn, Sierra Nevada Brewing co, and Bozzuto Management Company.
- Schindler Electric SE announced that it would be replacing the company’s 14,000 car fleet with electric cars by 2030, which would be supported by its charging infrastructure.
- Siemens AG has a wide portfolio of EV infrastructure. It also offers automated charging stations, including SIMATIC controllers, components expanding as a part of the company's portfolio expansion. The company is further increasing its market foothold by investing in other EV charging station companies. For instance, Siemens AG invested USD 43 million in ChargePoint Inc