Electric Vehicle Charging Station Market Forecasts to 2028 – Global Analysis By Charging Infrastructure (Tesla Supercharger, Fast Charging, Normal Charging, Type-2, Combined Charging System (CCS), CHAdeMO), Connection Type (Pantograph, Connectors, Wireles

Electric Vehicle Charging Station Market Forecasts to 2028 – Global Analysis By Charging Infrastructure (Tesla Supercharger, Fast Charging, Normal Charging, Type-2, Combined Charging System (CCS), CHAdeMO), Connection Type (Pantograph, Connectors, Wireless EV charging), Installation Type (Fixed Charger, Portable Charger, Commercial, Residential) and Others

According tStratistics MRC, the Global Electric Vehicle Charging Station Market is accounted for $21.99 billion in 2022 and is expected treach $119.01 billion by 2028 growing at a CAGR of 32.5% during the forecast period. A facility with (EVSE) Electric Vehicle Supply Equipment that provides electric energy and recharges electric cars, plug-in hybrids, and community electric vehicles—is referred tas an electric vehicle charging station. A software system, network operations centre, power controller, power conversion device, and facility metres connected tthe power grid power charging stations. Worldwide, the overall number of electric vehicle charging infrastructures is expanding toffer charging stations for EVs that are accessible tthe general public.

According tthe International Energy Agency, about 1.8 million electric automobiles were recorded in the U.S. as of 2020, which is more than three times the number registered in 2016. The total number of electric vehicles registered in the U.S. increased from under 300,000 in 2016 tover 1.1 million in 2020.

Market Dynamics:

Driver:

Rising sales of EV

The requirement for developing charging infrastructure has been heightened by a rise in the development and utilization of electric vehicles. Major EV markets like China, the US, and Germany are making significant investments in EV charging stations as well as in development and research for quicker and more effective charging techniques. Automakers are anticipated tmake large expenditures tsatisfy the increasing need for EVs and tshape the industry. A level 1 or level 2 EV charging equipment is often installed in the house or residential complex of an EV user, however there is an increasing need for public charging stations globally.

Restraint:

Lack of charging infrastructure

Variations in charging loads as well as the growth of the electric vehicle sector have drawn attention tthe need for standardisation of charging stations. Certain EV charging stations may require a specific voltage tfunction. Tfoster a positive climate and increase EV sales, authorities must regulate the infrastructure for charging EVs. Several countries use different standards for quick charging. The Indian government is requiring the construction of both CHAdeMO and CCS systems because the country has not yet achieved fast charging technique standardisation. The government altered the regulations tallow charging station builders tuse the method of their choice, even though this law increased the cost of establishing charging stations. The lack of standardisation between nations may have an impact on the deployment of charging stations and impede the mark's expansion.

Opportunity:

Rise in Fuel Rates

The increase in fuel prices is anticipated tboost the need for electric vehicle charging stations in the future. The cost of fuel has been increasing all throughout the world, particularly for gasoline. The battery life of an electric car is at least eight years, as well as the cost of charging is significantly less than the cost of petrol every month. Due thigh taxes, fuel costs in India are already high and may rise further. Industrial fuel vehicles may disturb the supply because of price increases. India's import bill is alssignificantly increased by oil imports. The government is currently taking steps tpromote e-transport by gradually replacing fossil fuel powered public transportation vehicles with EVs in several cities. Customers are therefore anticipated tswitch tEVs as a result of the increase in petrol prices, boosting the need for electric vehicle charging stations.

Threat:

High Initial Investment Cost

A significant barrier tthis market's growth is the high initial cost of building electric vehicle charging stations and the related components. Transformers, later substations, cable, and auxiliary equipment for metering/termination are required for EV charging stations. Also, they must have enough room for electric vehicle entry, parking, and exit as well as enough electric charging stations tsimultaneously charge several vehicles. A significant barrier for manufacturers of electric vehicles is local certifications that follow state standards. The cost of creating the infrastructure needed for electric vehicle charging is alsvery significant. Electric vehicle (EV) charging stations are the only places where additional equipment, such as electrical chargers, can be used toften and quickly recharge an EV's battery.

Covid-19 Impact

The COVID-19 epidemic had a minimal impact on the EV charging market because of lockdowns. Due tinitiatives from governments around the world and the pandemic's increased demand for EVS and related markets, there is a greater need than ever for EV charging stations. Leading network operators & manufacturers are tthank for the rise in the amount of private and public charging stations. All other charging station suppliers and manufacturers have increased the variety of EV charging possibilities. Considering that governments all over the world are trying tphase out ICE cars, this market was hardly impacted by the outbreak.

