The global Electric Vehicle Charging Station Market size is projected to grow from 2,354 thousand units in 2022 to 14,623 thousand units by 2027, at a CAGR of 44.1%. Automotive companies and component manufacturers are investing significant amounts in research and testing of EV charging technology. Factors such as rising sales of EVs around the world, along with the growing demand for zero emission transport will boost the demand for the Electric Vehicle Charging Station Market. The Electric Vehicle Charging Station Market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the Electric Vehicle Charging Station Market.
Developments in technologies like portable charging stations, bi-directional charging, smart charging with load management, usage based analytics and automated payment along with development of ultra-fast charging technology will create new opportunities for this market. The upcoming standardization (expected around 2025 with tesla already providing ports for CCS, CHAdeMO already having GB/T ports as of December 2021) of charging ports and government regulations by the world’s top economies has been increasing the speed of setup of electric vehicle charging stations. The growing demand for zero-emission transport, along with targets set by the governments of various countries to reduce the demand for fossil fuel vehicles, will speed up the installation of electric vehicle charging stations around the world. Partnerships between charging network providers, OEMs, and charging station manufacturers will speed up the set-up rate of public EV charging stations in the market. The demand for private charging stations will increase with the demand for their use in private homes, residential areas, and other such regions.
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The Asia Pacific region will hold the largest market size due to China leading the EV charging demand in the region. Government policies and incentives will be the major factors leading the EV charging station market in this region. India and South Korea are also expected to have a fast-growing market with multiple charging providers in both countries working with government to speed up setup of charging stations. India is growing its EV charging stations at a very fast rate. In January 2022 for instance, 100 charging points were set up across India’s Gurugoan operated by Alektrify. GB/T fast is the most popular type of EV charging infrastructure type followed by CCS, CHAdeMO and Tesla SC for fast charging. Meanwhile, GB/T slow and Type 2 are popular for AC charging in the region. Top EV charging providers in the region include BYD, Tesla, ABB, TELD, State Grid, Star Charge, EV Power, YKC, among others. Shell and BP are also planning to enter the market in the region with chargers being set up around the region.
Europe is expected to be one of the major markets for EV charging with charging providers like Shell, ABB, Fastned, BP, Schneider Electric, EVBox among others providing EV charging stations across the Region. UK, Germany, France, Netherlands and Norway are expected to be some of the largest EV charging station markets in the region. Denmark is expected to have the fastest-growing number of charging stations in the coming years with top EV charging providers planning set up charging stations in the country at a rapid pace. Fast charging stations will be growing at a faster rate in the region with ultra-fast charging having a large market across UK and Germany.
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North America will also have a substantial EV charging station market with the new 500,000 charging station target by the US government and various incentives provided by major states in Canada. Top OEMs like Tesla and charging station and network providers ChargePoint, Blink Charging, Electrify America, SemaConnect among others will increase the speed up EV charging station setup around the region. The region is expected to have a fast growth in the number of fast-charging stations with a growing demand for charging at semi-public charging stations like businesses and shopping complexes.
Key Market Players:
The electric vehicle charging station market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US) and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the electric vehicle charging station market.
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