Electric Vehicle Charging Station Market Size to Cross $290 Billion Revenue by 2030

Electric Vehicle Charging Station Market Snapshot

“The Global Electric Vehicle Charging Station Market is expected to grow rapidly at a 28.5% CAGR consequently, it will grow from its existing size of from $53 billion in 2023 to $290 Billion by 2030.”

The electric car, sometimes known as an EV, utilizes one or more motors that are electric or traction to drive. The electric vehicle could be powered by the collector system using electricity generated from sources other than vehicles or it could be a self-contained unit that is equipped with solar panels, a battery and an electricity generator that convert electricity into fuel.

A charging station for electric vehicles or EV charging station or electric recharging point charger point or the electronic charger (ECS) is a component in the infrastructure that supplies electricity for the charging of plug-in electric vehicles such as electric cars, neighborhood electric vehicles, as well as plug-in hybrids.

Energy efficiency has become the top priority, which is further heightened by the growing concern about changing climates and increasing prices of oil in nations that have significant dependence on fossil fuels imported from abroad and this has led to the requirement for an electric vehicle charging stations in the country.

Benefits of Electric Vehicle Charging Station

• An increase in the quantity of charging stations can increase the sales of electric vehicles since they'll be less range anxiety.
• It's always good for our environment.
• It will increase the employment of direct and indirect workers in the countries.
• Excellent opportunity for young entrepreneurs to put up charging stations in their locale.

The workings on EV Charging station

The charging station for electric vehicles is made up of a range of electric vehicle charging devices Each electric vehicle charging machine consists of capacitor, transformer and control unit with a high quality processor, with built-in memory for the application software used to operate the station. The charging station is equipped with the charging cord and plug that connects to your vehicle with the appropriate plug.

It has been designed with stand dimensions that fit into the port for the charger of your vehicle. The electricity generated from the grid is then transferred to an electric vehicle charging machine through the appropriate control panel and distribution system which is comprised of a variety of safety and failsafe equipment that are required to handle the proper electrical load. The power source is then supplied to an electric vehicle charging device which uses its transformer to adjust its input AC voltage to the desired value the value is determined by the level of charging that is selected by the person using it.

Level 1 Charging options provide 110-120V AC in alternating current at the charging point. Level 2 Charging provides 220-240V AC at the charging point and the Level 3 option requires a a 3 phases of input AC supply that is transferred through a transformer and a rectifier, then circuit that reduces the ripple factor in order to get the DC power supply that is delivered to the charging point.

The various interfaces and control actions are controlled by the control system based on the software feed of the device, and based on that it is classified as a smart or dumb charging machines. The processor in the control unit executes the algorithm for data built into the software based on the inputs are required from the user. Based on the inputs, charging of vehicle occurs.

Demand Outlook

The rising emissions of carbon dioxide and other harmful pollutants resulting in the transportation sector has led to the use for electric cars. In the end, there is an increasing demand for charging infrastructures for electric vehicles both in residential and business locations. The increased cooperation between automobile manufacturers to develop charging infrastructure and the possibility of a subscription model will also increase the market expansion.

When contrasted with residential areas commercial locations have the highest usage of charging technology for electric vehicles. Because of the growing use of electric vehicles and the increasing number of charge points for businesses is anticipated to increase. The need to upgrade the chargers within commercial zones will be crucial in boosting the usage of electric vehicles. overnight charging at residential buildings or at individual homes would not be adequate for long distance travel.

The main factors that drive the growth of the market are government initiatives to promote the use of electric cars and infrastructures, increasing demand for electric cars with rapid charging infrastructures, and the increasing use in electric vehicle technology by sharing mobility operators. Market players stand to gain from more research and development in the field of vehicle-to-grid technology, as well as the growing adoption for the electric vehicle in the emerging countries.

The rising interest in electronic vehicle is among the major factors behind the rapid growth of the EV charging stations. This growth is further fueled by government support for those who are the Original Equipment Manufacturers (OEM) for the installation of charging stations. In December of 2016, ChargePoint Inc. was given USD 4 million by the California Energy Commission (CEC) to complete the West Coast Electric Highway that connects Baja California to British Columbia with charging stations for electric vehicles.

In addition, the growing popularity of mobility as an Services (MaaS) is will boost the market's expansion. Additionally, the rise in the EV charging stations is fueled by the heightened focus on subscription-based charging models. Based on the model, several utilities like Vattenfall and Vattenfall AB, Duke Energy Corporation, and New York Power Authority have signed partnerships with OEMs to offer service through subscriptions to customers.

For instance, in April 2019, Duke Energy Corp. has signed a partnership contract together with ChargePoint Inc. for offering subscription-based services to its electric vehicle driver customers within North Carolina. U.S. state of North Carolina.However the various costs related with the infrastructure for charging EVs which include the cost of maintenance, installation costs and operating costs have a negative impact on market's expansion.

The governments across the globe have switched their focus away from other tasks towards health and medical establishments due to the COVID-19's pandemic. During the time of the outbreak strict lockdown guidelines were enforced in all countries. These restrictions hindered the working process of all industries. Many were forced to remain at home in order to keep social norms of distancing and prevented the coronavirus from expanding, which impacted the accessibility of workforce. But, since every country lifted the restrictions on lockdowns, the current projects will resume as well as the charging station market is expected to grow substantially.

Key Takeaway

• According to a report released by the International Energy Agency (IEA) in 2020, China own total 50 percent of slow chargers and 80 percent of fast chargers worldwide.
• Through charging Level 2 segments, Level has accounted for 70% of the revenue share by 2023.
• Through charging methods plug-in charging, the segment has been able to generate revenue of about 84% in 2023.
• As for the end user the residential segment has maintained a revenue share of about 67% until 2023.
• In 2022 the public chargers application segment was the largest market share, accounting for about 83%.
• DC charge station segments earned the highest revenue share of 74% in 2023.

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Electric Vehicle Charging Station Market Dynamics

Growth Drivers

A growing number of people are using the grid-to-vehicle electric charging stations for cars

Vehicle-to-Grid electric vehicle charging an arrangement in which electric vehicles with plug-ins and the grid exchange electricity across both directions. Electric vehicles can store and then discharge energy they don't need to the grid by using grid-to-vehicle technology. This improves the efficiency that the electric component and enhance efficiency of electrical vehicles.

Increasing Sustainability

Installing charging stations We can demonstrate to clients and prospective employers that you are taking steps to promote sustainability and reduce emissions. One of the most simple steps a company can do to improve its sustainability program is to install charging stations for electric vehicles. It's easy to pick an intelligent EV charging infrastructure if you want to integrate EV charging in your business's sustainability plan. Dashboards are commonly used in intelligent EV charging.

Development in the EV Infrastructure

To facilitate EV users to find near charging facilities, the company that makes of EV charging stations also provides cloud-based apps for connectivity. Furthermore, it aids those who manage the charging stations, by boosting the number of people who walk past from nearby electric vehicles.

Furthermore, it pushes the development of a substantial EV charging infrastructure ahead, which boosts the incentive and profits of EV charging companies. Not to mention, EV charging manufacturers like Griden offer ongoing support for creating or maintaining charge stations, so you can keep leveraging profits for your business without a hitch.

Restraints

Stringent government regulations

Many governments have implemented strict regulations regarding the installation and placement of charge stations. In the event of installing chargers service providers must follow certain guidelines. If the installation is situated in private land, they require permission from the plot owner and local authorities for regulatory requirements, as well as utilities companies to transfer energy.

Lack of Vehicle-grid Interoperability

There should have more agreement, logistical and communication channels among utility companies, grid operators and manufacturers of charging. Inability to come to an agreement on the broad-scale implementation of a low-cost reliable, safe, and secure electric vehicle charging system for drivers has hampered the options.

These partners are all essential for the processes and technology that the vehicle-to-grid infrastructure has enabled. This is usually because of the information that is withheld from the utility or government firms that would otherwise be disclosed to charging network service providers. This often slows development times and lowers the profitability of the project.

Opportunities

Sales of electric automobiles

The increasing acceptance and use in electric vehicle has brought to light the need to develop charging infrastructure. Leading markets for electric vehicles have invested large amounts of money on charging infrastructure and R&D to create efficient and faster charging techniques. Automobile manufacturers are expected to see significant outflows fulfill the rising demands for electric cars, and to play an important role in the development of the market.

