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According to the research study conducted by ASTUTE Analytica, the global electric vehicle charging station market is estimated to add an opportunity of more than US$ 63 Billion over the forecast period 2021-2027.
The global electric vehicle charging station market is estimated to grow at a CAGR of 20% during the forecast period. The market growth is attributed to various factors such as evolving battery and charging technology, increasing trend of electric vehicle adoption and government regulations and tax exemptions to drive the industry. All these are aimed towards alleviating concerns related to carbon emissions and global warming, However, high costs associated with setting up EV infrastructure, uncertainty in electricity charges, requirement of ample space for setting up stations, and emergence of hydrogen cell vehicles act as major factors restraining the market growth. Another internal challenge hindering smooth rollout of charging stations is the rapid improving but changing charging technologies (charger protocols) which acts as hinderance to universal adoption leading towards market growth.
Improvement in Battery and Charging Technologies
As electric-vehicle demand is growing at an unprecedented rate and EVs are emerging as viable alternatives to ICE cars; and to support the growing demand of EVs across the border with charging access becoming the top impediment to EV penetration. Auto manufacturers and EV charging network companies are leading the way to build out charging station infrastructure.
EV charging technologies are advancing rapidly along with active interference of regional governments across the globe. Some modern charging technologies available in market are vehicle to grid (V2G), wireless EV charging, mobile charging, ultra-fast charging and availability of new battery technologies such as Lithium-ion batteries, graphene-based technologies, sulfide-based, solid-state batteries, and others. These key innovations in battery and charging technologies is shaping the future of EV charging, and accelerating the EV adoption across countries. The novel technologies will act as a game changer from the perspective of an EV charging experience and will support new business models for EV charging and business opportunities for e-Mobility industry players.
Increasing government support to control CO2 or the greenhouse gas emission which is reaching all time high over past few years, has also helped support the demand for EVs and EV charging stations. Major reasons for the cause of the carbon emission includes burning of fossil fuels such as oil, coal and increasing deforestation, among others. Growing carbon emission is mainly due to increasing number of vehicles on road across the globe and the exponentially growing transportation sector. International aviation witnessed a major percentage increase in greenhouse gas emissions over 1990 levels (+114 %), followed by road transport (+22 %) and international shipping (+33 %). It is also observed that emissions from transport (including aviation) further increased by 1.5 % in 2017.
EU is aiming for a 95 g CO2/km cap by 2020; and protocols are likely to further stiffen beyond 2020. For instance, in 2013, a target of 68-78 g CO2/km was proposed for 2025, with the final decision on post-2020 targets likely to be reached in 2016. Many governments are making investments in EV-enabling infrastructure for instance making charging stations, special parking spots and other facilities available for the drivers. For instance, Estonia installed total 165 fast chargers in the entire country and guaranteed that every city with at least 5,000 inhabitants hosts at least one station. Governments in Europe have been offering funds to EV-related R&D. There is also substantial support from governments to address congestion problems, environmental problems, and other mobility issues. For instance, the Amsterdam city has made available special parking permits for electric car sharing fleet across the city.
High Costs Associated with Setting up EV Infrastructure is Highly Restraining the Market Growth
Vehicle segments, charging infrastructure and supply chain (battery & components) are some major elements that are responsible for accelerating EV deployments. Different types of charging infrastructure is required for different types of vehicle such as, 2-wheeler, 3-wheelers, passenger vehicles, commercial vehicles. Moreover, deployment of chargers in the residents (single dwelling and multi dwelling) is more as compared to commercial or public spaces. Research study revealed the cost of charging infrastructure components ranged from US$ 2,500 to US$ 7,210 for level 2 commercial chargers whereas 50kW fast DC charging infrastructure ranges from US$ 20,000 to US$ 35,800. Additionally, there are multiple other expenses such as material cost, maintenance cost, labor cost, taxes and permits that add up to the cost of charging infrastructure. Thus, increasing the overall CAPEX and OPEX for setting up and operating a charging station.
U.S. dominates the share of North America EV Charging Station Market
North America is the third largest shareholder in the global EV charging station market. Substantial growth in the electric vehicles market in the U.S. and Canada is the crucial reason for the need of additional charging infrastructure in the region. The U.S. dominates the share of EV charging station market and is expected dominate the in the prognosis period. Various measure takes by the U.S. government to reduce the emission of greenhouse gases is the major reason for the increased adoption of EV in the region. Considerable rise in the deployment of EV charging stations in California in the recent years is the major reason for the country to hold higher share in the regional market. Deployment of fast chargers and DC chargers for faster charging of vehicles is also a crucial reason for the increased adoption of EV charging station market, as it offers enhanced customer experience by saving the charge time vehicle.
What companies are doing in the market?
ABB Ltd., AeroVironment Inc., BYD Auto, Chargemaster PLC, ChargePoint, Inc., Eaton Corporation plc, Leviton Manufacturing Co., Inc., Schneider Electric SE, SemaConnect, Inc., Siemens AG and Tesla Motors, Inc. are some of the major players profiled in the research study global EV charging station market. The companies are analyzed against some key parameters such as investment/ funding to boost charging infrastructure, technologies adopted and partnership with vendors. In the electric vehicle charging station market, Chargepoint Inc. holds highest share in the global marketplace followed by ABB Ltd.
Segmentation Overview of the Global Electric Vehicle Charging Station Market
The global EVCS market is categorized based on charger type, connector protocol, application and charging method. These segments are further categorized into various sub-segments to view the market from different dynamics.
The slow charger holds the highest market share, while the fast charger category is growing at the fastest CAGR of 27% during the forecast period. Similarly, the combined charging system (CCS) category in connector protocol holds the largest share of connector protocol category in the global marketplace.
Market structure designed to calculate revenue from the viewpoint of different category are as follows:
By Charger Type
By Connector Protocol
By Charging Method
By Region/ Country
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