The Public segment is expected tbe the largest during the forecast period

The Public segment is estimated thave a lucrative growth due tthe increasing number of electric vehicle users around the world. Fast public charging is said tbe a crucial criterion when purchasing an electric vehicle. Governments in a number of nations have put policies intplace tencourage the installation and use of public charging by offering subsidies and lowering taxes for telecom operators, which is anticipated tfuel sector revenue growth throughout the projected period.

The Battery Electric Vehicle (BEV) segment is expected thave the highest CAGR during the forecast period

The Battery Electric Vehicle (BEV) segment is anticipated twitness the fastest CAGR growth during the forecast period. BEVs are fully electric vehicles without a gasoline engine and rechargeable batteries. Unlike conventional gasoline-powered cars, they don't produce any hazardous pollutants. Currently, BEVs cost more than cars with internal combustion engines. Yet, refuelling a gasoline-powered car is far more expensive than charging a BEV.

Region with highest share:

Asia Pacific is projected thold the largest market share during the forecast period owing tincreased acceptance of smart mobility services, governmental regulations, rising fuel prices, and a growth in the popularity of adopting vehicles not supported by fossil fuels. Furthermore, this region is home tsome of the economies that are expanding the quickest globally, like China and India. After seeing the growth potential of the worldwide market for electric vehicle charging stations, the administrations of these emerging countries have taken many actions tpersuade major OEMs tcreate electric vehicle supercharger network in their own countries. As a result, recent growth in the manufacturing of electric cars has been able tmeet both domestic and global demand.

Region with highest CAGR:

North America is projected thave the highest CAGR over the forecast period, owing tgrowing government initiatives tencourage the widespread use of electric cars and related infrastructure. The demand for electric vehicle fast-charging networks is likely tincrease, and shared mobility operators are anticipated tdeploy more EVs. Also, expanding retail multinational companies' (MNCs) use of electric vehicle charging stations and growing research and development in the Vehicle tGrid (V2G) technology are anticipated tfuel revenue growth in the North American market during the projection period.

Key players in the market

Some of the key players profiled in the Electric Vehicle Charging Station Market include Eaton Corporation, Siemens AG, ABB Ltd., Schneider Electric SE, ChargePoint, Inc., General Electric Company, EV Charge Solutions, Tesla Inc., Shell International BV, WebastGroup, Delta Electronics Inc., Robert Bosch GmbH, Qualcomm Technologies, Inc., DensCorporation and Volkswagen Group.

Key Developments:

In June 2022, ABB, a global leader in the electric vehicle charging station market, has recently introduced ABB's Terra Smart Connect (SC) and Terra SC Ducharging stations, offering convenient electric vehicle charging tshort and long-stay customers build with Intel processor. Based on the Intel Atom processor, this EVs charging station can charge a car in 30 minutes ttwhours while the driver works in the office, or has a meal, goes shopping or goes tthe cinema.

In March 2020, ChargePoint, Inc. introduced the first Charging Forward report modules named as “Charging Forward at Work” that will serve as a reference for those exploring the electric vehicle (EV) mobility market. Charging Forward at Work will bring the Electric Revolution tthe workplaces of customers. This has helped the company tenhance their product portfoliand grow in the market.

Charging Infrastructures Covered:
• Tesla Supercharger
• Fast Charging
• Normal Charging
• Type-2
• Combined Charging System (CCS)
• CHAdeMO
• GB/T
• Other Charging Infrastructures

Connection Types Covered:
• Pantograph
• Connectors
• Wireless EV charging
• Other Connection Types

Installation Types Covered:
• Fixed Charger
• Portable Charger
• Commercial
• Residential
• Other Installation Types

Mounting Type Covered:
• Ceiling Mount
• Wall Mount
• Pedestal Mount
• Other Mounting Types

Level of Charging Covered:
• Level 3
• Level 1
• Level 2

Charging Services Covered:
• Battery Swapping Service
• EV Charging Service
• Other Charging Services

DC Fast Charging Covered:
• Ultra Fast
• Fast

Power Outputs Covered:
• >50KW
• <11KW
• 11KW-50KW

Production Processes Covered:
• Extrusion
• Blow Molding
• Co-Extrusion

Applications Covered:
• Private
• Public
• Other Applications

Components Covered:
• Services
• Hardware
• Software
• Other Components

Vehicle Types Covered:
• Plug-In Hybrid Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• Passenger Cars
• Commercial Vehicles
• Two-wheelers & Scooters
• Other Vehicle Types

Charging Station Types Covered:
• DC Charging Station
• AC Charging Station
• Inductive Charging Station

End Users Covered:
• Residential EV Charging Stations
• Commercial EV Charging Stations
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements