EV Charging Station Market Size
| Study Period: | 2018 - 2028 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | Asia Pacific |
| CAGR: | 25.94 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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EV Charging Station Market Analysis
The Electric Vehicle Charging Station Market size is expected to grow from USD 26.09 billion in 2023 to USD 82.65 billion by 2028, at a CAGR of 25.94% during the forecast period (2023-2028).
The COVID-19 pandemic compelled about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. Globally, the repercussions of the lockdown were immense and unprecedented due to the halt of manufacturing activities. However, the market regained its momentum as economic activities resumed and vehicle production rose worldwide. As the economies are gradually back on track, the market is likely to witness significant growth over the next five years.
Over the long term, the growth of the electric vehicle charging infrastructure can be attributed to the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which are generating a demand for charging stations. Some prominent players are also investing in the development of electric vehicle charging stations. For instance,
- In October 2022, Octopus Energy Generation made its first investment in the UK EV charging infrastructure. It is planning to invest up to GBP 110 million in Manchester-based EV public charging network Be. EV on behalf of its Sky fund (ORI SCSp) to scale and install new charge points across the United Kingdom. The agreement will contribute to the expansion of Be.EV's 150-strong public charge point network, with Be. EV is committing to adding 1,000 more charge points across the North of England and beyond.
The electric vehicle charging station market is witnessing various new technologies that are expected to hit the market in the coming years. Various players in the market are working on technologies such as wireless charging and autonomous charging robots, which may make vehicle charging convenient. For instance,
- In January 2021, Siemens AG launched a new high-power charger Sicharge D. It features scalable, high charging power of up to 300 kW. The charging station also supports voltages between 150 and 1,000 volts and charging currents of up to 1,000.
Europe and North American regions are expected to hold a significant share of the market, followed by the Asia-Pacific region. The growth in this region is supported by electric vehicle sales and production, coupled with the penetration of electric cars and commercial vehicles in the major countries in the region over the coming years.
EV Charging Station Industry Segmentation
An electric vehicle charging station, also known as an EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), supplies electric energy for the recharging or charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids.
The electric vehicle charging station market is segmented by vehicle type (passenger vehicles and commercial vehicles), charger type (AC charging station and DC charging station), application type (public and private), and geography (North America, Europe, Asia-Pacific, and Rest of the World). For each segment, market sizing and forecast are given on the basis of value in USD billion.
| By Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| By Charger Type | |
| AC Charging Station | |
| DC Charging Station |
| By Application Type | |
| Public | |
| Private |
| By Geography | |||||||
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EV Charging Station Market Trends
This section covers the major market trends shaping the EV Charging Station Market according to our research experts:
Public charging stations are leading the Electric Vehicle Charging Station Market
The availability of public EV charging stations is critical in the purchase of electric vehicles all over the world. When purchasing an electric vehicle, public charging access to fast charging is regarded as a critical criterion. This is expected to increase revenue growth in the public charging segment. Due to the growing number of EV users, the Asia Pacific region continues to install public charging stations at a rapid pace, particularly in China, India, and South Korea. For instance,
- In October 2022, Ather Energy announced the installation of the 580th public fast charging point, the Ather Grid, across 56 cities in India. As the company expands its national footprint, Ather Energy plans to install 820 more grids, bringing the total to 1400 by the end of FY23. Ather Grids are strategically installed across markets, with 60% of current installations in tier-II and tier-III cities.
These countries are implementing policies that encourage the use of electric vehicles by providing subsidies and lowering taxes. They also promote the growth of EV manufacturers and related industries by providing grants or enacting preferential policies for EV-related businesses to allow them to expand more quickly. A steady increase in economic growth, urbanization, travel demand, and increased investments in electric mobility to contribute to energy storage and environmental sustainability are expected to fuel the growth of the public charging station segment.
Governments worldwide have introduced various schemes and initiatives to encourage buyers to choose electric vehicles over conventional vehicles.
- The California ZEV program, which aims to have 1.5 million electric vehicles on the 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 offering various incentives for people looking to purchase an electric vehicle.
Such developments and factors are expected to contribute to the growth of the public charging station segment.
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Asia-Pacific Region Likely to Play Key role in the Market
In Asia-Pacific, China is the largest market for electric cars and buses. The Chinese electric vehicle charging station market is well supported by its battery electric vehicle market, backed by generous support from the government. China extended the incentives relating to purchasing new energy vehicles (NEVs). In January 2020, Tesla Motors inaugurated a USD 2 billion facility in Shanghai, which was assembling nearly 3,000 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.
- According to the data released in August 2020 by the China Electric Charging Infrastructure Promotion, members of the Alliance reported that about 566,000 public charging stations were installed and started operations across the country by the end of July 2020. Of these, 326,000 are AC, 240,000 are DC, and 488 are equipped with AC and DC capabilities. In July 2020, the total charging power of all stations across the country reached 670 million kWh, a Y-o-Y increase of 52.4%.
The electric vehicle market in Japan is experiencing growth as the demand for emission-free vehicles increases. The government is also investing heavily in the electric vehicle market. The Japanese government aims to transform all the new cars sold in the country into electric or hybrid vehicles by 2050. The government also set a target to reduce CO2 emissions and other greenhouse gasses by about 80% per vehicle by 2050. Moreover, the private sector companies are also taking initiatives and indulging in strategic partnerships to develop charging infrastructure. For instance,
- In November 2022, PT PLN (Persero) and PT Industri Ion Mobilitas signed a memorandum of understanding (MoU) on Electric Motor Charging Solutions and Services at the Jakarta Convention Center (JCC) in the hope of accelerating the use of Battery-Based Electric Motorized Vehicles (KBLBB) in Indonesia. The partnership will begin with 100 Public Electricity Charging Station (SPLU) units in Jakarta.
