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The Electric Vehicle (EV) Charging Station Market size is estimated to grow by USD 80.46 billion at a CAGR (Compound Annual Growth Rate) of 30.75% between 2023 and 2028. The accelerated growth of the market is due to various factors such as the rise in government initiatives that support the installation of EV charging stations, the increasing EV sales through tax incentives push demand for well-built infrastructure, and the growing production of EVs.
The research report on the market offers industry forecasts and segmentation based on Method including fast charger and slow charger. It also segments the market by Type, which comprises AC and DC. Geographically, the market report covers APAC, North America, Europe, South America, and Middle East and Africa. The market size, historical data for 2018-2022, and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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The Electric Vehicle Charging Infrastructure Market is witnessing dynamic growth, driven by rising electric vehicle (EV) adoption globally. With stringent emission and fuel economy norms, governments worldwide incentivize EVs, fostering economic activities in manufacturing. Key players, including automotive-related companies like Ather Energy and Octopus Energy Generation, invest in new technologies, such as wireless charging and autonomous charging robots. In the UK, Octopus Energy Generation's recent GBP 110 million investment in Manchester-based EV public charging network Be highlights the accelerating growth of the UK EV charging infrastructure. Initiatives like Ather Grid, public fast charging points, and high-power charger Sicharge D signify the industry's commitment to supporting EV users and advancing vehicle production.
The rise in government initiatives that support the installation of charging stations is the key factor driving market growth. There is a high demand for EVs in various parts of the world. The adoption of EVs is increasing due to the initiatives undertaken by governments in several countries to adopt an environmentally friendly transportation system. Furthermore, governments are offering incentives such as subsidies for the installation of infrastructure.
For instance, in January 2020, the Government of India approved the installation of 2,636 stations in 62 cities located in 24 states and union territories in the country as part of the second phase of the FAME India scheme. Thus, government initiatives undertaken for the installation of charging infrastructure will support the growth of the electric vehicle charging infrastructure market during the forecast period.
The Electric Vehicle (EV) Charging Station Market is driven by increased manufacturing activities, boosted by government incentives promoting electric vehicles. The growing demand for charge points and public charging stations underscores the pivotal role of infrastructure development in advancing the electric vehicle charging station market.
Powering EV charging stations through renewable energy is the primary trend shaping market growth. The use of renewable energy to power charging stations to reduce the demand for electricity from power grids has been in the talks for many years. Charging stations powered by solar panels is one such trend in the industry. The decreasing price of solar panels and their easy installation on business buildings and shopping malls are driving this trend in the market.
For example, Envision Solar has invented a portable solar-powered parking space called the EV ARC. This 9/16-foot structure consists of a parking pad and a canopy of solar panels that can charge a 21.6 kWh battery. This trend is also pushing the sell energy program where users installed solar panels in residential or commercial areas, generating more energy than that required by the EVs, which can sell back to the grid, thereby being beneficial in both ways. Thus, such factors are estimated to drive market growth and trends during the forecast period.
The lack of standardized charging networks and adequate electricity is a challenge that affects market growth. In various Asian and African countries, the lack of adequate electricity infrastructure hinders the growth of infrastructure. Some countries, like India and South Africa, are still unable to provide electricity to all their citizens owing to the lack of electrical equipment infrastructure and power plants. The lack of access to electricity is a major challenge inhibiting the electric vehicle charging infrastructure market.
Moreover, the lack of universal or standardized charging networks for EVs is one of the bottlenecks faced in the adoption of infrastructure. Countries and markets are following their standards for infrastructure. Therefore, the lack of uniformity in standards for infrastructure impacts the adoption of infrastructure, especially in countries that import EVs from these countries. Consequently, this influences the growth of the market during the forecast period.
The market trends and analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The fast charger segment is estimated to witness significant growth during the forecast period. A direct current (DC) charger is also considered a fast charger. Power from the grid is always AC. DC charging, or so-called fast charging, is done using a DC charging station, which can change the AC to DC, which then bypasses the onboard charger of the electric car and sends this direct current via the Battery Management System (BMS) to the battery, as instructed by the vehicle's charging control system. Charging is, therefore, not limited by the power of the onboard charger, so it can be much faster.
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The fast charger segment was the largest segment and was valued at USD 13.18 billion in 2018. A fast charger is a new technology that can recharge EV batteries to 100% in less than 20 minutes. The market for these chargers is expected to grow, as many EV charging infrastructure manufacturers are focusing on providing fast-charging infrastructure owing to the range anxiety of EV owners due to the lack of convenience of standardized refueling stations. Therefore, the EV charging infrastructure market is expected to witness a high growth rate during the forecast period.
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APAC is estimated to contribute 63% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC market is growing rapidly due to the high demand for EVs from countries such as China, Japan, and South Korea. Furthermore, countries such as South Korea and China are taking initiatives to decrease greenhouse gas emissions by increasing the use of EVs by offering subsidies and incentives. Such initiatives by the governments are expected to create a huge demand for EVs. The increase in demand for EVs will also drive the demand for EV charging infrastructure.
Moreover, major market players and enterprises in the EV are focusing on investing in installing improved infrastructure. These enterprises are also investing in M&As and strategic alliances to capitalize on the growing demand for advanced infrastructure in this region. These factors will aid the growth of the electric vehicle (EV) charging infrastructure market in APAC during the forecast period.
The market growth analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Market Scope |
|
Report Coverage |
Details |
Page number |
172 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 30.75% |
Market Growth 2024-2028 |
USD 80.46 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
28.5 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 63% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., AeroVironment Inc., Alfen NV, BYD Co. Ltd., ChargePoint Holdings Inc., Eaton Corp. Plc, General Electric Co., Infineon Technologies AG, LS Power Development LLC, PG and E Corp., Phihong USA Corp., Polarium Energy Solutions AB, Schneider Electric SE, Shell plc, Shenzhen ATESS Power, Siemens AG, Tesla Inc., The Mobility House GmbH, TotalEnergies SE, and Webasto SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Method
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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