Quick Summary:
In the ever-evolving landscape of sustainable transportation, the electric vehicle charging station market stands at the forefront of innovation and growth. As society shifts toward cleaner energy solutions, the demand for efficient and accessible EV charging infrastructure has surged, positioning this market as an essential component of the future of mobility. Our comprehensive report delves into the intricate dynamics of the market from 2017 through 2032, scrutinizing trends, advancements, and regional developments that are shaping this burgeoning industry.
Senior business executives will find this report particularly valuable as it provides a detailed analysis of the market's segments, including installation type, connector type, mode of charging, and charging stations. With a focus on key growth drivers, such as the escalating adoption of electric vehicles, expanding charging networks, and technological advancements, this report elucidates the opportunities and challenges faced by market players. It offers an in-depth understanding of the competitive landscape, enabling informed strategic decision-making to capitalize on the market's potential and navigate its complexities.
The global electric vehicle charging station market reached a value of nearly $5.40 billion in 2022, having grown at a compound annual growth rate (CAGR) of 18.4% since 2017. The market is expected to grow from $5.40 billion in 2022 to $20.94 billion in 2027 at a rate of 31.1%. The market is then expected to grow at a CAGR of 29.2% from 2027 and reach $75.54 billion in 2032.
Growth in the historic period resulted from increasing investments by governments, reducing cost of EV batteries and growing demand for electrical vehicles. Factors that negatively affected growth in the historic period was longer charging duration and limited battery capacity.
Going forward, the rise in fuel rates, the rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, restrictions on sales of petrol and diesel vehicles, growing charging infrastructure will drive the growth. Factor that could hinder the growth of the electric vehicle charging station market in the future include high development cost, insufficient standardization of EV charging infrastructure.
The electric vehicle charging station market is segmented by installation type into home charging system and commercial charging system. The commercial charging system market was the largest segment of the electric vehicle charging station market segmented by installation type, accounting for 77.8% or $4.20 billion of the total in 2022. Going forward, the commercial charging system segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by installation type, at a CAGR of 33.83% during 2022-2027.
The electric vehicle charging station market is segmented by connector type into CHAdeMO, CCS, GB/T, Tesla Supercharger and other connector types. The tesla supercharger market was the largest segment of the electric vehicle charging station market segmented by connector type, accounting for 33.8% or $1.82 billion of the total in 2022. Going forward, the CCS segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by connector type, at a CAGR of 35.64% during 2022-2027.
The electric vehicle charging station market is segmented by mode of charging into plug in charging system and wireless charging system. The plug in charging system market was the largest segment of the electric vehicle charging station market segmented by mode of charging, accounting for 95.0% or $5.13 billion of the total in 2022. Going forward, the plug in charging system segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by mode of charging at a CAGR of 31.26% during 2022-2027.
The electric vehicle charging station market is segmented by charging station into AC charging station and DC charging station. The AC charging station market was the largest segment of the electric vehicle charging station market segmented by charging station, accounting for 79.3% or $4.28 billion of the total in 2022. Going forward, the AC charging station segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by charging station, at a CAGR of 31.57% during 2022-2027.
Asia Pacific was the largest region in the electric vehicle charging station market, accounting for 59.2% or $3.19 billion of the total in 2022. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the electric vehicle charging station market will be Asia Pacific and South America where growth will be at CAGRs of 31.2% and 27.2% respectively. These will be followed by Middle East and North America where the markets are expected to grow at CAGRs of 27.1% and 24.6% respectively.
The global electric vehicle charging stations market is fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.9% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of players in different geographies. Shell plc was the largest competitor with 5.0% share of the market, followed by BP plc with 3.0%, TELD NEW ENERGY Co. Ltd with 2.2%, Electrify America with 1.4%, Evgo with 0.8%, POD Point with 0.5%, ChargePoint, Inc. with 0.4%, IONITY with 0.3%, Blink Charging Co. with 0.1% and EV Connect Inc with 0.1%.
The top opportunities in the electric vehicle charging station market segmented by installation type will arise in the commercial charging system segment, which will gain $13.46 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by connector type will arise in the tesla supercharger segment, which will gain $6.35 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by charging station will arise in the AC charging station segment, which will gain $12.60 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by mode of charging will arise in the plug in charging system segment, which will gain $14.85 billion of global annual sales by 2027. The electric vehicle charging station market size will gain the most in China at $5.05 billion.
Market-trend-based strategies for the electric vehicle charging station market include focus on subscription-based charging solutions for commercial fleets, launch of new technologies with a focus on high-speed DC (direct current), focus on doorstep EV charging services to revolutionize convenience and accessibility, deployment of EV charging roaming (e-roaming) for user-friendly charging experience, focus on strategic mergers and acquisitions and advancements in sustainable and smart battery management technologies.
Player-adopted strategies in the electric vehicle charging station market include focus on business expansions and service expansion, focus on strengthening business operations through the launch of new brands and to create effective market investment opportunities.
To take advantage of the opportunities, the analyst recommends the electric vehicle charging station companies to focus on high-speed DC (direct current) charging stations, focus on advancements in sustainable and smart battery management technologies, focus on subscription-based charging solutions for commercial fleets, focus on doorstep EV charging services for improved convenience and accessibility, focus on fast-growing installation types, focus on plug-in charging systems, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and target EV fleet operators.
What is the estimated value of the Global Electric Vehicle Charging Station Market?
What is the growth rate of the Global Electric Vehicle Charging Station Market?
What is the forecasted size of the Global Electric Vehicle Charging Station Market?
Who are the key companies in the Global Electric Vehicle Charging Station Market?
Report Attribute | Details |
---|---|
No. of Pages | 276 |
Published | January 2024 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 5.4 Billion |
Forecasted Market Value ( USD | $ 75.5 Billion |
Compound Annual Growth Rate | 30.2% |
Regions Covered | Global |
Table of Contents
Executive Summary
Electric Vehicle Charging Station Global Market Opportunities and Strategies to 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global electric vehicle charging stations market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description
Where is the largest and fastest growing market for electric vehicle charging stations? How does the market relate to the overall economy, demography, and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider electric vehicle charging station market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics:
- Key Trends:
- Macro: Economic Scenario:
- Global Market Size and Growth:
- Regional and Country Analysis:
- Market Segmentation:
- Regional Market Size and Growth:
- Competitive Landscape:
- Key Mergers and Acquisitions:
- Market Opportunities and Strategies:
- Conclusions and Recommendations:
- Appendix:
Scope
Markets Covered:1) By Charging Station: AC Charging Station; DC Charging Station
2) By Installation Type: Home Charging System; Commercial Charging System
3) By Connector Type: CHAdeMO; CCS; GB/T; Tesla Supercharger; Other Connector Types
4) By Mode Of Charging: Plug In Charging System; Wireless Charging System
Companies Mentioned: Shell plc; BP plc; TELD NEW ENERGY Co. Ltd; Electrify America; Evgo.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; electric vehicle charging stations indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Methodology
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