Such developments and initiatives are expected to drive the demand for electric vehicle charging stations in the market over the coming years.
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EV Charging Station Industry Overview
The electric vehicle charging station market is fairly consolidated. The market is led by a few companies, such as the State Grid Corporation of China, ABB, Siemens, Qingdao Tgood Electric Co., Ltd, and Tesla Inc.
Several Players are partnering with the government to develop charging infrastructure. For instance,
- In November 2022, Yulu signed an MoU (memorandum of understanding) with the Karnataka government and announced its plans to invest INR 12 billion in deploying a fleet of 100,000 electric vehicles (EV) and operationalizing the state's largest EV battery charging and swapping infrastructure over the next five years.
- In October 2022, the Luxembourg government announced that 29 projects were chosen following the first call for projects granting financial aid to companies investing in charging infrastructure projects for electric vehicles. The companies involved will receive a subsidy of up to 50% on investments related to the deployment of charging stations with a charging capacity of at least 175 kilowatts.
Moreover, companies are also indulging in strategic partnerships with other players for charging infrastructure and stations. For instance;
- In April 2021, Siemens Limited and the Hinduja group’s Switch Mobility Automotive Limited signed a memorandum of understanding (MoU) to enter the Indian electric commercial vehicles segment.
- In March 2021, BP joined BMW Group and Daimler Mobility as a partner in digital charging solutions to drive electrification. BP will become a partner, along with BMW Group and Daimler Mobility in Digital Charging Solutions (DCS), one of Europe’s leading developers of digital charging solutions for automotive manufacturers and vehicle fleet operators.
EV Charging Station Market Leaders
ABB
Siemens AG
State Grid Corporation of China
Tesla Inc.
TGOOD Global Ltd
*Disclaimer: Major Players sorted in no particular order
EV Charging Station Market News
- In November 2022, Shell Deutschland GmbH, a wholly-owned subsidiary of Shell, completed the acquisition of SBRS GmbH, a wholly-owned subsidiary of Schaltbau Holding AG, a leading provider of charging infrastructure solutions for commercial electric vehicles. The acquisition adds significant experience in electric bus charging as well as a significant pipeline in electric truck charging to Shell's portfolio of lower-carbon solutions for fleet solutions and commercial road transport customers.
- In October 2022, Mobilize and Renault dealerships announced the launch of Mobilize Fast Charge, an ultrafast charging network. The majority of the stations will be located at Renault dealerships that are less than 5 minutes from a highway or expressway exit.
- In October 2022, Erisha E Mobility, a subsidiary of Rana Group, announced the introduction of the E- Superior Electric Cargo Loader, E- Supreme Electric Delivery Van, and E- Smart Electric Passenger Vehicle three-wheeler auto in the L5 category, as well as EV charging stations.
- In September 2022, the Delhi Government and MapmyIndia Mappls signed a memorandum of understanding to develop a web application that will serve as a geospatial decision-making tool to ensure effective sighting of EV charging stations. The tool will aid in the planning and deployment of a citywide network of accessible and connected EV charging stations.
EV Charging Station Market Report - 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 (Market Size in Value USD billion)
5.1 By Vehicle Type
5.1.1 Passenger Cars
5.1.2 Commercial Vehicles
5.2 By Charger Type
5.2.1 AC Charging Station
5.2.2 DC Charging Station
5.3 By Application Type
5.3.1 Public
5.3.2 Private
5.4 By 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 Italy
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 South Korea
5.4.3.5 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 Ltd.
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 Power Solutions SGPS
6.2.11 Evgo (Acquired by L.S. Power)
6.2.12 EV Solutions (Webasto)
6.2.13 Chargemaster Limited (BP Pulse)
6.2.14 Qingdao Tgood Electric Co. Ltd
6.2.15 Wanbang Digital Energy Pte. Ltd. (Star Charge)
6.2.16 The State Grid Corporation of China (SGCC)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
EV Charging Station Market Research FAQs
What is the study period of this market?
The Electric Vehicle Charging Station Market is studied from 2018 - 2028.
What is the growth rate of Electric Vehicle Charging Station Market?
The Electric Vehicle Charging Station Market is growing at a CAGR of 25.94% over the next 5 years.
What is Electric Vehicle Charging Station Market size?
The Electric Vehicle Charging Station Market is expected to reach USD 26.09 billion in 2023 and grow at a CAGR of 25.94% to reach USD 82.65 billion by 2028.
Which region has highest growth rate in Electric Vehicle Charging Station Market?
Asia Pacific is growing at the highest CAGR over 2018 - 2028.
Which region has largest share in Electric Vehicle Charging Station Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Electric Vehicle Charging Station Market?
ABB, Siemens AG, State Grid Corporation of China, Tesla Inc., TGOOD Global Ltd are the major companies operating in Electric Vehicle Charging Station Market.
EV Charging Station Industry Report
Statistics for the 2023 Electric Vehicle Charging Station market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Charging Station analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Electric Vehicle Charging Station Report Snapshots
