Electric Vehicle Charging Station Market Size, Share and Growth Analysis (By Charging Station Type: AC Charging, DC Charging, and Wireless Charging; By Power Output: <11KW, 11KW-50KW, and >50KW; By Supplier Type: OE Charging Station and Private Charging Station; By End User: Private Type and Public Type) - Global Industry Analysis, Trends, Regional Outlook, Forecast 2023 - 2032

The global Electric vehicle charging station market size was exhibited at USD 46.59 billion in 2022 and is projected to hit around USD 725.86 billion by 2032, growing at a CAGR of 31.6% during the forecast period 2023 to 2032.

Key Pointers:

• As per a report published by International Energy Agency (IEA) in 2020, China own total 53% of slow chargers and 83% of fast chargers globally.
• In 2022, the public chargers application segment accounted market share of around 87%
• DC charging station segment garnered revenue share of around 74% in 2022
• Based on mode of charging, the plug-in charging system segment hit largest revenue share 79.5% in 2022.

Factors such as rising sales of EVs around the world, along with the growing demand for zero emission transport will boost the demand for the electric vehicle charging station market. Developments in technologies like portable charging stations, bi-directional charging, smart charging with load management, usage based analytics and automated payment along with development of ultra-fast charging technology will create new opportunities for this market. The upcoming standardization (expected around 2025 with Tesla already providing ports for CCS, CHAdeMO already having GB/T ports as of December 2021) of charging ports and government regulations by the world’s top economies has been increasing the speed of setup of electric vehicle charging stations.

Electric vehicle charging station Market Report Scope

 Market Dynamics:

Driver: Rising EV sales worldwide will increase demand for EV charging stations

An increase in the adoption and use of electric vehicles has accentuated the need to develop charging infrastructure. Leading markets for electric vehicles such as China, the US, and Germany are investing significantly in EV charging infrastructure along with research & development for faster and more efficient charging methods. Significant investments by automakers are expected to cater to the rising demand for EVs and play a major role in the evolution of the market. Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have significant R&D budgets for the development of EVs. In 2020, the world saw a 41% growth with around 3 million EV sales despite the impact of COVID-19 in the market, while the overall automobile market reduced by 6%. This indicates a growing demand for electric vehicles., which will, in turn, boost the market for EV charging stations. While the majority of EV users install a Level 1 or Level 2 EV charging device in their home or residential complex, there has also been a growing demand for public charging stations around the world. With the growing EV sales around the world, the demand for EV charging stations will increase.

OEMs offer a wide range of electric vehicles, from small hatchbacks such as Leaf to high-end sedans such as Tesla model 3. The wide range of product offerings has attracted a high number of consumers, resulting in an increased market for electric vehicles. For instance, in October 2021, GM announced plans to invest USD 35 billion to develop and achieve more than one million EV sales and other technology by 2025. The company plans to go all electric by 2035. Similarly, Ford plans to increase its EV production capacity to 600,000 per annum by 2023 as announced in November 2021. It plans to make 40% of its vehicle offerings electric by 2030. Similarly, Volkswagen announced plans to invest USD 86.3 billion to speed up its EV plans by 2030. Other companies like Tesla, Nissan, and BMW, among others, have also made significant developments and plans for the upcoming EV demand in the coming 5-10 years. These investments and policies are expected to help boost the growth of the electric vehicle charging station market during the next decade.

Restraint: Lack of standardization of current EV charging infrastructure

Factors such as the growth of the electric vehicle market and variations in charging loads have emphasized the need for the standardization of electric vehicle charging stations. Certain EV charging stations may only be compatible with a certain type of voltage. For instance, AC charging stations provide a voltage of 120V AC through level 1 charging stations and 208/240V AC through level 2 charging stations. On the other hand, DC charging stations provide fast charging through 480V AC.

Governments need to standardize charging infrastructure for the development of a favorable ecosystem and an increase in the sales of EVs. Different countries use different standards for fast charging. Japan uses CHAdeMO; Europe, the US, and South Korea use CCS; and China uses GB/T. The Indian government had mandated the installation of both CHAdeMO and CCS methods since India has not reached standardization in fast charging methods. Though, this mandate increased the installation cost of charging stations, and, hence, in July 2019, the government changed the guidelines and allowed charging station developers to choose the method they prefer. The US-based electric car maker Tesla uses high-performance superchargers that are unique to Tesla and cannot be used for other EVs. The lack of standardization across countries may impact the installation of charging stations and hamper the growth of the market.

Opportunity:Use of V2G EV charging stations for electric vehicles

Vehicle-to-Grid (V2G) EV charging is a system that has a bi-directional electrical energy flow between plug-in EVs and the power grid. The V2G technology enables EVs to store unused power and discharge it to the grid. This can improve the electrical component’s performance and add value for EV owners. The introduction of this concept has eased electric vehicle charging operations and made EVs one of the most preferred modes of transportation. Thus, the entire charging station market plays a vital role in the connection of the grid to the electric vehicle to enable the vehicle’s charging.