The demand for cleaner transport

One of the aspects of a more general trend of mobility is electric vehicles. In addition to becoming more efficient, our vehicles will also be self-contained, connected and shared. When these technologies are utilized, planners of transportation think that emissions, traffic and accidents will drastically reduce. There is no longer a belief that all adults will drive a vehicle that is powered by combustion.

Carpooling is a possibility for us. Electric scooters, electric mopeds and electric bikes are all able to be utilized as last-mile transport. Furthermore connected electric vehicles create information planners can use to organize parking and roads. Smart EV charging stations are the beginning of a massive change. Making more area on the road for cyclists, pedestrians and green spaces could come following.

Challenges

Chargers with high costs

The initial cost for Level 3 fast chargers as well as ultra-fast chargers is substantial. For vehicles powered by fossil fuels, the majority of people would prefer 5-7 minutes. However levels 1 and 2 chargers allow safety for driving for 6 to 16 hours once fully charged. The charge time for these fast chargers is under 30 minutes.

Electric Vehicle Charging Station Market Segment Analysis

Level of Charging Insights

Level 3 chargers are intended for use in industrial. A battery can be charged between 16 and 32 times faster at a Level 3 charging station compared to an equivalent level 2. The capacity of Level 3 charging stations is being increased by research. In the near future the fueling of a traditional vehicle takes more time than charging an electric vehicle at a Level 3 charging station.

The third charging level is the highest output of all levels and can charge significantly faster than the previous two. The third level, which includes DC Fast Charging requires a specific cable to withstand larger electrical loads. Furthermore, they are handled by companies outside of the company according to NeoCharge.

For example the Level 3 stations function as Tesla Superchargers. Similar to other stations from third parties, they offer direct current fast charging. The main difference is that these stations operate on vehicles that bear that Tesla brand. Other EVs can't currently use Superchargers.

Charging Station Type Insights

DC charging stations dominated the electric vehicle charging station market, with the highest revenue share by 2023. This is mostly due to the speed of charging and the attractive price for DC chargers. It is because the DC charging station charges the battery through the conversion of the power prior to entering the converter in the car. It is the DC charging station directly charges the battery when it converts electricity before it enters the converter in the car.

In addition, the rapid growth in the use of new technologies including Near-field Communications (NFC) as well as radio frequency Identification (RFID) that are used for charging stations located along highways, also contributes to in the DC charging market.

Numerous leading firms are investing in the creation of electric vehicle charging wireless systems since wireless charging is a potential to expand substantially for players on the market for electric charging stations for vehicles. For example, Korean automaker Hyundai released the first wireless charging EVs by introducing its Genesis GV60.

The same was quickly followed by Chinese automaker FAW that teamed up with the real property major Wanda Group to develop 60 automated parking garages, which include in addition to car charging stations that can be used by various kinds of vehicles. China became the initial nation to adopt wireless charging and it is predicted that the technology will grow.

Wireless charging also allows the charging of electric vehicle drivers a completely new experience. For those who offer vehicle-to-grid (V2G) services wireless charging can open up new opportunities for business.

Vehicle Type Insights

The governments of the world are encouraging the development of vehicles as a response to the growing concern regarding the environmental impacts of regular automobiles. Zero-emission vehicles, also known as electric vehicles are becoming increasingly popular as an environmentally friendly mode of public transportation around the globe.

To encourage the usage of EVs many government agencies offer financial incentives, including tax refunds and tax exemptions less tolls and parking fees for EVs and free charging and even subsidies. Therefore, the battery-electric vehicle sector is growing quickly. Electric cars require lower maintenance than combustion engine internals because they are equipped with fewer moving parts.

Electric vehicles require less maintenance than diesel or gasoline vehicles. Therefore, the cost per year of operating an electric car is affordable. Registration and tax of electric cars are lower costly than diesel or gasoline-powered vehicles. These components are fueling battery electric vehicle growth globally.

Connector Type Insights

The AC charging specification developed by renowned connection manufacturer Mennekes was well-received by users of EVs and is widely used across Taiwan, Europe, Australia, Southeast Asia, and Australia. The absence of a pin on the device is what differentiates Type 2 from other types. Customers are able to choose SINBON's 20A,32A, and so on.

