DUBLIN, Sept. 5, 2023 /PRNewswire/ — The “Electric Vehicle Charging Stations Market, by Charging Type, Connection Type, Component Mounting Type, Vehicle Type, End User, and Geography – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global electric vehicle charging stations market is projected to reach $159.7 billion by 2030, at a CAGR of 28.9% during the forecast period of 2023-2030.
Based on component, the global electric vehicle charging stations market is broadly segmented into hardware, software, and services.
The software segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing need for transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.
Based on charging type, the global electric vehicle charging stations market is broadly segmented into Level 1, Level 2, and DC fast charging.
In terms of value and volume, the DC fast charging segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers in the development of DC fast charging station infrastructure to support their long-range battery-electric vehicles, the need for significantly faster charging, and the increasing installation of DC fast chargers in public locations including highways, shopping centers, restaurants, and other high-traffic areas.
Based on connection type, the global electric vehicle charging stations market is broadly segmented into pantograph, connectors, and wireless charging.
The connectors segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles, the increasing need for faster charging connectors compatible with high-power DC fast charging, the growing need for reliable connectors to minimize the risk of electrical faults, overheating, and other potential hazards, and dynamic international standards and regulations for promoting a harmonized charging infrastructure worldwide.
Based on mounting type, the global electric vehicle charging stations market is broadly segmented into wall mount, pedestal mount, and ceiling mount.
The wall mount segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the increasing need for high-speed charging in a compact, affordable, and scalable package.
Based on vehicle type, the global electric vehicle charging stations market is broadly segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters.
The two-wheelers & scooters segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing popularity of electric scooters and 2-wheelers, the rising need for cost-effective and nimble modes of transportation, and government incentives and policies, including subsidies, tax benefits, and grants for purchasing electric 2-wheelers.
Based on end user, the global electric vehicle charging stations market is broadly segmented into commercial EV charging stations and residential EV charging stations.
The commercial EV charging stations segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by the increasing adoption of electric vehicles in commercial fleets for cost savings and reduced emissions, government regulations and incentives for electric vehicle adoption in commercial fleets, infrastructure development for shared mobility services, and installations of commercial EV charging stations for cost savings and reduced emissions.
Based on geography, the global electric vehicle charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
In terms of value and volume, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this regional market is attributed to the growing demand for electric vehicles in countries such as China and Japan and the rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase electric vehicle adoption.
Market Dynamics:
Drivers:
Government Initiatives: Strong government initiatives aimed at promoting electric vehicle (EV) adoption and bolstering the development of associated infrastructure are a key driver for the growth of the electric vehicle charging stations market. Incentives, subsidies, and policy support encourage consumers to switch to EVs, fostering the demand for charging stations.
Rising Demand for Fast-Charging Infrastructure: The increasing demand for EV fast-charging infrastructure is propelling market growth. Consumers are looking for convenient and quick charging options, driving the need for fast-charging stations that can significantly reduce charging times.
Vehicle-to-Grid Charging Stations: The growing implementation of vehicle-to-grid (V2G) charging stations is a significant driver. These stations enable bidirectional energy flow between EVs and the grid, allowing vehicles to serve as energy storage units, contributing to grid stability and demand management.
EV Deployment by Shared Mobility Operators: The expansion of electric vehicle deployment by shared mobility operators, such as ride-sharing and car rental companies, contributes to the demand for charging stations. Shared mobility services are increasingly adopting EVs to reduce emissions and operating costs.
Challenges:
High Installation Costs: The high installation costs associated with setting up EV charging stations present a notable challenge. Initial investment and infrastructure development expenses can be significant, deterring some stakeholders from entering the market.
High Electricity Tariffs in Developing Countries: High electricity tariffs in developing economies pose a challenge to the growth of the electric vehicle charging stations market. Elevated energy costs can discourage both consumers and businesses from adopting EVs and utilizing charging services.
Opportunities:
Adoption in Emerging Economies: The increasing adoption of electric mobility in emerging economies presents growth opportunities. As these economies embrace sustainable transportation solutions, the demand for charging stations is expected to surge.
Retail MNCs and Charging Infrastructure: Retail multinational corporations (MNCs) are recognizing the value of providing EV charging infrastructure at their locations. This trend creates opportunities for market players to collaborate with businesses to install charging stations at commercial properties.
Trends:
Renewable Energy-Powered Stations: A prominent trend is the establishment of electric vehicle charging stations powered by renewable energy sources. Charging stations integrated with solar panels or other renewable technologies align with sustainability goals and reduce the carbon footprint of EV charging.
Company Profiles (Company Overview, Financial Overview, Product Portfolio, Strategic Developments)
ChargePoint Holdings Inc.
Tesla Inc.
EVgo Inc.
ABB Ltd.
Blink Charging Co.
BP p.l.c.
Shell Plc
Electricite De France
Electrify America LLC
EVBox Group
AddEnergie Technologies Inc.
Connected Kerb Limited
Hangzhou AoNeng Power Supply Equipment Co. LTD.
Webasto Group
EV Charging Installers of America LLC
Wanbang Xingxing Charging Technology Co. Ltd.
Siemens AG
For more information about this report visit https://www.researchandmarkets.com/r/3t6cbv
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