Global demand for electric vehicle charging stations is forecast to increase 16% per year to $26.6 billion in 2027. In unit terms, sales will increase 20% per year to 37.0 million charging points. Falling product costs will contribute to increased deployment, although this will temper the pace of gains in value terms. Rising EV purchases will spur rapid growth in private charger demand, while governments will continue to provide strong regulatory support for the deployment of publicly accessible EV charging stations.
Sales of EV charging stations in both Western and Eastern Europe are expected to increase far faster than the global average. Growth will be fueled by EU climate policies, which aim to end sales of new ICE vehicles by as early as 2035. Governments will continue to support this initiative through a variety of policy tools, including rebates for EV charging station providers and tax incentives for EV owners.
Several West European nations – most notably Sweden and Norway – were early adopters of EVs and, as a result, have developed their charging station markets significantly faster than the rest of the world. Growth in these relatively mature markets will slow, but larger economies in the region will begin catching up on EV adoption and fuel large gains in charging station demand. In addition, East European markets with underdeveloped charging infrastructure will roll out stations rapidly to comply with EU policy goals.
The public and semi-public market accounted for the majority of EV charging station demand throughout the 2010s, reflecting high equipment costs and government efforts to increase EV adoption by deploying public charging infrastructure in anticipation of future need. While this market will retain the largest share of demand over the near term, other segments will account for increased shares.
Growth in the private residential market will be linked to new EV sales; the most basic, level 1 charging cables – commonly bundled with vehicles – will account for the majority of gains in unit terms. In addition, greater adoption of EVs in high-income nations will promote significant sales of level 2 home charging stations.
The fleet market for EVs will be boosted by greater use in applications like taxis, delivery, and rental cars. In addition, heavy electric vehicles – currently a niche – will be deployed in more significant numbers. Fleet charging solutions for applications like electric buses tend to carry very high values, reflecting both the power needs of heavy vehicles and use patterns that call for a low number of vehicles per charger.
The Americas was the smallest regional market for EV charging stations in 2022, reflecting lower rates of EV adoption in the US and Canada than in West European nations. However, high vehicle ownership rates give these countries massive future potential for EV and charging station demand. Growth in both countries is expected to exceed the global average, and the Americas will account for an increasing share of global EV charging station demand throughout the 2020s.
This Freedonia industry study analyzes the $12.55 billion global EV charging station industry. It presents historical demand data (2012, 2017, and 2022) and forecasts (2027 and 2032) by product (EV charging station hardware, EV charging station software, EV charging station services), market (public and semi-public, private residential, fleets), and region (Americas; Europe, Middle East, and Africa; Asia/Pacific). Charging station demand and stock by charging level (level 1, level 2, level 3) are also addressed. The study also evaluates company market share and competitive analysis on industry competitors including ABB, ChargePoint, Starcharge, State Grid Corporation of China, TELD, and Tesla.
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