Electric Vehicle Charging Station Market – Industry Dynamics, Market Size, and Opportunity Forecast to 2050

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: 

• Latest study published by Astute Analytica analyzes the Global Electric Vehicle Charging Station Market for the study period of 2017-2050; where historical years are 2017-2020, base year is 2021 and forecast period is 2022-2050.
• The research report offers detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 17 chapters distributed across 279 pages with 86 list of tables and 142 list of figures.
• The market is segmented based on equipment connector, protocol, charging method, charger type, charging station type, application, and region.
• The market estimates are presented in terms of value (US$ Mn) and volume (Thousand Units).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes the builder, maintenance installer, broker operator, grid master, guardian, and end users.
• Competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Electric Vehicle Charging Station Market Report:

• Based on charger type, the slow charging type holds the highest share in the Global Electric Vehicle Charging Station Market in 2021. Slow chargers are preferred over fast chargers because slow charging ensure high EV battery life, as slow charging means less heat generation and less damage to the batteries. However, the fast-charging type records the highest CAGR over the forecast period 2022-2050.
• In terms of charging method, the DC charging method dominates the market in 2021 and registers the highest CAGR over the forecast period. DC fast charging is essential for high mileage/long-distance driving and large fleets. The quick turnaround enables drivers to recharge during their day or on a small break as opposed to being plugged in overnight, or for many hours, for a full charge.
• Based on charging station type, the private station type holds the highest share in the electric vehicle charging station market in 2021 and are estimated to continue their dominance over the projection period. Private charging stations offer more reliable charging services as compared to a public station. For instance, as of 2021, Tesla reported 3,476 supercharging stations. The semi-public segment holds the highest CAGR over the forecast period.
• In terms of application, the residential segment dominates the Global Electric Vehicle Charging Station Market in 2021. EV Charging solution vendors provide easy to install EV chargers for individual houses, housing societies, and residential buildings. Home chargers are well integrated with proper safety features for people and electric vehicles. These chargers are compact, lightweight, have attached AC input cables and DC output cables, and provide flexibility to be used as portable chargers or to be wall mounted.
• Asia Pacific dominates the Global Electric Vehicle Charging Station Market in 2021 and is projected to continue its dominance over the forecast period. China accounts for the major share in the Asia Pacific region. Further, governments of countries such as India, Japan, and Nepal are also promoting the adoption of electric vehicles through various policies and regulations.

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:

• CHAdeMO
• CCS
• Others

 By Charger Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:

• Slow Charging
• Fast Charging

 By Charging Method segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:

• AC Charging
• DC Charging

By Charging Station Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:

• Public
• Semi-public
• Private

By Application segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:

• Commercial 
  • Hospitality
  • Retail
  • Office Spaces
  • Fleet Stations
    • Public Transport
    • Private Transport
  • Other Public Spaces
• Residential 
  • Single Unit House
  • Multi Dwelling Unit (Apartment Buildings)

By Region segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Russia
  • Spain
  • Poland
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia & New Zealand
  • ASEAN
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America