Electric Vehicle Charging Stations Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type Of Electric Vehicle (Battery Electric Vehicles (BEVs), Plug-In Hybrid Electric Vehicles (PHEVs)), By Type Of Charging Station (AC Charging Station, DC Charging Station), And By Geography - Forecasts From 2022 To 2027

  • Published : Dec 2022
  • Report Code : KSI061610850
  • Pages : 114

The electric vehicle charging stations market is expected to grow at a CAGR of 39.46% from a value of US$7,065.358 million in 2020 to reach a market size of US$72,498.896 million in 2027. An electric vehicle charging station connects an electric vehicle to the source of electricity in order to provide charging to electric vehicles, as well as plug-in hybrids. A key factor that has led to steady growth in the EV charging station market is the rising demand for energy efficiency. Further, increasing prices of fuel, the continuous depletion of fossil fuels, and government initiatives supporting electric vehicles in multiple countries, along with improvement in their charging infrastructure, tax rebates, and subsidies are expected to show growing investments in this infrastructure.

According to the International Energy Agency, there were five times higher electric car models accessible worldwide in 2021 than in 2015, with the overall number of available models reaching 450 by the end of 2021. According to the same source, global sales of electric vehicles continued to rise quickly in 2022, with 2 million in sales in the first quarter, up 75% from the previous time in 2021. Therefore, due to the rise in the number of electric vehicles adopted by consumers, the market for electric vehicle charging stations will be impacted positively in the coming years. 

Based on the type of electric vehicles, the EV charging stations market is divided into battery electric vehicles and plug-in hybrid electric vehicles. The battery-electric vehicle segment is expected to grow at a CAGR of XX% during the forecast period. According to the International Energy Agency, worldwide electric vehicle stock will reach 10 million by 2020, with battery electric cars (BEVs) representing two-thirds of the world's electric car fleet. Automotive battery output increased 33% from 2019 to 2020, while battery costs decreased 13% to an average global price of US$137/kWh per power pack. According to the same source, China continues to dominate battery production, with over 70% of worldwide cell production capacity and producing around half of all batteries for light-duty cars. Furthermore, according to the European Automobile Manufacturers' Association, sales of battery electric cars in the EU continued to grow in the second quarter of 2022, accounting for 9.9% of total passenger vehicle registrations. Due to the rise in the number of battery electric vehicles, the market for electric vehicle charging stations will increase. 

Rising sales of electric vehicles is driving the demand for EV charging stations. An increase in the sales and adoption of electric vehicles is expected to drive the need for the development of charging infrastructure. Key markets for electric vehicles like the US, China, and Germany have been investing substantially in the EV charging infrastructure along with investments in research & development for the innovation of faster and energy-efficient charging methods. Significant investments by automakers are also projected to aid the rising demand for these vehicles and thus, play a huge role in the development of the market. Key EV market players like Tesla, Ford, Nissan Volkswagen, BMW, and General Motors have allocated significant budgets to R&D for the development of industry-leading EVs. Back in 2020, the EV market saw an increase of 41% in sales with approximately 3 million EV sales worldwide, despite the impact that COVID-19 had on automotive sales, as the overall automobile market size decreased by 6%. This factor shows an inclining demand for electric vehicles, which, in turn, is expected to boost the market for EV charging stations.

COVID-19 Impact on Electric Vehicle Charging Stations Market

The COVID-19 pandemic increased the potential of the electric vehicle charging stations market. According to the U.S. Department of Energy, Infrastructure for electric vehicle charging in the United States has surged exponentially since 2011. Both the locations of EV charging stations and the quantity of electric vehicle supply equipment ports have been gradually growing. The number of charging stations increased by more than 55% in 2021 alone in the States. Further, according to the China Electric Vehicle Charging Infrastructure Promotion Alliance, there were 2.617 million charging stations spread out across China by the end of December 2021, an increase of 70.1% over December 2020. In China, a total of 936,000 charging heaps, including 597,000 private and 340,000 public piles were freshly constructed in 2021. Government stimulus plans related to COVID-19 included investments in EV infrastructure from Europe and Asia. The United States might still gain significantly from this expanded global stimulus. In September 2020, the European Union also declared its intention to increase the number of public charging stations from the level of 200,000 to one million by 2025. To meet rising consumer demand, companies are ramping up production of EV charging infrastructure given that it is by far the biggest challenge to the EV industry. Although, the installation of electric vehicle charging stations was hampered by the lockdown and halt in operations in 2020 but bore growth post-2021. Thus, the market is expected to surge at an exponential rate in 2021 and its subsequent years, it is projected that the market grew at a CAGR of 39.46% in the COVID-19 scenario compared to the No COVID-19 CAGR of 36.22%.

