Enjoy complimentary customisation on priority with our Enterprise License!
The electric vehicle (EV) charging station market size is forecast to increase by USD 38.06 billion at a CAGR of 29.13% between 2023 and 2028. The market is witnessing significant growth due to the increasing number of mergers and acquisitions, as well as strategic partnerships, in the industry. Innovation and technological advances continue to shape the market, with a focus on fuel cell technology and collaboration activities to address the lack of standardization in EV charging infrastructure. The end-use concentration is shifting towards commercial and industrial sectors, with the fast charger segment experiencing substantial growth. Slow chargers, on the other hand, remain popular for residential applications. Connectors, such as Mennekes and CCS, are essential components of the charging infrastructure, with Level 2 charging becoming increasingly common due to its ability to charge EVs faster than Level 1. The market is expected to continue its growth trajectory as the adoption of EVs increases and charging infrastructure becomes more widespread.
The market is experiencing significant growth due to the increasing sales of EVs and the development of advanced charging infrastructure. Governments worldwide are offering subsidies and tax exemptions to promote EV adoption, driving the demand for charging stations. However, the lack of standardization in charging technologies, including AC and DC charging stations, presents a challenge to market growth. EV prices are becoming more competitive, making them an attractive alternative to traditional gasoline-powered vehicles. The NEVI Formula Program and regulations are encouraging automakers to invest in EV technology and charging infrastructure. New technologies, such as grid balancing, energy storage, ultra-fast chargers, and HPCS, are being introduced to address the challenges of charging EVs.
Furthermore, the three-phase charger segment is expected to dominate the market due to its ability to charge EVs faster. The use of new technologies, such as wireless charging, autonomous charging robots, and fast charging, is also gaining popularity. The environmental awareness movement and the need to reduce carbon emissions are further driving the demand for EVs and charging stations. Battery technology, particularly lithium-ion batteries, is improving, providing longer driving ranges and faster charging times.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The AC segment is estimated to witness significant growth during the forecast period. The market is witnessing significant growth due to the increasing adoption of EV technology in the automotive industry. AC charging stations, a crucial segment of this market, are gaining popularity due to their lower infrastructure requirements compared to DC charging stations. AC charging stations typically have lower set-up, installation, and maintenance costs, making them an attractive option for EV owners. These chargers can provide power outputs up to 22kW and require an onboard charger installed in the EV for charging. Grid balancing is a key consideration in the EV charging station market, with energy storage solutions becoming increasingly important.
Furthermore, ultra-fast chargers, such as High Power Charging Systems (HPCS), are being adopted by automotive-related companies to meet the growing demand for faster charging times. Three-phase chargers are also gaining traction in the market due to their ability to deliver higher power outputs. Emerging markets are expected to act as catalysts for the growth of the AC charging station segment during the forecast period, as the demand for Plug-in Hybrid Electric Vehicles (PHEVs) is gradually increasing in these regions. The convenience and basic functionality of AC charging stations make them a popular choice for EV owners, despite their lower power outputs compared to DC charging stations.
Get a glance at the market share of various segments Request Free Sample
The AC segment was valued at USD 3.72 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 55% 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.
For more insights on the market share of various regions Request Free Sample
The market in Asia is experiencing significant growth due to the increasing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs) in countries like China, Singapore, Japan, and South Korea. China, being the largest contributor to the global EV market, is leading the regional market growth. The emphasis on reducing carbon emissions and promoting sustainable transportation in these countries is driving the expansion of EV charging infrastructure. Grid balancing and energy storage solutions are becoming essential components of the EV charging station market, as the integration of renewable energy sources requires efficient energy management. Ultra-fast chargers, specifically High Power Charging Systems (HPCS), are gaining popularity due to their ability to charge EVs quickly, reducing the time spent at charging stations.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing number of M&A and strategic partnerships is the key driver of the market. The market is experiencing significant growth due to the increasing sales of EVs and the subsequent need for advanced charging infrastructure. Governments worldwide are offering subsidies to promote EV adoption, making them more affordable for consumers.
