Electric Vehicle (EV) charging station can be described as an electric vehicle supply equipment (EVSE), which is part of an infrastructure responsible for supplying electric energy for recharging plug-in electric vehicles. The global EV charging infrastructure market is projected to reach USD 140.0 billion by 2030, growing at an estimated CAGR of 31.2% is mentioned in the report by ResearchAndMarkets.com. The rapid pace of growth expected to be witnessed within this industry can be attributed to the constant innovation and R&D efforts being carried out for the improvement of EV charging technologies. In addition, increasing demand for electric vehicles and government funding and incentives for adoption of cleaner transport alternatives is expected to further, propel the growth of this market. However, the recent global COVID-19 pandemic and requirement of high initial investment are some of the factors that may hinder the growth of the EV charging infrastructure market.
It is worth mentioning that, at present, commercial charging stations are available at various public sites, thereby enabling users of electric vehicles to charge their equipment easily at various commonly frequented places, such as shopping malls, restaurants, hotels and highways. As per our estimates, the market for commercial electric vehicle charging stations is likely to grow at an estimated CAGR of 39.1%, during the period 2020-2030.
Further, slow AC charging is presently the most common method of charging electric vehicles owing to the cost-related advantages that this alternative offers. Therefore, we believe that AC charging stations are likely to capture the largest market share (80%) of the overall market, throughout the forecast period. In addition, the growing demand for solutions that enable charging of electric vehicles at home, workplace and a parking space is anticipated to drive the growth of the market for Level 2 chargers.