Because of the growing demand for electric automobiles and electric vehicles, there is an increased demand of charging facilities. In the process, new products are being developed and there's more range of EV chargers available.

AC charging chargers have to be able to arrive quicker. Electric vehicles can be fully charged in about 3 minutes, based on its maximum capacity of 22 kW. Most European electric vehicles have their Type 2. This connector is the one that chargers typically have.

Application Insights

Public charging stations accounted for a large revenue share in year 2022 because they are cost-effective compared to the companies that manufacture them. Additionally, they offer ample parking spaces and are open to the people in the public.

However private charging stations are typically homes or workplaces stations that are accessible only to owners or the access to the public. In the end, manufacturers and utilities are also focusing on the creation of public charging stations. Therefore, the significant benefits provided by public charging stations over private ones fuel the growth of the market.

The next phase of development for the EV business is focused on the realm of public EV charging. It needs to be accessible and reliable to enable to allow the EV sector to sustain its growth. Public EV charging refers to any location that permits users of the public to recharge their cars regardless of whether it's at specially-designed charging stations (like the ones found in gasoline stations) or in establishments with accessible to the public, such as apartments and stores. There are no limitations on the number of motorists are able to use the charging stations that are accessible to the public.

The benefits of charging in public EV charging have many benefits. Tax incentives as well as other incentives to finance charging at the state, federal as well as local levels help to fund the majority of charge infrastructure for public use. The widespread use of public charging also results in charging public. Although station usage increases revenue however, it's net-positive for sustainability. Because of the higher revenue and utilization owners could be able to take advantage of greater opportunities.

Mounting Type Insights

A circuit specifically designed to handle more load than the typical household circuit, connects the wall mounted device to the electric grid. Mobilize's power solution is available to anyone who wishes to charge their vehicle at home, or to business owners looking to include electric vehicles in their fleet. In addition, any driver of an electric car who lives in a shared apartment can have an electric charging station set up within their parking area in a growing number of countries, such as Spain, France, India as well as Japan.

With this advanced technology, one could be able to, for example, use an electric motor to charge in the evening when there is a lower demand for electricity and then use the power to power homes throughout the daytime (V2H) or assist in balancing the energy supply of the nation or local demand and supply (V2G). A more balanced supply of power means lower prices and more reliable power for all.

By End User

A dependable and modern commercial EV charging station is crucial for your business or local government, as many businesses are looking to transform their fleets into electric vehicles, while also providing EV charging options for customers and visitors. Think about the software and service supplier EV Connect for electric vehicle charging.

It offers the possibility of charging electric vehicles in public or private educational, and hotel establishments. The platform is designed to create and maintain the industry's most reliable and flexible cloud-based system for managing charging stations as well as drivers who use the stations. The service gives charging station-agnostic commands and handles driver communications for enterprise, and support, demand response capabilities across several charging networks energy systems integration through an API that is open and many more.

Competitive Landscape of the Electric Vehicle Charging Station Market

• Wi Tricity Corporation
• Toshiba Corporation
• AeroViroment, Inc.
• Mojo Mobility, Inc.
• General Electric
• Robert Bosch GmbH
• Chargemaster plc.
• Evatran Group
• HellaKGaAHueck& Co.
• Siemens AG
• Leviton Manufacturing Co., Inc.
• Efacec
• Alfen N.V.
• Denso Corporation
• Elix Wireless
• Tesla Inc.
• ClipperCreek
• Engie
• Infineon Technologies AG
• Qualcomm Technologies, Inc.
• ABB Ltd.
• ChargePoint, Inc.
• EVgo Services LLC.
• Allego
• Scheinder Electric
• Blink Charging Co.

Recent Developments in Electric Vehicle Charging Station Market

November 1, 2023: Thailand on Wednesday approved a drawn down subsidy package for its booming electric vehicle industry, as the top regional auto hub looks to continue its strong EV sales momentum while balancing budgetary support, a government official said.

