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Electric Vehicle Charging Station Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

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  • 120 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4534330
The electric vehicle charging station market was valued at USD 5.86 billion in 2021. It is expected to register a value of USD 53.25 billion by 2027, at a CAGR of 44.44% during the forecast period. Electric vehicles (EVs) are witnessing significant growth due to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.

The COVID-19 pandemic has compelled about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. Globally, the repercussions of the lockdown have been immense and unprecedented due to the halt of manufacturing activities. However, the market is expected to regain its momentum as economic activities resume and vehicle production rises worldwide. With the gradual opening up of the economies, the market may witness significant growth during the forecast period.

Some of the major factors driving the market's growth are 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.

The electric vehicle charging station market is captured by several global players such as ABB, Schneider Electric SE, and ChargePoint Inc. The market is also attracting various new startups.

Key Market Trends

Growing Sales of Electric Vehicles

Electric vehicles have become an integral part of the automotive industry. They may help achieve energy efficiency and reduce 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 2025.

The electric vehicle market has witnessed healthy growth rates in recent years. In 2020, many European countries saw 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 due to an increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emissions vehicles.

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.

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. The Chinese electric vehicle charging station market is well supported by its battery electric vehicle market, backed by generous support from the government. China has extended the incentives relating to purchasing new energy vehicles (NEVs) until 2022. 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 data released in August 2020 by the China Electric Charging Infrastructure Promotion, as of the end of July, members of the Alliance reported that about 566,000 public charging stations had been installed and had started operations across the country. 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 has been experiencing growth as the demand for emission-free vehicles increases. The government has also been 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.

In November 2020, the transport minister of India announced the government’s plan to set up charging infrastructure for one e-charging kiosk at around 69 thousand petrol stations across India. Previously, in October, the department of heavy industry issued an Expression of Interest (EoI), inviting proposals from government organizations, public sector undertakings (PSUs), distribution companies, and other public and private players to build and operate charging infrastructure.

Such developments and initiatives are expected to drive the market over the forecast period.

Competitive Landscape

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 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 alongside 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.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
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Table of Contents

1.1 Study Assumptions
1.2 Scope of the Study
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
5.1 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 United States Canada Rest of North America
5.4.2 Europe Germany United Kingdom France Nordic Countries Rest of Europe
5.4.3 Asia-Pacific China Japan India Rest of Asia-Pacific
5.4.4 Rest of the World South America Middle-East and Africa
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)

Companies Mentioned

A selection of companies mentioned in this report includes:

  • ABB
  • ChargePoint Inc.
  • Schneider Electric SE
  • Siemens AG
  • Tesla Motors Inc.
  • Evbox (ENGIE)
  • Leviton Manufacturing Co. Inc.
  • SemaConnect Inc.
  • The Newmotion BV (Acquired by Shell)
  • Efacec
  • Evgo (Acquired by L.S. Power)
  • EV Solutions (Webasto)
  • BP Pulse
  • Qingdao Tgood Electric Co. Ltd
  • Star Charge
  • The State Grid Corporation of China (SGCC)