Due to the COVID-19 pandemic, the global Electric Vehicle Charging Stations market size is estimated to be worth USD 2419.2 million in 2022 and is forecast to a readjusted size of USD 12490 million by 2028 with a CAGR of 31.5% during the review period.
The growing environmental concerns, high petrol prices, and demand for zero-emission transportation are boosting sales of EVs which will drive the growth of the EV Charging Stations Market.
Favorable government support for charging station infrastructure will boost market growth during the forecast period. Moreover, R&D initiatives and the advent of newer charging technologies will propel the market forward in the coming years.
As the global economy faces a highly uncertain war-like situation with rising gas and petrol prices consumers are transitioning into EVs. The concerns regarding climate change are increasing as corporations are setting up net zero emission targets to reduce harmful greenhouse gas emissions.
The shift from internal combustion engines to electric vehicles is encouraging EV manufacturers to create requisite charging infrastructure for supporting the increasing sales. Greater vehicle range and advances in battery technology have made mass electrification of vehicles mainstream. This will create lucrative opportunities for the Electric Vehicle Charging Stations Market.
The installation of charging stations are being subsidized wholly or partially by governments around the world. Direct investments are being made to install convenient, affordable, and publicly accessible charging stations in strategic locations across entire cities.
Moreover, authorities have launched incentives for EV owners to install charging points directly in their homes, apartment blocks, and other retail establishments. Local governments are encouraging installation near malls, downtown corridors, and important commercial spaces. This in turn will boost the growth of the EV Charging Stations Market.
Several technological innovations are ongoing to improve the capacity of electric charging infrastructure. Highly populated countries like China are investing in battery swap technology due to a lack of equitable access to charging points. Instead of finding a nearby charging station, or refueling hassles that take over an hour one can simply swap rented batteries in five minutes.
Moreover, continuous drop in battery costs and newer research into alternative battery technology such as graphene or sulfide-based solid-state parts have the potential to solve issues related to range anxiety. Ultrafast charging or superchargers are already being implemented to rack up the battery levels within minutes thereby ensuring time savings for EV owners.
On-the-go charging is now possible without the need for standing in queues. In addition to it, V2G charging or vehicle-to-grid charging is gaining prominence. It is a two-way energy exchange between the vehicle and the grid. Unutilized energy can be fed back into the grid whenever the vehicle is not operating thereby reducing strain. The excess stored energy can be utilized in other areas without the need for any capital or operating costs. Such exciting developments will drive the growth of the EV Charging Stations Market during the forecast period.