According to a new
market research report titled “Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2,
DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware,
Software, Services), Mounting Type (Wall, Pedestal, and Ceiling) Vehicle Type,
End-user, and Geography— Global Forecast to 2028”, published by Meticulous Research®, the electric
vehicle charging stations market is expected to grow at a CAGR of 26.4% from
2021 to 2028 to reach $103.6 billion by 2028. By volume, this market is
expected to grow at a CAGR of 31.1% from 2021 to 2028 to reach 11.6 million
units by 2028.
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The report defines
electric vehicle charging stations as a site where one or more EVSEs (Electric
Vehicle Supply Equipment) are installed. These sites can be residential or
commercial. These stations provide electric power to the vehicle. Electric
vehicle charging stations commonly called charging dock, charging pile, or
EVSE, include the electrical conductors, related equipment, software, and
communications protocols that deliver energy efficiently and safely to the
vehicle.
The growth of this
market is backed by the government initiatives to drive the adoption of
electric vehicles and associated infrastructure, rising demand for electric
vehicle fast-charging infrastructure, increasing prevalence of range anxiety,
and increasing deployment of EVs by shared mobility operators. Moreover,
increasing R&D in V2G technology, increasing adoption of electric mobility
in emerging economies, and growing deployment of charging stations by retail
MNCs provide significant opportunities in this market. However, the high
initial cost of installation obstructs the growth of this market to some
extent. High electricity tariffs in developing economies is a major challenge
for the growth of the electric vehicle charging stations market.
The Impact of COVID-19
on the Electric Vehicle Charging Stations Market
The COVID-19 pandemic
outbreak has caused a widespread economic downturn. Several countries imposed
strict lockdowns to contain the infection, thereby leading to the shutdown of
manufacturing industries and disruptions in supply chains and production
schedules. There has been a significant impact on technology supply chains
globally. The economic slowdown has significantly disrupted the automotive
industry, causing rapid declines in light vehicle sales. The light vehicles
market experienced a decline in revenue close to 20% in 2020. Furthermore,
shifts in consumer purchasing behavior due to uncertainty surrounding the
pandemic are expected to have significant consequences for the industry's
near-future growth. Meanwhile, shortfall and cash crunch have already affected
fleet operators' sales, which is expected to widen further in the coming
months.
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There has been around
a 12% decline in the revenue generated by EV charging station solution
providers in 2020 as the demand for electric vehicle charging infrastructure
has been impacted significantly. Major investments for deploying EV charging
infrastructure have halted since most EVSE manufacturers worldwide have been
affected due to government restrictions and nationwide lockdowns. For instance,
in the U.K., ubitricity and Pod Point halted the construction of new charging
stations for the second phase of the Go Ultra Low City Scheme. Similarly, Rolec
Services announced temporary suspension of the manufacturing of EV charging
stations in the U.K. due to COVID-19 restrictions. These developments have
negatively impacted the electric vehicle charging stations market globally
since EV charging stations have high installation costs, and market
stakeholders have halted the investments in this space.
However, most
governments from affected regions have turned to infrastructure rehabilitation
for stimulating economic recovery. Several governments are investing in
charging infrastructure either through direct investments for public charging
stations or by providing subsidies for installing private charging stations at
homes and workplaces. Overall, the pandemic has significantly affected the
electric vehicles industry and related industries such as EVSE. The COVID-19
crisis has mildly impacted the electric vehicle charging stations market.
However, it is expected to witness a decline, as it will take time to recover
from the losses incurred during the COVID-19 pandemic.
Supportive government
initiatives for charging infrastructure to drive the demand for EV charging
stations market
With technological
advancements in electric drivetrain technology, governments worldwide are
pushing for transitioning to electric vehicles as a sustainable public and
private transportation model. Considering the environmental benefits offered by
EVs, governments are increasingly offering incentives and subsidies to purchase
EVs and associated charging infrastructure.
Charging stations are
an important part of the electric vehicle ecosystem. Several governments
provide funding for charging infrastructure development to address the
increasing charging infrastructure for electric vehicles. For instance, Norway
has established an extensive charging infrastructure to support the adoption of
EVs. The government aims to set up fast-charging stations at every 50km. In
2018, Norway became the first country to deploy wireless charging systems for
electric taxis operating in Oslo, reducing the need to find chargers and
plug-in to charge. Such government initiatives aimed at enhancing the EV
charging infrastructure in respective countries play a pivotal role in driving
the growth of the electric vehicle charging stations market.
Key Findings in
the Electric Vehicle Charging Stations Market Study:
To provide efficient
analysis, Meticulous Research® has segmented this market based on charging type (level 1,
level 2, DCFC), connection type (pantograph, connector, wireless), component
(hardware, software, services), mounting type (wall, pedestal, and ceiling),
vehicle type (passenger cars, heavy commercial vehicles, light commercial
vehicles, two-wheelers & scooters), end user (commercial EV charging
stations, residential EV charging stations), and geography (Asia-Pacific,
Europe, North America, Latin America, and the Middle East and Africa).
Based on charging
type, the electric vehicle charging stations market is mainly segmented into
Level 2, Level 1, and DC fast charging. The DC fast-charging segment is
projected to grow at the highest CAGR during the forecast period. The high
growth of this segment is mainly attributed to growing government initiatives
for installing fast-charging stations, rebate on the purchase of DC
fast-charging stations, increasing investments from automakers towards the
development of DC fast-charging station infrastructure to support their
long-range battery-electric vehicles, and ability of DC fast chargers to
provide faster charging as compared to Level 1 & Level 2 charging stations.
