Electric Vehicle Charging Station Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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%. The electric vehicles (EV) market is 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 growth from the second half of 2021.

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 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.

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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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