The EV Charging Station Market Is Expected To Record A Valuation Of USD 119 Billion By 2030 – Report

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The EV charging station market is expected to record a valuation of USD 119 billion by 2030, according to the latest research study by Global Market Insights Inc.

The industry growth is attributed to rapid technological innovation and investment in electric vehicle businesses. As per data from Colliers and Indospace, the EV segment in India is poised to register investments worth USD 12.6 billion across the automotive value chain in the next 5 years. Furthermore, the availability of surplus human resources and raw materials, along with macroeconomic indicators, will boost the development of electric vehicle charging stations.

The DC segment in the EV charging station market is set to exhibit a growth rate of over 29% through 2030. The charging station network providers, such as Ionity, have focused on the design of DC Fast Chargers. This EV charging technology was developed to allow users to charge their vehicles faster than the standard AC chargers. According to the Office of Energy Efficiency and Renewable Energy, nearly 16% of 70,000 charging stations across the U.S. are DC fast chargers.

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The EV charging station market from the private segment accounted for USD 1.9 billion in 2021 due to the rising acceptance of e-mobility. According to the International Energy Agency, the number of registered EVs is predicted to rise from nearly 10 million in 2021 to 145 million by 2030. As EVs become more common worldwide, the bulk of the charging is set to take place at home, thereby contributing to the popularity of private, home EV charging stations.

The North America EV charging station market holds a revenue of over USD 450 million in 2021. The rapid implementation of stringent norms associated with vehicle emissions will create a strong outlook for the regional market. Government bodies have also introduced EV charging schemes. In December 2021, U.S. President Joe Biden released an EV Charging Action plan, which outlined the steps being taken to support the deployment of EV chargers. The Bipartisan Infrastructure Law also included USD 5 billion in funding to build a nationwide charging network, leading to regional industry development.

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Major companies operating in the EV charging station market are Blink Charging Co., Volta Industries, Inc., Hyundai Motor Company, E.ON SE, BMW Group, ChargePoint, Inc., and Eaton. These leaders are leveraging advanced technologies and emphasizing business expansions to retain their foothold in the market.

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