However, the lack of standardization in charging technologies, including AC and DC charging stations, poses a challenge to market growth. Regulations and initiatives, such as the NEVI Formula Program in the US, are being implemented to address this issue. Automakers are also investing in the development of charging technologies to enhance driving range and reduce EV prices, further fueling market growth. Strategic partnerships and acquisitions, such as ABB's acquisition of InCharge Energy, are expanding companies' offerings and customer bases, contributing to the market's organic growth during the forecast period.
The increasing number of launches in EV charging solutions is the upcoming trend in the market. The market is witnessing significant growth due to the increasing sales of EVs and the expansion of charging infrastructure. Governments worldwide are providing subsidies to promote EV adoption, which is driving the demand for charging solutions. However, the lack of standardization in charging technologies, including AC and DC charging stations, poses a challenge to market growth. In response, market leaders are introducing advanced charging solutions to cater to the varying needs of consumers.
Furthermore, regulations and collaborations, such as the NEVI Formula Program in the US, are also boosting the market. Automakers are investing in charging infrastructure to offer better driving ranges and competitive EV prices to consumers.
The lack of standardization in EV charging infrastructure is a key challenge affecting the market growth. The market is experiencing significant growth due to the increasing sales of EVs and the expanding charging infrastructure. However, the market faces a major challenge in the form of the lack of standardization in EV charging infrastructure. companies are actively working to expand the network of charging stations, but the absence of a universal standard for EV chargers and installation in public places remains a concern. Each region or market has its unique charging standards, such as CHAdeMO in Japan, CCS in Europe, the US, and South Korea, and GB/T 20234 in China, which is similar to the IEC 62196 standard in Germany.
Furthermore, government subsidies, driving range improvements, and decreasing EV prices are also driving the market's growth. The NEVI Formula Program and various regulations implemented by automakers are further boosting the market. Despite these factors, the lack of standardization in EV charging infrastructure continues to pose a significant challenge.
The market forecasting 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis 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.
ENGIE SA - The company develops innovative solutions and technologies for EV chargers
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key 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 market is experiencing significant growth due to the increasing sales of EVs and the expanding charging infrastructure. Governments worldwide are offering subsidies and implementing regulations to promote the adoption of EVs and reduce carbon emissions. The lack of standardization in charging technologies, such as AC and DC charging stations, ultra-fast chargers, and HPCS, presents challenges for market growth. The three-phase charger segment dominates the market due to its high power outputs. EV technology advancements, including battery technology like lithium-ion batteries, and new technologies like wireless charging, autonomous charging robots, and grid balancing with energy storage, are driving innovation in the market.
Furthermore, automotive-related companies are increasing their manufacturing activities in this sector, with ABB and Tesla being key players. The market is in its growth stage, with the fast charger segment-leading in terms of end-use concentration. However, high initial costs and fluctuating power tariffs are hindering the market's growth. The market is expected to grow significantly during the forecast period due to increasing environmental awareness, sustainability, and government regulations offering tax exemptions. The market is witnessing collaboration activities between automakers and vehicle charger manufacturers to develop charging solutions for commercial applications, including fleet charging stations, destination charging stations, bus charging stations, and highway charging stations. The residential segment, including private houses and apartments/societies, is also a significant market for EV charging stations.
Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 29.13% |
Market growth 2024-2028 |
USD 38.06 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
22.14 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
China, Germany, UK, France, and US |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ABB Ltd., Alfen NV, Allego BV, Besen International Group Co. Ltd, Blink Charging Co., ChargePoint Holdings Inc., Delta Electronics Inc., Eaton Corp. Plc, ENGIE SA, Enphase Energy Inc., EVBox BV, EVgo Services LLC, Helen Ltd., Leviton Manufacturing Co. Inc., Schneider Electric SE, Shell plc, Siemens AG, Tesla Inc., Volkswagen AG, and Webasto SE |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our market 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. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.