Electric Vehicle Charging Stations Market Scope:

 

Report Metric Details
 Market Size Value in 2020  US$7,065.358 million
 Market Size Value in 2027  US$72,498.896 million
 Growth Rate  CAGR of 39.46% from 2020 to 2027
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Million
 Segments Covered  Type of Electric Vehicle, Type of Charging Station, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered ABB Ltd, Hong Kong EV Power Limited, General Electric, ChargePoint, Inc., Xcharge, Inc., Xiongan Lianxing Network Technology, Instavolt, The New Motion BV, Evgo Services LLC
 Customization Scope  Free report customization with purchase

 

Segmentation

  • By Type of Electric Vehicle
    • Battery Electric Vehicle (BEVS)
    • Plug-In-Hybrid Electric Vehicle (PHEVS)
  • By Type of Charging Station
    • AC Charging Stations
    • DC Charging Stations
  • By Geography
    • North America
      • US
      • Canada
      • Mexico
      • Others
    • South America
      • Brazil
      • Argentina
      • Chile
      • Others
    • Europe
      • Norway
      • UK
      • Germany
      • Netherlands
      • Italy
      • France
      • Others
    • Middle East and Africa
      • UAE
      • Saudi Arabia
      • Israel
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • Hong Kong
      • India
      • Thailand
      • Indonesia
      • Taiwan
      • Australia
      • Others

Frequently Asked Questions (FAQs)

The electric vehicle charging stations market is expected to reach a market size of US$72,498.896 million by 2027.
Electric Vehicle Charging Stations Market was valued at US$7,065.358 million in 2020.
The global electric vehicle charging stations market is expected to grow at a CAGR of 39.46% over the forecast period.
The electric vehicle charging stations market has been segmented by type of electric vehicle, type of charging station, and geography.
A key factor that has led to steady growth in the EV charging station market is the rising demand for energy efficiency.

1. INTRODUCTION

1.1. Market Overview

1.2. Covid-19 Scenario

1.3. Market Definition

1.4. Market Segmentation

 

2. RESEARCH METHODOLOGY  

2.1. Research Data

2.2. Assumptions

 

3. EXECUTIVE SUMMARY

3.1. Research Highlights

 

4. MARKET DYNAMICS

4.1. Market Driver

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of End-Users

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

 

5. EV CHARGING STATIONS MARKET, BY TYPE OF ELECTRIC VEHICLES 

5.1. Introduction

5.2. Battery Electric Vehicles (BEV)

5.3. Plug-In-Hybrid Electric Vehicles (PHEV)

 

6. EV CHARGING STATIONS MARKET, BY TYPE OF CHARGING STATIONS

6.1. Introduction

6.2. AC Charging Stations

6.3. DC Charging Stations

 

7. ENTERTAINMENT ROBOT MARKET,  BY GEOGRAPHY

7.1. Introduction

7.2. North America

7.2.1. US

7.2.2. Canada

7.2.3. Mexico

7.2.4. Others

7.3. South America

7.3.1. Brazil

7.3.2. Argentina

7.3.3. Chile

7.3.4. Others

7.4. Europe

7.4.1. Norway

7.4.2. UK

7.4.3. Germany

7.4.4. Netherlands

7.4.5. Italy

7.4.6. France

7.4.7. Others

7.5. The Middle East and Africa

7.5.1. UAE

7.5.2. Saudi Arabia

7.5.3. Israel

7.5.4. South Africa

7.5.5. Others

7.6. Asia Pacific

7.6.1. China

7.6.2. Japan

7.6.3. Hong Kong

7.6.4. India

7.6.5. Thailand

7.6.6. Indonesia

7.6.7. Taiwan

7.6.8. Australia

7.6.9. Others

 

8. COMPETITIVE ENVIRONMENT AND ANALYSIS

8.1. Major Players and Strategy Analysis

8.2. Emerging Players and Market Lucrativeness

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Vendor Competitiveness Matrix

 

9. COMPANY PROFILES

9.1. ABB Ltd

9.2. Hong Kong EV Power Limited

9.3. General Electric

9.4. ChargePoint, Inc.

9.5. Xcharge, Inc.

9.6. Xiongan Lianxing Network Technology

9.7. Instavolt 

9.8. The New Motion BV

9.9. Evgo Services LLC


ABB Ltd

Hong Kong EV Power Limited

General Electric

ChargePoint, Inc.

Xcharge, Inc.

Xiongan Lianxing Network Technology

Instavolt

The New Motion BV

Evgo Services LLC