Global Electric Vehicle Charging Stations Market Outlook, 2027

An electric vehicle charging station was also known as electric vehicle supply equipment (EVSE) is equipment that connects an electric vehicle (EV) to a source of electricity to recharge electric cars. The electric vehicle charging station market is growing as rapidly as the electric vehicle market. By application type, the charging station is divided into two parts i.e. public and private charging stations. Charging stations at private places and public destinations may help bolster market acceptance.

Charging equipment for plug-in electric vehicles is classified by the rate at which the batteries are charged. Charging times vary based on how depleted the charging station is, charging station types, how much energy the charging station holds, and the type of charging equipment. According to the report titled “Global Electric Vehicle Charging Station Market Outlook, 2027” published by Actual Market Research, the charging station market is expected to grow at a CAGR of more than 30% in value market size by the end of the forecast period. By charger type market is segregated into two main types i.e. slow chargers and fast chargers. The slow charger is leading with more than 88% of the value market share. Correspondingly, the fast charger is the fastest-growing segment in value market share and is expected to capture a higher market share in the forecast period.

There are mainly three levels of electric vehicle charging i.e. Level 1, Level 2, and Level 3 charging. Level 1 and Level 2 charging is generally alternating current (AC) charging which is also known as slow chargers. Level 3 charging is broken into Direct Current Fast Charging (DCFC) and various other fast charging such as Tesla Supercharging, Terra 360 and CHAdeMO charging. The higher the level of charging, the faster the charging process, as more power is delivered to the vehicle. According to the report, the Level 1 charging segment is leading with more than 71% of the volume market share. Followed by Level 2 charging and then Level 3 charging. By application type of charging market is segregated into public and private charging. Public charging infrastructure is vital to supporting existing electric vehicles while encouraging future adoption. Public charging infrastructure has continued apace over the past year on the back of significant investment from the governments and various private sectors. Adoption of charging stations in private places is rapidly increasing as growth in sales of electric vehicles. According to the report, the private segment has a market share of more than 65% volume market share correspondent to the public segment has the lowest market share, however, the public segment is likely to capture a higher market share in the forecast period.

There are various factors responsible for the year-on-year growth of the electric vehicle charging market globally, such as an increase in sales of electric vehicles, environmental awareness among people and various government incentives toward clean energy. By region, Asia-Pacific is leading the market with the highest installation of charging stations globally. The reason behind this is the adaptation of electric vehicles in China. By volume share, Asia-pacific is leading with more than 45% market share, followed by Europe. By country, China is leading with more than 50% of value and volume market share.

The electric vehicle (EV) segment is still taking tentative steps towards mainstream proliferation in the global context. The electric vehicle and charging station industry had faced many challenges in the pandemic situations globally. Sales of the electric vehicle significantly affected in COVID-19 situation along with the wider automotive industry. The lockdown has shown immediate impacts on the supporting industry of EV charging services, and the related supply chain for charging station deployment. However, governments across the globe think of ways to reemerge from this pandemic with an economy that is stronger and more resilient than it was before, EVs and charging stations continue to get a significant amount of attention. Governments across the globe have introduced various schemes and initiatives to encourage buyers to choose EVs over conventional vehicles. APAC, Europe, UK are some of the countries offering various incentives for people looking to purchase an EV due to this the Electric Vehicle Charging Station Market will have more demand in the upcoming years.

Driver

• The rising popularity and use of electric cars have necessitated the development of charging infrastructure. Leading EV markets including China, the United States, and Germany are spending heavily on EV charging infrastructure as well as R&D for quicker and more efficient charging techniques. Significant expenditures by enterprises are projected to respond to the expanding demand for EVs and play a significant influence in the market's growth. Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors all have large R&D resources for EV research. Despite COVID, the globe experienced a 43% increase in EV sales in 2021, with roughly 4 million EV sales, while the total vehicle industry decreased by 7%. This demonstrates the increasing demand for electric vehicles and EV charging stations.

Challange

• The development of the EV industry, as well as variances in charger types, has necessitated the standardization of EV charging stations. Some EV charging stations may be only compatible with a specific voltage. AC chargers, for example, give a voltage of 120V AC via level 1 charging stations and 208/240V AC via level 2 charging stations. DC chargers, on the other hand, allow quick charging using 480V AC. Many governments need to standardize charging infrastructure in order to build a favourable ecology and encourage EV sales.

Recent Developments

• In May 2022, Tata power won the bid for a 300MW solar project from the government firm NHPC, and also started a joint venture with Hyundai India to grow its EV charging station infrastructure in India.
• In April 2022, ABB announced a global framework deal with Shell to deliver its technology to aid in the expansion of the latter's EV charging network. This deal expands on the two companies' relationship that began in 2019 and includes ABB's Terra 360 rapid charger.
• In February 2022, Siemens Smart Infrastructure in the United States announced a new sustainable, EV charging concept structure aimed at electrifying fleets and high-demand charging applications at scale. The new VersiCharge XL concept (UL standard) was developed to quickly and efficiently electrify new or existing parking lots and building structures in the United States by utilizing a modular, scalable design created in collaboration with Nexii Building Solutions using their proprietary, sustainable building material with a low carbon footprint.

Major Companies Present in the market:
ChargePoint Holdings, Inc., Shell, Tesla Inc., BP, ABB, RWE, Siemens, Efacec, BLINK CHARGING co. , Eaton Corporation plc, SCHNEIDER ELECTRIC, WEBASTO GROUP, Leviton Manufacturing Co. Inc., Phihong USA Corp., EV Safe Charge Inc., Tata Power.

Considered in this report:
• Geography: Global
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report:
• Global Electric Vehicle Charging Station market with its value and forecast along with its segments
• Region-wise electric vehicle charging station market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report:
• North America
• Europe
• Asia-Pacific
• Rest of the world

Types of chargers in the report
• Slow/ Moderate
• Fast

Type of charging levels:
• Level 1 (AC charging)
• Level 2 (AC charging)
• Level 3 (DCFC)

By Application type:
• Public
• Private

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analysis the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have to start verifying the details obtained from secondary sources.

Intended audience:
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the electric vehicle charging station industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

This report would help you answer the following questions:
1. At what rate the global electric vehicle charging station market will grow in the forecast period?
2. What are the types of electric vehicle chargers?
3. What are the different types of electric vehicle charging levels?
4. Which electric vehicle charger type is leading the market?
5. What is the impact of COVID-19 on the global electric vehicle charging station Market?
6. What are the different types of charging stations by applications?

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