18 October 2023: Siemens wins major contract in Turkey for 200 EV fast chargers and digital services

Aug 11, 2023: The top nine cities in India, each with a population of over 4 million, will need 18,000 public electric vehicle (EV) charging stations by 2030, the government said. The information was provided by the minister of heavy industries Mahendra Nath Pandey in response to a question in the Lok Sabha.

Chargemaster PLC declared the acquisition of infrastructure supplier Elektromotive Limited, as well as its subsidiary, in 2017. The former intended to enhance its existing portfolio and client offerings with this acquisition. Chargemaster PLC, the UK's top provider of electric vehicle chargers and operator of the country's largest electric vehicle charging network, was bought by BP PLC in 2018. Chargemaster PLC was renamed BP Chargemaster after the acquisition. BP PLC was able to construct a fast and ultra-fast charging network on its forecourts in the UK as a result of the acquisition.

In October 2022, The CP6000, ChargePoint's most adaptable and reliable global AC EV charging solution, has been launched by ChargePoint Holdings, Inc. a leading provider of electric vehicle (EV) charging networks. It is now accessible for vehicles of all shapes and sizes.

In October 2022, Wall Connector, a home charging station compatible with other electric vehicles, is introduced by Tesla.

In September 2022, Shell unveiled its first EV charger for India's two- and four-wheeled vehicle markets. The initial market for Shell's two-wheeler chargers in India. The firm wants to provide its clients with safe, environmentally friendly, and integrated mobility solutions through the Shell Recharge Stations, therefore it expects to install more than 10,000 charging stations across India by 2030. All of the energy used by the Shell Recharge chargers is renewable.

DENSO, a leading mobility supplier, has deployed five EV ARC™ solar-powered charging systems from Beam Global (Nasdaq: BEEM, BEEMW), a leading clean technology provider, at its Maryville, Tennessee, location. The charging systems, which have been installed at buildings across campus, are available to all DENSO employees with battery electric vehicles (BEVs) and plug-in hybrid vehicles.

In February 2022, With the Ford Charge Station Pro, a specially designed electric vehicle (EV) charger for the Ford F-150 Lightning, Siemens eMobility announced that it has collaborated with Ford. The newly enlarged Underwriters Laboratories (UL) 9741, a significant industry standard that assures goods fulfill safety criteria, has certified this cutting-edge charger as the first bidirectional-ready EV solution that is slated for delivery at the retail customer scale. The new charging station also has a 19.2 kW peak power, which is the highest power rating currently offered for a Level 2 charging station.

Electric Vehicle Charging Station Market Regional Insights

Asia Pacific dominated the global charging stations for electric vehicles in 2022. It is anticipated to be the largest market over the next few years. This is due in large part to the increased investments made by the governments of China, South Korea, Japan and other Asian nations to install charging infrastructures.

In April of 2020, China announced its plan to invest USD 1.43 billion by 2020 to continue its lead in the EV adoption. In the same way, Singapore, India, Korea and Japan are investing in charging infrastructure for electric vehicles to increase its use within their regions.

The demand for EV charging stations in Asia-Pacific is encouraged by the growing number of government initiatives. In the month of July people belonging to the Alliance stated that 566,000 charging stations for public use were installed and operating across the nation according to figures published through the China electric charging infrastructure promotion in the month of August, 2020.

In addition in 2050 the Japanese government will change all new vehicles sold in Japan to hybrid or electric vehicles. The government plans to cut carbon dioxide emissions as well as other greenhouse gases by about 80percent per vehicle. This means that market growth in the this region is anticipated within the next few years.

Europe as well as North America witness moderate growth in the electric charging stations for vehicles. This is due in part to the ambition of the government to Europe and North America to curb the carbon emissions and to increase the use of electric vehicles. Around 76% of the total charging stations across Europe are located in four countries, which are Germany, France, UK along with the Netherlands. In June of this year, Volkswagen Group announced its plans to put up 36,000 charging points for electric vehicles throughout Europe in 2025.

In June, three major states of the U.S. that include New York, New Jersey, and California announced plans to invest USD 1.3 billion for the installation of charging infrastructure for electric vehicles to increase their adoption of electric vehicles.

