With the increasing trend of EV adoption across the globe, the governments as well as the EV manufacturers are focusing on investing in EV charging infrastructure. The Global Electric Vehicle Charging Station Market is estimated to register a CAGR of 29% during the forecast period from 2022-2050. The revenue of the EV charging station market is projected to rise from US$ 29,258.1 Mn in 2021 to US$ 3,32,83,793.2 Mn by the end of 2050. In terms of volume, the market is registering a CAGR of 27.4% over the projection period. Electric vehicles require compact EV charging solutions that ensure faster and on-demand charging and robust connectivity to support electric vehicles’ current and future needs. Further battery swapping is a new technology that allows vehicles to exchange a discharged battery pack for a charged one, eliminating the charge interval.
The market is majorly driven by factors such as growing concerns related to carbon emissions, increasing trend of electric vehicle adoption and government regulations and tax exemptions for promoting the use of EVs. The production of gas-powered vehicles is expected to decrease prominently over the next decade as gas is not a renewable source of energy and doesn’t promote sustainable development. However, electric vehicles are fuel-efficient and low emission vehicles as compared to gas-powered vehicles. Moreover, governments of several countries promote the adoption of electric vehicle, which in turn is expected to propel market growth. Countries such as the U.S., France, Germany, and China have implemented stringent government laws and regulations regarding vehicular emission, under which it is mandatory for the automobile manufacturers to use advanced technologies that help to combat high-emission levels emitted by vehicles. They have promoted the growth in this segment by offering incentives, imposing tax rebates, and preferential policies, among others. For instance, in India, state of Maharashtra declared its EV policy in 2021. This policy provides incentives of US$ 65.53 (Rs. 5,000) per kilowatt-hour of battery capacity to all types of electric vehicles buyers. Moreover, several European governments have made long term pledges with compliance targets within a specific timeframe such as ZEV (Zero-Emission Vehicles) mandates and the phase out of internal combustion engine vehicle sales, which is expected to accelerate market growth. However, the high cost associated with setting up EV infrastructure and the emergence of hydrogen cell vehicles is hindering market growth.
Key Insights of the Report:
Key Takeaways from the Global Electric Vehicle Charging Station Market Report:
Competitive Dashboard:
The key players in the Global Electric Vehicle Charging Station Market are ABB Ltd., BP Chargemaster Ltd., ChargePoint, Inc, and Shell plc, among others.
Segmentation Overview
The following are the different segments of the Global Electric Vehicle Charging Station Market:
By Connector Protocol segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charger Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charging Method segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charging Station Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Application segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Region segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
Report Attribute | Details |
---|---|
Market Size Value in 2021 | US$ 29,258.1 Mn |
Expected Revenue in 2050 | US$ 3,32,83,793.2 Mn |
Historic Data | 2017-2020 |
Base Year | 2021 |
Forecast Period | 2022-2050 |
Unit | Value (USD Mn) |
CAGR | 29% |
Segments covered | By Charger Type, Connector Protocol, Charging Method, Charging Station Type, Application, and Region |
Key Companies | ABB Ltd., AeroVironment Inc., BYD Auto, Chargemaster PLC, ChargePoint, Inc., and other prominent players |
Customization Scope | Get your customized report as per your preference. Ask for customization |
Electric vehicles require compact EV charging solutions to ensure faster & on-demand charging and robust connectivity.
Global Electric Vehicle Charging Station Market was valued at US$ 29,258.1 Mn in 2021.
Global Electric Vehicle Charging Station Market is estimated to expand at a CAGR of 29% over the forecast period.
The market is majorly driven by factors such as growing concerns related to carbon emissions, increasing trend of electric vehicle adoption and government regulations and tax exemptions for promoting the use of EVs.
The high cost associated with setting up of EV infrastructure and the emergence of hydrogen cell vehicles is hindering the overall market growth.
Increasing adoption of wireless charging is providing a lucrative opportunity for market growth.
DC charging method dominates the market in 2021.
Slow charging type holds the highest share in the Global Electric Vehicle Charging Station Market.
Private charging stations leads the electric vehicle charging station market in 2021.
Residential application dominates the market in 2021.
Asia Pacific is the highest shareholder region in the Global Electric Vehicle Charging Station Market.
The key players in the Global Electric Vehicle Charging Station Market are ABB Ltd., BP Chargemaster Ltd., ChargePoint, Inc, and Shell plc, among others.