Electric Vehicle Charging Station Market Size Worth US$ 33,284 Bn by 2050| CAGR: 29%
The study published by Astute Analytica forecasts a CAGR of 29% for the Global Electric Vehicle Charging Station Market during the forecast period 2022-2050. Revenue of the EV charging station market forecasted to rise from US$ 29.25 Bn in 2021 to US$ 33,284 Bn by the end of 2050. In terms of volume, the market is registering a CAGR of 27.4% over the projection 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 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.
High cost associated with setting up EV infrastructure and the emergence of hydrogen cell vehicles are hindering market growth. Different types of charging infrastructure are required for different types of vehicle such as, 2-wheeler, 3-wheelers, passenger vehicles, commercial vehicles. 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.
- The US is the highest shareholder country in North America electric vehicle charging station market in 2021. 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. Canada registers the highest CAGR over the forecast period 2022-2050. In terms of charger type, slow charging holds the highest share in the North American market in 2021.
- Western Europe dominates the European electric vehicle charging station market in 2021. Further, Germany in western Europe is the highest shareholder country in the region. Spain holds the highest CAGR over the forecast period. In terms of connector protocol, the CHAdeMO segment dominates the European EV charging station market in 2021.
- 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. Global Electric Vehicle Charging Station Market in 2021. Further, governments of countries such as India, Japan, and Nepal are also promoting the adoption of electric vehicles through various policies and regulations. Based on charging methodology, DC charging holds the highest market share in 2021.
- UAE is the highest shareholder country in Middle East & Africa electric vehicle charging station market in 2021 and registers the highest CAGR over the forecast period. In terms of charging station type, the private charging stations holds the highest share in the MEA market.
- Brazil dominates the South America electric vehicle charging station market in 2021 and is estimated to continue its dominance over the projection period. Further, Argentina registers the highest compound annual growth rate over the forecast period. Based on application, the residential segment holds the highest share in the South America EV charging station market in 2021.
The key players in the Global Electric Vehicle Charging Station Market are ABB Ltd., BP Chargemaster Ltd., ChargePoint, Inc, and Shell plc, among others.
Strategies adopted by market players:
- In February 2022, BP pulse had opened its latest new electric vehicle (EV) charging hub at Gatwick’s popular Q-Park parking facility. The hub includes three ultra-fast 150kW charging units that charge an EV to 80% capacity in as little as 10-15 minutes providing a range of around 100 miles.
- In January 2022, ABB E-mobility increases majority stake in Chinese EV charging provider Chargedot. Transaction builds on ABB’s initial investment, increasing stake from 67 to 80%. The additional investment is part of ABB E-mobility’s growth strategy in Chinese e-mobility market.
- In January 2022, Blink Charging announced a cooperation with Bridgestone Retail Operations. a subsidiary of Bridgestone Americas, to deploy 50 Blink IQ 200 charging stations at 25 Firestone Complete Auto Care and Wheel Works tire and automotive service centers.
- In November 2021, SHELL and NIO collaborated to improve charging experience for EV drivers. NIO and Shell will develop a network of co-branded battery swap stations. Cooperation in China will start with two pilot sites and aim to reach 100 sites by 2025, as well as additional co-branded battery swap stations at Shell EV charging hubs and Shell Recharge fast chargers at NIO locations.
- In February 2022, Sonepar, an electronic products company, and ChargePoint have announced a strategic partnership in France. This will concern the deployment of over 1,400 charging stations in Sonepar’s France network.
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:
- Slow Charging
- Fast Charging
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:
- Office Spaces
- Fleet Stations
- Public Transport
- Private Transport
- Other Public Spaces
- 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 UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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