The global electric vehicle charging station market size is projected to reach 30,758 thousand units by 2027, from an estimated 2,115 thousand units in 2020, at a CAGR of 46.6%. Governments are supporting electric vehicle charging stations through subsidies & tax rebates for installing electric vehicle charging stations and working in collaboration with such OEM’s to speed up growth of their countries EV charging networks. Increased demand for efficient and eco-friendly vehicles along with government support will boost the electric vehicle charging station market.Consumers from developing countries are already feeling the heat of the increasing cost of petrol.
Electrical vehicles will run on electricity, which is expected to reduce the operating cost of these vehicles. To make the electric vehicle charging station market grow, a continued support from the government will be needed along with the growing numbers of EV users and reduced initial cost of present EV charging technology along with high R&D to reduce the charging time further. However, COVID-19 pandemic is expected to have a slight impact on the electric vehicle charging station market.Both the production and sales of new electric vehicles had come to a halt in Q1 and Q2 of 2020 across the globe as the whole ecosystem had been disrupted.
However, in the next two quarters, the sale of EV charging stations has been on the rise specially for private and semi-public charging.OEMs had to wait until lockdowns were lifted to resume production, which affected their business.
Post the pandemic, the demand for EV might increase, as people will avoid public transport, preferring private vehicles to avoid crowds. In addition, component manufacturing is also suspended, and small Tier II and Tier III manufacturers could face liquidity issues.
The Normal Charging segment is expected to be the largest Charging Point segment in the forecast.
Normal charging comprises AC charging devices and is used for charging EVs at affordable costs but slower speeds than super chargers.As the cost is significantly low, this charging equipment has a higher demand from the working class, especially in the emerging countries with large population bases and demand for low-cost charging.
The market in the Asia Pacific is projected to be the largest in terms of charging stations.The region comprises some of the fastest-developing economies of the world such as China and India.
Government policies in these countries are supportive of higher EV sales and related services such as EV charging.
Portable Charging segment is expected to be the fastest growing segment in the installation segment during the forecast period. Companies such as Tesla, Blink Charging, SparkCharge, and ClipperCreek introduced portable chargers for EVs.Portable chargers help EV drivers carry the charger and charge the vehicle whenever required.
In addition, a portable charger eliminates the need to develop charging infrastructure for installing a stationary charging station.Initially, portable chargers were introduced as small and light chargers that could generate sufficient power for short journeys.
However, new advanced portable chargers are expected to generate the same power as stationary charging stations. Some new types of portable chargers can be used for emergency charging when off the grid.
Ultra-Fast Charging segment is expected to be fastest growing segment in the DC Fast charging segment in the forecast period. There has been a demand for faster charging solutions for a long time as there is a demand to reduce EV charging time to that required to fill a petrol tank.Ultra fast charging was therefore developed.
This kind of charging requires that the EV has a battery capable of handling ultra fast charging and the battery is required to be in good condition and charging must be undertaken at a moderate temperature.This charging method can fully charge an EV in approximately 15 minutes.
Some companies installing ultra fast charging include ChargePoint, Shell, Tesla, Delta, EVBox, etc. This EV charger is currently less used in the market and demand is expected to rise at a higher rate in the future when most EVs are expected to be compatible with it.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market. • By Company Type: Tier I - 52%, Tier II - 12%, and OEMs - 36% • By Designation: C Level Executives - 23%, Directors - 47%, and Others - 30% • By Region: North America - 33%, Europe - 31%, Asia Pacific - 28% and Rest of the World – 8%
The electric Vehicle charging station market comprises major companies such as ChargePoint (US), Shell (The Netherlands), Blink Charging (US), BYD (China), Tesla (US).
Research Coverage: The market study covers the electric vehicle charging station market size and future growth potential across different segments such as by charging level type, charging point type, installation type, charging infrastructure type, application type, DC fast charging type, electric bus charging type and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report: • The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall electric vehicle charging station market and its subsegments. • This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. • The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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