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The EV charger service market share is expected to increase by USD 5.26 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.13%.
This EV charger service market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers EV charger service market segmentation by type (AC charging station, DC charging station, and wireless charging station) and geography (APAC, Europe, North America, South America, and Middle East and Africa). The EV charger service market report also offers information on several market vendors, including ABB Ltd., Bayerische Motoren Werke AG, BP Plc, BYD Co. Ltd., ChargePoint Holdings Inc., Eaton Corp. Plc, EFACEC Power Solutions SGPS SA, ENGIE SA, Enphase Energy Inc., OPCONNECT, Robert Bosch GmbH, Schaffner Group, Schneider Electric SE, SemaConnect Inc., Shell plc, Siemens AG, Tesla Inc., VOLTA, Webasto SE, and BorgWarner Inc. among others.
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The government incentives and subsidies for EV charging infrastructure developments is notably driving the EV charger service market growth, although factors such as the low performance of the lithium-ion battery restricting the adoption of EVs may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the EV charger service industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key EV Charger Service Market Driver
The government incentives and subsidies for EV charging infrastructure developments is one of the key drivers supporting the EV charger service market growth. For instance, Helsinki, Finland's capital city, invested around $5.3 million over the last three years to build public charging stations, which has nearly tripled the number of such charging points in the country. Similarly, the Finnish government has recently announced a budget of more than $6 million to develop charging infrastructure during 2020-2021. Also, Denmark currently offers a tax exemption for commercial charging. This means that companies that supply EV charging on a commercial basis can receive an electricity tax rebate of around $0.15 per kilowatt-hour. Such government incentives are driving the growth of the electric vehicle charger service market.
Key EV Charger Service Market Trend
Increased installation of DC fast-charging stations is one of the key EV charger service market trends that is contributing to the market growth. Range anxiety is the main concern that is hindering the adoption of EVs. The major difference between EVs and ICE vehicles is the amount of time and effort required to refuel them. In the case of EV, even adding 80 miles of an average mile driven in a single charge can take a day if the EV is not charged through a 240-volt Level 2 charging station. The 240-volt Level 2 charging station can also take almost 8 hours to fully charge the EV, which is a serious concern restricting EV adoption. As a result, there is a growing need for DC fast-charging stations, which can reduce the range anxiety of the end consumers. This, in turn, will propel the market growth during the forecast period.
Key EV Charger Service Market Challenge
The low performance of the lithium-ion battery restricting the adoption of EVs is one of the factors hindering the EV charger service market growth. The lithium-ion battery has not been able to provide power to the vehicle for a longer duration and needs to be frequently recharged. This has made it important for the OEM manufacturers to improve the battery technology, and OEMs have been focusing on improving the methodologies used in manufacturing the battery. Moreover, the cost of the lithium-ion battery used in EVs is quite high, which leads to a significant rise in its purchase price. Thus, the low performance of the lithium-ion battery is restricting the adoption of EVs. Hence, the slow adoption of EVs will eventually lead to slow growth in the global EV charger service market during the forecast period.
This EV charger service market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global electric vehicle (EV) charger service market as a part of the global automotive components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the EV charger service market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the EV charger service market encompasses successful business strategies deployed by the key vendors. the EV charger service market is fragmented and the vendors are deploying growth strategies such as quality, price, service, brand image, distribution, and marketing to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The EV charger service market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the EV charger service market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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49% of the market's growth will originate from APAC during the forecast period. China and South Korea are the key markets for the EV charger service in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing government initiatives to improve air quality will facilitate the EV charger service market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
Global EV sales have become more difficult due to the COVID-19 outbreak. However, operations in various industries were gradually resumed with limited capacities in H2 2021 while maintaining social distancing norms. Moreover, the increasing need for the safety of individuals, in the long run, is expected to drive the demand for passenger vehicles, which, in turn, will drive the demand for electric vehicles. This will lead to growth in the regional market after the lifting of lockdowns during the forecast period.
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The EV charger service market share growth by the AC charging station segment will be significant during the forecast period. AC Level 2 chargers use the same connector as AC Level 1 chargers. They are mostly installed in public charging stations and can charge the EV at a quicker rate compared with AC Level 1 chargers. AC Level 2 charging station replenishes nearly 12 to 20 miles of range during one hour of charging. Although AC chargers take a longer time to charge, they can extend the life of batteries and reduce the impact on the power grid. AC charging stations will hold the largest market share of the global EV charger service market during the forecast period. They are less expensive, require less modification, are easy, and are convenient to charge EV. These factors of AC charging stations will drive market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the EV charger service market size and actionable market insights on post COVID-19 impact on each segment.
EV charger Service Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 12.13% |
Market growth 2022-2026 |
$ 5.26 billion |
Market structure |
Fragmented |
YoY growth (%) |
11.91 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 49% |
Key consumer countries |
US, China, South Korea, The Netherlands, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
ABB Ltd., Bayerische Motoren Werke AG, BP Plc, BYD Co. Ltd., ChargePoint Holdings Inc., Eaton Corp. Plc, EFACEC Power Solutions SGPS SA, ENGIE SA, Enphase Energy Inc., OPCONNECT, Robert Bosch GmbH, Schaffner Group, Schneider Electric SE, SemaConnect Inc., Shell plc, Siemens AG, Tesla Inc., VOLTA, Webasto SE, and BorgWarner Inc. |
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, Market condition analysis for 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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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