Enel Energia S.p.A. installed 2 V2G electric car charging stations at the Genoa headquarters of the Italian Institute of Technology. The installation is a part of MOV-E, a corporate electric car sharing pilot project in collaboration with Nissan. Nissan provided two battery EVs (LEAF model) to the Italian Institute of Technology, as well as an app management platform, Glide. The agreement between Enel and Nissan signifies a change in the world of technology in terms of sustainable mobility. Thus, the V2G charging technology is a key opportunity for manufacturers as it is expected to transform the world of EVs and shape the future of EV charging. Although the V2G infrastructure is more valuable than smart charging, the initial cost for the installation of V2G charging stations is significantly high. The consistent and anticipated evolution of V2G technology is expected to offer opportunities for EV connector manufacturers to introduce advanced connectors to withstand electrical architecture.

Challenge: Stringent rules for installation of EV charging stations

Governments of different countries have implemented stringent rules that govern the installation of charging stations. Service providers are required to follow a certain set of instructions while installing charging stations. They require approval from plot owners when the installation is on private property, local governments in terms of regulatory mandates, and utility providers for energy transfer. For instance, homeowners or contractors are required to submit plot plans, electrical load calculations, electrical plans, installation instructions, and charger specifications to the local permitting office to obtain permits for the installation of residential EV charging stations. The procedures for the installation of EV charging stations are more complex in commercial locations than residential locations. A commercial installation requires permits, community or design guidelines, electrical source or metering, parking and signage requirements, zoning requirements, and inspection fees. Thus, the installation of charging stations is complex as many stages are involved in the value chain.

Level 3 segment is estimated to account for the fastest-growing market during the forecast period

Level 3 charging is expected to be the fastest-growing segment by level of charging during the forecast period. The Asia Pacific region currently has the highest number of level 3 EV charging stations due to the high growth of EV usage in countries such as China, Japan, and South Korea. It is also expected to be the region where level 3 charging stations are expected to grow the fastest. In this region, the fast plug and charge options are preferred to home charging or waiting long hours for vehicles to charge. China’s significant expansion in the EV infrastructure led to the highest growth of level 3 charging in the Asia Pacific region. In Europe, level 3 charging is led by countries such as the Netherlands, the UK, France, and Germany. These countries have collaborated with major automobile manufacturers and charging service providers to increase their EV charging network. These measures make Europe the second-highest growing market for level 3 charging. The North American region is led by the US, which has also started implementing measures to increase EVs on roads. 13 US states, including California, Maryland, Oklahoma, and Washington, have been at the forefront of increasing EV usage in their states. While these states have well-developed level 3 charging networks, the rest of the US has yet to increase EV usage and infrastructure.

Public chargers will be the fastest-growing segment during the forecast period

The availability of public EV charging plays an important role to purchase electric vehicles across the globe. Public charging and access to fast charging are viewed as key criteria when buying an electric vehicle. This is anticipated to bolster revenue growth for the public charging segment. The Asia Pacific region continues to install public chargers at a significant rate due to the rising number of EV users, especially in China, India, and South Korea. These countries have implemented policies to increase the usage of EVs by providing subsidies and reduced taxes. They also encourage the growth of EV manufacturers and related industries by providing grants or implementing preferential policies for EV-related companies to enable them to expand faster. A steady surge in economic growth, urbanization, travel demand, etc., coupled with increasing investments toward electric mobility to contribute to energy storage and environmental sustainability is anticipated to bolster the growth of the public charging station segment.

The North American public EV charging market has been driven by the US, which witnessed an increasing number of EV users, especially in 13 states, such as California, Maryland, etc., and the trend is expected to extend to other states, leading to the high growth of the public charging segment during the coming years. In the European region, the leading EV users include the UK, the Netherlands, Norway, France, and Germany. Other countries are also expected to increase the use of EVs during the coming years, subsequently leading to the growth of EV infrastructure.

“Asia Pacific is expected to be the fastest-growing market in the forecast period.”