Based on connection
type, the connectors segment accounted for the largest share of the electric
vehicle charging stations market in 2020. The large share of this segment is
mainly attributed to government and automakers initiatives to expand the DC
fast-charging station infrastructure, increasing investment by stakeholders of
electric mobility in emerging economies for developing EV charging
infrastructure, and increasing collaboration between electric vehicle charging
station providers and utility companies and fuel station operators to deploy
charging stations for electric vehicles. However, the wireless EV charging
segment is expected to grow at the highest CAGR during the forecast period.
Based on component,
the hardware segment accounted for the largest share of the electric vehicle
charging stations market in 2020. The large share of this segment is mainly
attributed to infrastructural developments supporting the transition to
electric mobility, increasing demand for EV charging stations in developing and
developed economies, and attractive fiscal and non-fiscal incentive plans for
setting up manufacturing units of EV charging stations and related components. However,
the software segment is expected to grow at the highest CAGR during the
forecast period.
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Based on mounting
type, the wall mount segment accounted for the largest share of the electric
vehicle charging stations market in 2020. The large share of this segment is
mainly attributed to the cost-effectiveness of the wall mount chargers, easy
installation process, and various fiscal and non-fiscal incentives to private
property owners and management companies for the development of EV charging
infrastructure. However, the pedestal mount segment is expected to grow at the
highest CAGR during the forecast period.
Based on vehicle type,
the electric vehicle charging stations market is segmented into passenger cars,
light commercial vehicles, heavy commercial vehicles, and two-wheelers &
scooters. The light commercial vehicles segment is expected to grow at the
highest CAGR during the forecast period. The rapid growth of this segment is
mainly attributed to growing awareness regarding the role of electric vehicles
in reducing emissions, increase in demand for electric vehicles to reduce fleet
emissions, and stringent government rules and regulations towards vehicle emissions.
Based on end user, the
electric vehicle charging stations market is segmented into commercial EV
charging stations and residential EV charging stations. The commercial EV
charging stations segment accounted for the largest share of the electric vehicle
charging stations market in 2020. The large share of this segment is mainly
attributed to the growing number of EV charging stations in public places like
shopping malls, restaurants, commercial buildings, parking areas, railway
stations, and airports; and government initiatives for the installation of
publicly accessible charging stations. Moreover, this segment is expected to
grow at the highest CAGR during the forecast period.
Geographically, the
market is segmented into five major regions: North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific
region is estimated to account for the largest share of the electric vehicle
charging stations market in 2020. The large share of this region is primarily
attributed to the growing demand for electric vehicles in countries such as
China and Japan, rising government initiatives to reduce greenhouse gas
emissions, which, in turn, is poised to increase the adoption of electric
vehicle and associated charging infrastructure, and ongoing investments by
various countries for robust charging infrastructure used in shopping malls,
public buildings, and parking facilities.
The key players
operating in the electric vehicle charging stations market are Webasto Group
(Germany), EVBox Group (Netherlands), Electrify America LLC. (U.S.), BP p.l.c.
(U.K.), Royal Dutch Shell PLC (Netherlands), Evgo Services LLC. (U.S.),
Connected Kerb Limited (U.K.), Wanbang Xingxing Charging Technology Co., Ltd.
(China), Électricité de France (France), Tesla, Inc. (U.S.), Hangzhou AoNeng
Power Supply Equipment Co., Ltd. (China), EV Charging Installers of America LLC
(U.S.), Addénergie Technologies, Inc. (Canada), EV Connect, Inc. (U.S.), and
ChargePoint Holdings, Inc. (U.S.).
TOP 10 COMPANIES IN ELECTRIC VEHICLE CHARGING STATIONS
MARKET
Scope of the Report
Electric Vehicle
Charging Stations Market, by Charging Type
- Level 2
- Level 1
- DC Fast
charging
Electric Vehicle
Charging Stations Market, by Connection Type
- Connectors
- Pantograph
- Wireless EV
charging
- Static
wireless EV charging
- Dynamic
wireless EV charging
Electric Vehicle
Charging Stations Market, by Component
- Hardware
- Electric
Vehicle Supply Equipment (EVSE)
- Electrical
Distribution Systems
- Cable
Management Systems
- Software
- Charging
Station Management Systems (CSMS)
- Interoperability
Solutions
- Open Charge
Point Protocol (OCPP)
- Smartphone
Applications
- Services
- Maintenance
Services
- Systems
Integration & Installation Services
Electric Vehicle
Charging Stations Market, by Mounting Type
- Wall Mount
- Pedestal
Mount
- Ceiling
Mount
Electric Vehicle
Charging Stations Market, by Vehicle Type
- Passenger
Cars
- Heavy
Commercial Vehicles
- Light
Commercial Vehicles
- Two-wheelers
& Scooters
Electric Vehicle
Charging Stations Market, 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
Electric Vehicle
Charging Stations Market, by Geography
- Asia-Pacific
(APAC)
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Rest of
Asia-Pacific (RoAPAC)
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Netherlands
- Sweden
- Norway
- Denmark
- Rest of
Europe (RoE)
- North
America
- Latin
America
- Middle East
& Africa
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