Increase in adoption of electric vehicles and favorable government initiatives have boosted the growth of the global electric vehicle charging station market. However, lack of standardization of current EV charging infrastructure and high cost of developing charging infrastructure hinder the market growth. On the contrary, incorporation of vehicle-to-grid EV charging station would open new opportunities in the future.
The global electric vehicle charging station market size was valued at $16.6 billion in 2021, and is projected to reach $226.3 billion by 2031, growing at a CAGR of 30.5% from 2022 to 2031.Rise in adoption of electric vehicles and supportive government initiatives drive the global electric vehicle charging station market.
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Segment Review:
By mode of charging, the plug-in charging segment held the largest share in 2021, accounting for more than four-fifths of the global electric vehicle charging station market, and is estimated to dominate the global wireless video surveillance market throughout the forecast period. The majority of electric vehicle stations are equipped with AC level 1 or 2 charging systems. These systems are preferred for charging electric vehicles at home as well as commercial areas. Charging stations at workplaces or different public locations may further strengthen the market for plug-in electric vehicle charging solutions for residential and commercial charging stations. However, the wireless charging segment is expected to register the highest CAGR of 33.5% during the forecast period, as wireless charging offers flexible operation for broad range of vehicles.
By charging level, the level 3 segment is expected to register the highest CAGR of 34.9% during the forecast period, as level 3 charging systems require expensive hardware, making their installations primarily suitable at public station only. However, the level 2 segment held the largest share in 2021, contributing to more than four-fifth of the global EV charging station market, as this type of charging equipment is compatible with all the plug-in electric vehicles and electric vehicles.
By end user, the residential segment dominated the market in 2021, accounting for more than three-fourths of the global EV charging station market, and is expected to continue its dominance from 2022 to 2031. Many drivers or owners of electric vehicles and plug-in hybrid electric vehicles charge their vehicles overnight at home using AC level 1 or AC level 2 chargers. However, the commercial segment is estimated to showcase the highest CAGR of 35.9% during the forecast period. commercial charging stations are usually installed at workplaces, hotels, shopping malls, airports, business parks, and retail outlets. In addition, DC quick chargers are preferable at short-stop locales such as drugstores or convenience stores, as consumers make short stops at these places.
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Regional Insights:
By region, the market across Asia-Pacific dominated the market in 2021, holding more than two-fifths of the global electric vehicle charging station market, and is expected to dominate in terms of revenue during the forecast period. This is due to higher adoption rates of smart mobility services, government regulations, increase in fuel prices, and rise in trend toward adopting non-fossil fuel-based vehicles. However, the market across Europe is projected to manifest the highest CAGR of 33.1% during the forecast period, due to government initiatives to reduce the emission of harmful gases from internal combustion engine vehicles and advent of new range of electric vehicle.
Key Industry Players:
Key players operating in the global electric vehicle charging station market include ABB Ltd., Aerovironment Inc., Borgwarner, Inc., Delta Electronics, Inc., Eaton Corporation Plc, General Electric Company, Moser Services Group, LLC, Plugless Power Inc., Robert Bosch GmbH, Schneider Electric, Siemens AG, and Webasto Group.
