The global Electric Vehicle (EV) charging stations market experienced substantial growth, reaching a value of USD 21.40 billion in 2022, with a remarkable projected revenue compound annual growth rate (CAGR) of 30.3% for the forecast period. These findings, presented by Emergen Research, highlight the escalating demand for electric vehicles, boosted by government policies and financial support for expanding charging infrastructure.
The surge in demand for electric vehicle charging stations is a direct response to the increased adoption of electric cars worldwide. The shift from traditional petrol and diesel transportation to electric vehicles is further driven by concerns over rising carbon dioxide (CO2) emissions and other harmful pollutants.
Notwithstanding this robust growth, the market faces challenges due to the high initial setup costs associated with electric vehicle charging stations. Installing and establishing Level 3 and other fast-charging stations is a costly endeavor, with additional expenses stemming from electricity, labor, maintenance, permit taxes, and electrical equipment installation. These cost factors are expected to temper the market’s revenue growth to some extent.
- Market Size: The market’s value in 2022 was USD 21.40 billion.
- Projected Growth: A CAGR of 30.3% is expected from 2023 to 2032, culminating in a revenue forecast of USD 299.58 billion in 2032.
- Base Year: The estimation is based on data from 2019.
- Forecast Period: The forecast spans from 2023 to 2032.
Scope of Research:
- Report Details: The report covers revenue forecasts, company rankings, the competitive landscape, growth factors, and industry trends.
- Segments Covered: Charging Infrastructure Type, Charging Level, Vehicle Type, Installation Type, Application, and Region.
- Regional Scope: North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa.
- Country Scope: United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Saudi Arabia, South Africa, and Turkey.
- Key Companies Profiled: ABB Ltd., Chargepoint, Inc., Tesla Inc., EVGO Services LLC, BP Chargemaster, SemaConnect Network, EV Connect, Greenlots, Electrify America LLC, and OPConnect, Inc.
In a noteworthy development, Ryder System, Inc., In-Charge Energy, Inc., and ABB established a pioneering partnership in January 2020. This collaboration aimed to provide a comprehensive energy and electric vehicle (EV) charging infrastructure service to Ryder customers, contributing to the market’s growth.
Key Highlights from the Report:
- CHAdeMO’s compatibility with the GB/T DC standardization in China is noted, while it requires special adapters for compatibility with CCS charging systems.
- Level 1 charging is defined as Single-Phase Alternating Current (AC) using grounded receptacles, suitable for domestic and private installations.
- Portable chargers are expected to witness rapid growth, providing EV drivers with on-the-go charging flexibility.
- France has set ambitious targets for electric vehicle charging network expansion, aiming to have 100,000 charging points available to the public by 2023, a substantial increase from 24,800 in 2019.