Electric Vehicle Charging Station Market Worth USD 110.9 Billion by 2027, Expanding at a CAGR of 32.8% – Report by Market Research Strategy (MRS)
Albany, New York Oct 15, 2022 (Issuewire.com) – Market Overview
Market Research Strategy has published a new research report titled “Electric Vehicle Charging Station Market Status (2016-2020) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2022-2027” in its research database.
According to the latest research study, the demand for the global electric vehicle charging station market size was valued at USD 15.03 Billion in 2020, expanding at a CAGR of 32.8% from 2022-2027 to reach 110.9 Billion USD in 2027.
An electric vehicle charging station is a piece of equipment that engages an electric vehicle (EV) to a power source to recharge electric vehicles such as neighborhood electric vehicles, cars, and plug-in hybrids. Currently, the installation of advanced charging stations is increasing which are equipped with advanced features such as cellular capability, smart metering, and network connectivity.
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The worldwide industry is dominated by electric vehicle charging station manufacturers such as ABB, BP Pulse, ChargePoint Inc., Efacec, EV Solutions, EVbox, Evgo, Schneider Electric SE, SemaConnect Inc., Siemens AG, Star Charge, and Tesla Motors Inc., among others.
- In January 2021, BYD introduced and certified a new 150 kW DC Plug-in CCS Type 1 Charger. It was tested to meet international safety and equipment life standards. This charger was designed primarily for electric buses and trucks.
- In June 2021, ChargePoint launched a comprehensive and highly competitive electric fleet charging portfolio. It optimizes the costs, charging time, energy usage, and fuel cost of EV fleets by utilizing ChargePoint’s AC and DC charging systems.
The electric vehicle charging station market is driven by the rising sales of electric vehicles across the globe. For instance, according to the International Energy Agency, in 2021, global electric vehicle sales doubled which is about 6.6 million as compared to the previous year. Furthermore, the increasing government initiatives for EV sales are one of the prominent factors that influence the market. The Electric Vehicles Initiative (EVI) is a multi-governmental policy forum that was originally established in 2010 as part of the Clean Energy Ministerial (CEM). Recognizing the opportunities presented by EVs, the EVI is committed to accelerating EV adoption globally. For instance, in October 2021, the federal government announced 100% zero-emission LDV sales by 2035 in Chile. Thus, the aforementioned facts support the development of the global electric vehicle market, which in turn, drives the growth of this industry growth to a great extent.
The increasing adoption of electric vehicles owing to the significant environmental impacts of gas-powered vehicles and the fluctuation in the prices of energy drive the market growth. For instance, In the United States, EV adoption is picking up as gas prices reach all-time highs. According to an American Automobile Association survey, one-quarter of the American population intends to buy an EV. In addition, 77% of those looking to buy a plug-in vehicle said they were motivated by a desire to save money on gas. However, the high installation cost of EV chargers might be hindering the growth of the market during the forecast period.
Based on geography, the global electric vehicle charging station market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific region is expected to dominate the market during the forecast period. The growth in the region is attributed to the growing environmental concerns among individuals and the government and the growing number of electric vehicles.
Furthermore, in the Asia Pacific region, the market is particularly driven by the countries like China and India. For instance, according to Canalys, in 2020, approximately 1.3 million EVs sold in China represented 41% of global EV sales, chasing Europe (42% of global EV sales). In terms of EV share, China remains far ahead of the US; in the US, EV sales will account for only 2.4% of total sales in 2020.
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The worldwide electric vehicle charging station market is segmented based on vehicle type, charger type, application, and region.
Depending upon the charger type, the industry is segmented into AC and DC charging stations. During the year 2021, the AC charging station segment dominated the whole market and is likely to show its dominance during the study period. AC charging is capable of charging vehicles within longer dwell times and fully guarantees on-time departure. On the other hand, DC charging station is growing at a faster pace during the forecast period owing to their advantages such as the ability to charge more quickly and serve more drivers in a day.
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