The global electric vehicle charging station market was valued at USD 20 billion in 2022 and it is anticipated to grow up to USD 217.5 billion by 2032, at a CAGR of 29.3% during the forecast period.
An electric car charging station is a piece of hardware that connects plug-ins and electric vehicles to an electrical source so they may be recharged. Private businesses or electric utility providers place charging stations in public areas like parking lots, shopping malls, and other places. Moreover, level 1, level 2, and level 3 charging levels are available at electric car charging stations. Also, there are several designs for electric vehicle charging stations, including wall-mounted or free-standing, single or multiple charging heads, commercial or residential grade, and indoor or outdoor installation.
Key Players
- ABB Ltd (Switzerland)
- Allego B.V. (Netherlands)
- Blink Charging Co. (US)
- ChargePoint, Inc. (US)
- Robert Bosch GmbH (Germany)
- Schneider Electric (France)
- Siemens (Germany)
- Tesla (US)
- Webasto (US)
- WiTricity Corporation (US)
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Global Electric Vehicle Charging Station Market Segmentation
By Level of Charging
- Level 1
- Level 2
- Level 3
By Mode of Charging
- Plug-in Charging
- Wireless Charging
Market Trends and Drivers
Due to growing knowledge of the harmful impacts of operating fossil fuel-powered vehicles, governments worldwide are taking steps to minimize carbon footprints by promoting electric bikes, automobiles, and bicycles. Also, governments worldwide are pressuring automakers to invest in the development of electric cars to combat greenhouse gas emissions and minimize carbon emissions brought on by the burning of diesel fuel. In addition, governments throughout the globe are promoting the purchase of electric mobility in terms of tax credits and incentives. Also, the central governments of a select few nations exclude electric cars from paying highway tolls. For instance, the Indian government intends to reduce the Goods & Service Tax (GST) on e-cars to hasten electric vehicle adoption. Moreover, tax exemptions will be provided on loans made to buy an e-mobility.
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Similarly, the South Korean government would offer tax breaks and subsidies to create and purchase electric and fuel-cell vehicles. Consequently, one of the key reasons driving demand for electric cars is a growth in government support for developing and purchasing electric mobility through tax credits, subsidies, and incentives. Hence, the market for electric vehicle charging stations is expected to develop throughout the projected period due to government efforts to increase the use of electric vehicles.
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Market Restraints and Challenges
Governments must standardize charging infrastructure to create a positive ecology and boost sales of electric vehicles. Several nations have various quick charging requirements. China utilizes GB/T, whereas Europe, the United States, and South Korea use CCS. Japan uses CHAdeMO. As India hasn’t achieved fast charging method standardization, the Indian government has enforced the installation of both CHAdeMO and CCS systems.
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