The U.S. is dominating the charging stations for electric vehicles within the North America region. Electric vehicles are rapidly increasing across North America. It is estimated that the U.S. is the third-largest market for electric vehicles in accordance with the International Council on Clean Transportation which reported around 320,000 vehicles sold on electric in the year 2019.

Based on the International Energy Agency, about 1.8 million electric cars were registered across the U.S. as of 2020 this is greater than triple higher than the number that was registered in the year 2016. The quantity of electric cars that were registered within the U.S. increased from under 300,000 in the year 2016 to 1.1 million by 2020. California started establishing charging stations in order to help to increase the use of electric automobiles. By 2021, there were more than 42,000 accessible public charging stations across the U.S.

For instance, electric vehicle drivers in the UK can benefit from the EVHS (Electric Vehicle Homecharge Scheme) OLEV (Office for Low Emission Vehicles) subsidy. This will begin on April 1st 2020, will pay the equivalent of USD 384.9 off the cost of purchasing and establishing the residence charging station.

There are government incentives offered to businesses that are located in the UK. There is the WCS (Workplace Charging Scheme) is a voucher-based program developed to assist in the initial expenses of buying as well as installing wall-mounted chargers. permits you to claim as much as US$ 10,999.5 to purchase 40 charging units.

In addition, according Bp Pulse, a first charging station designed for heavy and medium-duty electric trucks will be start operating in Europe. There are currently six charging stations that are public and have fast 300kw charge ports spread across 600km of the Rhine-Alpine highway in Germany.

The freight roads are one of the most crowded roads in Europe The corridor connects with the Mediterranean ports of Genoa within Italy together with Netherlands in the Netherlands and also with North Sea ports in Belgium through a 1,300-kilometer road network.

Furthermore, the assistance in France is in the form of tax credit up to 300 euros, which is equivalent approximately 75% to the amount that was incurred, and is detailed in the bill, excluding installation costs. This aid is part of the ADVENIR project, which seeks to set up charging stations for electric vehicles across France.

Segments Covered in the Electric Vehicle Charging Station Market

Electric Vehicle Charging Station Market By Level of Charging

• Level 1
• Level 2
• Level 3

Electric Vehicle Charging Station Market By Charging Station Type

• AC Charging
• DC Charging
• Wireless Charging

Electric Vehicle Charging Station Market By Power Output

• <11KW
• 11KW-50KW
• >50KW

Electric Vehicle Charging Station Market By Supplier Type

• OE Charging Station
• Private Charging Station

Electric Vehicle Charging Station Market By Vehicle Type

• Passenger Cars
• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Vehicle(PHEV)
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Two-wheelers & Scooters

Electric Vehicle Charging Station Market By Installation Type

• Fixed
• Portable
• Residential
• Commercial
• By Connector Type
• Normal Charging
• Type 2
• CCS
• CHAdeMO
• Tesla SC
• GB/T

Electric Vehicle Charging Station Market By Application

• Private
• Public
• By Mounting Type
• Wall Mount
• Pedestal Mount
• Ceiling Mount
• By Charging Service
• EV Charging Service
• Battery Swapping Service

Electric Vehicle Charging Station Market By End User

• Commercial EV Charging Stations

o   Commercial Public EV Charging Stations

•  
  • On-Road Charging
  • Parking Spaces
  • Destination Chargers

o   Commercial Private EV Charging Stations

•  
  • Fleet Charging
  • Captive Charging
  • Residential EV Charging Stations

Electric Vehicle Charging Station Market By Region

• North America
• Europe
• Asia Pacific
• South Korea
• Latin America
• MEA
• Rest of the World

Frequently Asked Questions:

What is the current size of electric vehicle charging station market?

Global Electric Vehicle Charging Station Market is expected to grow rapidly at a 28.5% CAGR consequently, it will grow from its existing size of from $53 billion in 2023 to $290 Billion by 2030.

Which is the prime growth factor for electric vehicle charging station market?

Rising demand for electric vehicles is one of the prime factors for the aggressive growth of EV charging station market.

Which segment will lead the global electric vehicle charging station market?

The DC charging station led the global electric vehicle charging station market in near future.

Which region dominated the global electric vehicle market?

The Asia Pacific region dominated the global electric vehicle market and is expected to be the most lucrative region during the forecast period.