The Asia Pacific region comprises of countries such as China, India, Japan and South Korea. The region is home to some of the fastest-developing economies of the world, such as China and India. The governments of these emerging economies have recognized the growth potential of the global electric vehicle charging station market and, hence, have adopted various initiatives to attract major OEMs for the manufacture of electric vehicle charging infrastructure in domestic markets. For instance, charging network providers for EV charging stations have partnered with various OEMs to sponsor free EV charging to EV drivers. This has led to an increase in electric vehicle production in recent years, which caters to domestic as well as overseas demand. Japan and China export electric vehicles and charging solutions across the globe. Governments are also encouraging private players to introduce public charging points by providing subsidized electricity rates. China is investing significantly in the production of electric vehicle charging stations to provide charging solutions for the increasing number of EVs in the country. OEMs such as BYD also plan to establish production plants in other parts of the world for the manufacture of electric buses and electric trucks to meet the regional demand. These factors are expected to drive the market in the Asia Pacific region. Many new startups and existing top domestic companies have established their presence in this regional market. For instance, Star Charge has expanded to become one of China’s top EV charging providers. Similarly, Jio in India plans to work with BP to speed up the development of EV charging in the country.

Charging Station Type Insights

DC charging station led the global electric vehicle charging station market with largest revenue share in the year 2022. This is mainly attributed to fast charging capacity and attractive pricing of DC charging stations. The DC charging station directly charges the battery by converting the power before it enters the car's converter.

The DC charging station charges the battery directly as it converts the electricity prior to entering in the cars converter. Additionally, rapid increase in the adoption of technologies, such as Near-field Communication (NFC) and Radio Frequency Identification (RFID), in charging stations installed on highways also flourishes the DC charging market growth.

Application Insights

Public type charging stations held major revenue share in the year 2022 as they are more cost-effective to the manufacturers. In addition, they have sufficient parking space and are accessible to all public.

On the other hand, private type charging stations are basically workplace based or residential based station that are only accessible to the owners or limited public. As a result OEMs and different utilities are also focused towards building public charging station. Thus significant benefits offered by public type over private type fuels the market growth.

Recent Developments

• In November 2021, Tesla launched its new version of Gen 2 wall connector with J1772 connector. Unlike its previous charging stations, this EV charging station is compatible with all kinds of EVs available in the North American market.
• In October 2021, Tesla launched and deployed its first Megacharger to charge its semi-electric truck. The concept was introduced in 2017 when Tesla launched its Semi.
• In October 2021, ABB and Amazon AWS launched a fleet management tool for public EV chargers. The cloud-based service called Panion EV charge planning will help operators manage power in a more efficient way.
• In September 2021, ABB launched the world’s fastest EV charging station Terra 360, which can charge most EVs in less than 15 minutes. It can deliver 100 km range in less than 3 minutes. This is made for public charging stations and can charge up to 4 EVs simultaneously.
• In July 2021, Shell launched a new version of its Home charging system with NewMotion Connect features.
• In June 2021, ChargePoint introduced a highly competitive and comprehensive electric fleet charging portfolio. It uses ChargePoint’s AC and DC charging systems and optimizes costs, charging time, energy usage, and fuel cost of EV fleets.
• In January 2021, BYD launched and certified its new 150 kW DC Plug-in CCS Type 1 Charger. It was tested for international standards for safety and equipment life. This charger was mainly developed for electric buses and trucks.

Some of the prominent players in the Electric vehicle charging station Market include:

• ABB Ltd.
• ChargePoint, Inc.
• EVgo Services LLC.
• Allego
• Scheinder Electric
• Blink Charging Co.
• Wi Tricity Corporation
• Toshiba Corporation
• AeroViroment, Inc.
• Mojo Mobility, Inc.
• General Electric
• Robert Bosch GmbH
• Chargemaster plc.
• Evatran Group
• HellaKGaAHueck& Co.
• Siemens AG
• Leviton Manufacturing Co., Inc.
• Efacec
• Alfen N.V.
• Denso Corporation
• Elix Wireless
• Tesla Inc.
• ClipperCreek
• Engie
• Infineon Technologies AG
• Qualcomm Technologies, Inc.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric vehicle charging station market.

By Level of Charging

• Level 1
• Level 2
• Level 3

By Charging Station Type

• AC Charging
• DC Charging
• Wireless Charging

By Power Output

• <11KW
• 11KW-50KW
• >50KW

By Supplier Type

• OE Charging Station
• Private Charging Station

By Vehicle Type

• Passenger Cars
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Vehicle(PHEV)
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Two-wheelers & Scooters

By Installation Type

• Fixed
• Portable
• Residential
• Commercial

By Connector Type

• Normal Charging
• Type 2
• CCS
• CHAdeMO
• Tesla SC
• GB/T

By Application

• Private
• Public

By Mounting Type

• Wall Mount
• Pedestal Mount
• Ceiling Mount

By Charging Service

• EV Charging Service
• Battery Swapping Service

By End User

• Commercial EV Charging Stations
  • Commercial Public EV Charging Stations
    • On-Road Charging
    • Parking Spaces
    • Destination Chargers
  • Commercial Private EV Charging Stations
    • Fleet Charging
    • Captive Charging
• Residential EV Charging Stations

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)