Market Snapshot
| Study Period: | 2018-2027 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | Asia Pacific |
| CAGR: | >44 % |
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Market Overview
The global electric vehicle charging station market was valued at USD 5.03 billion in 2020 and is expected to register a value of USD 36.87 billion by 2026, with a CAGR of 44.44%. Electric vehicles (EV) are witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.
With the outbreak of pandemic COVID-19, the governments around the world have shifted their focus from other activities to health care facilities in their countries, and also with the imposed lockdown, all infrastructure work was affected as people were forced to stay at home to maintain social distancing and avoid the spread of the virus, which impacted the availability of the workforce and hence the projects were affected. Yet, with the gradual opening up of the economies infrastructure projects are also resuming and it is expected that the market will witness significant growth during the forecast period.
Some of the major factors driving the growth of the market studied are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which is generating a demand for charging stations.
The electric vehicle charging station market is captured by a number of global players such as ABB, Schneider Electric SE, and ChargePoint Inc. The market is also attracting various new startups.
Scope of the Report
An electric vehicle charging station, also known as an EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for the recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids.
The electric vehicles charging station market is segmented by type of charger, application type, and geography.
By Propulsion Type, the market is segmented as Battery Electric Vehicles, Hybrid Electric Vehicles, Fuel Cell Electric Vehicles, and Plug-in Hybrid Electric Vehicles.
By Vehicle Type, the market is segmented as Passenger Cars and Commercial Vehicles.
By Charging Type, the market is segmented as Normal Charging and Fast Charging.
and By Geography, the market is segmented as North America, Europe, Asia-Pacific and Rest of the World
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Charger Type | |
| AC Charging Station | |
| DC Charging Station |
| Application Type | |
| Public | |
| Private |
| Geography | |||||||
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Key Market Trends
Growing Sales of Electric Vehicles
Electric vehicles have become an integral part of the automotive industry. They represent a pathway toward achieving energy efficiency, and reduced emissions of pollutants and greenhouse gases. Increasing environmental concerns and favorable government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. Electric cars are expected to account for 15% of the overall vehicle sales by the end of 2025.
The electric vehicle market has been witnessing healthy growth rates in recent years. In 2020, many European countries witnessed a double-digit growth rate in EV sales. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019. This spike in sales is the result of an increase in regulatory norms by various organizations and governments, to control emission levels and to propagate zero-emissions vehicles.
Governments across the world have introduced various schemes and initiatives to encourage buyers to choose electric vehicles over conventional vehicles. The California ZEV program, which aims to have1.5 million electric vehicles on road by 2025, is one such initiative. India, China, the United Kingdom, South Korea, France, Germany, Norway, and the Netherlands, are some of the countries which have various incentives for people willing to buy an electric vehicle.
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Asia-Pacific is Leading the Electric Vehicle Charging Station Market
Geographically, Asia-Pacific is leading the electric vehicle charging station market, followed by Europe. In Asia-Pacific, China is the largest market for electric cars and buses, and it sold 872 thousand units of New Energy Vehicles (both passenger and commercial vehicles) for the first nine months in 2019, exhibiting a growth rate of 20.8%.
The Chinese electric vehicle charging station market is well supported by its battery electric vehicle market, which is backed by generous support from the government. China has extended the incentives relating to the purchase of new energy vehicles (NEVs) till 2022. In January 2020, Tesla Motors inaugurated a USD 2 billion facility at Shanghai, that was assembling nearly 3000 cars per week in March 2020 when all the other global facilities of the electric vehicle giant were shut down due to the COVID-19 pandemic.
The electric vehicle market in Japan has been experiencing growth, as the demand for emission-free vehicles has been increasing, and the government has been investing heavily in this electric vehicle market. The Japanese government aims to transform all the new cars, sold in the country, to electric or hybrid vehicles, by 2050. The government has also set a target to reduce the emissions of carbon dioxide and other greenhouse gasses, by about 80% per vehicle, by 2050.
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Competitive Landscape
The Electric vehicle charging station market is fairly consolidated. The market is led by few companies, such as The State Grid Corporation of China, ABB, Siemens, Qingdao Tgood Electric Co., Ltd, and Tesla Inc.
The electric vehicle charging station market is dominated by The State Grid Corporation of China followed by ABB. As of now, the company has integrated over 1 million charging stations covering 273 cities from 29 provinces. The company is expanding its presence by making partnerships with major automakers. For instance; in 2018 BMW and SGCC entered into a strategic partnership under which SGCC will enable BMW car drivers to access more than 270,000 charging pillars in China by the end of 2020.
Siemens AG continues to focus on developing the new technologies market for charging e-mobility. In September 2020, the company has received an order from Go Bus, one of New Zealand's largest bus operators, to power two of their bus depots with charging infrastructure for e-Buses.
Major Players
Recent Developments
- In May 2021, ABB has entered into an agreement with charging solution provider Bornes Québec to ensure the wider availability of fast and convenient electric vehicles (EV) charging stations in the province of Quebec and to accelerate Canada's move towards sustainable transportation.
- ABB lanuched the new world's fastest EV charger - Terra 360, in September 2021. This chargin infrastructure can charge up to 4 vehicles at once, with a capability of fully charging an EV in 15 minutes.The value of this business for the company is estimated at USD 3 Billion and is expected to be available in Europe by end of 2021.
- In January 2021, Siemens Smart Infrastructure released its new public fast charger Sicharge D. They claim it provides the highest peak efficiencies on the market at 96 percent. It also features scalable, high charging power of up to 300 kW and dynamic power-sharing.
- In October 2021, Stellantis NV announced a partnership with TheF Charging company to create a European public charging network accessible to all electric vehicles. Under the partnership, companies will jointly develop charging points over 15,000 locations with 2 million parking spaces across Europe by 2025.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 Charger Type
5.2.1 AC Charging Station
5.2.2 DC Charging Station
5.3 Application Type
5.3.1 Public
5.3.2 Private
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Rest of North America
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Nordic Countries
5.4.2.5 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Rest of Asia-Pacific
5.4.4 Rest of the World
5.4.4.1 South America
5.4.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 ABB
6.2.2 ChargePoint Inc.
6.2.3 Schneider Electric SE
6.2.4 Siemens AG
6.2.5 Tesla Motors Inc.
6.2.6 Evbox (ENGIE)
6.2.7 Leviton Manufacturing Co. Inc.
6.2.8 SemaConnect Inc.
6.2.9 The Newmotion BV (Acquired by Shell)
6.2.10 Efacec
6.2.11 Evgo (Acquired by L.S. Power)
6.2.12 EV Solutions (Webasto)
6.2.13 BP Pulse
6.2.14 Qingdao Tgood Electric Co. Ltd
6.2.15 Star Charge
6.2.16 The State Grid Corporation of China (SGCC)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Electric Vehicles Charging Stations Market market is studied from 2018 - 2026.
What is the growth rate of Electric Vehicles Charging Stations Market?
The Electric Vehicles Charging Stations Market is growing at a CAGR of >44% over the next 5 years.
What is Electric Vehicles Charging Stations Market size in 2018?
The Electric Vehicles Charging Stations Market is valued at 5 Billion USD in 2018.
What is Electric Vehicles Charging Stations Market size in 2026?
The Electric Vehicles Charging Stations Market is valued at 36 Billion USD in 2026.
Which region has highest growth rate in Electric Vehicles Charging Stations Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Vehicles Charging Stations Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Electric Vehicles Charging Stations Market?
ABB, Siemens AG, State Grid Corporation of China, TGOOD Global Ltd., Tesla Inc. are the major companies operating in Electric Vehicles Charging Stations Market.
