New Delhi: With the rising acceptance of e-mobility, the demand for electric vehicle charging stations is seeing rapid growth in demand across the globe. The EV charging station market is expected to record a valuation of USD 119 billion by 2030, according to the latest research study by Global Market Insights.
“The industry growth is attributed to rapid technological innovation and investment in electric vehicle businesses,” it added. As per data from Colliers and Indospace, the EV segment in India is poised to register investments worth USD 12.6 billion across the automotive value chain in the next five years. Furthermore, the availability of surplus human resources and raw materials, along with macroeconomic indicators, will boost the development of electric vehicle charging stations, the research firm said.
The US-based research firm said, the AC electric vehicle charging station market segment crossed around USD 5 billion revenue in 2021. This was attributable to the large-scale deployment of EV charging networks across private and public sites including homes and parks, it added.
Recently, there has been a paradigm shift towards the adoption of electric-powered, energy-efficient, and low-carbon transportation, the study added. Furthermore, with the rapid tech innovation and integration of advanced built-in elements, AC-powered electric vehicle charging stations will gain significant traction.
The market from the AC segment is further sub-categorized into Level 1 and Level 2 AC charging. Of these, the Level 2 AC charging station sub-segment is poised to register a 25% growth rate through 2030. Level 2 charging stations are designed to deliver currents from hardwired units or outlets to vehicles via connectors, similar to standard-issue chargers that require a 208-240V, 40 Amp circuit.
The DC segment in the EV charging station market is set to have a growth rate of over 29% through 2030. The charging station network providers, such as Ionity, have focused on the design of DC Fast Chargers. This EV charging technology was developed to allow users to charge their vehicles faster than the standard AC chargers. According to the Office of Energy Efficiency and Renewable Energy, nearly 16% of 70,000 charging stations across the U.S. are DC fast chargers.
The EV charging station market from the private segment accounted for USD 1.9 billion in 2021 due to the rising acceptance of e-mobility. According to the International Energy Agency, the number of registered EVs is predicted to rise from nearly 10 million in 2021 to 145 million by 2030. As EVs become more common worldwide, the bulk of the charging is set to take place at home, thereby contributing to the popularity of private, home EV charging stations.