Electric Vehicle Charging Stations Market 2022 Share, Size, Trends, Upcoming Growth CAGR of 17.5%, and Forecast to 2030 – Queen Anne and Mangolia News – Queen Anne and Mangolia News

The global electric vehicle charging stations market held a market volume of about 905 thousand units in 2022 and is projected to reach nearly 2798 thousand units by the year 2030 at a CAGR of 17.5% from 2022 to 2030. The market was valued at USD 26,091.2 million in 2022.

Electric vehicle charging stations are used for charging the batteries of electric cars, buses, and other such vehicles. The market is expected to grow owing to the rising concerns related to carbon emissions, rising trend of electric vehicle adoption, and government regulations and tax exemptions. However, the high costs associated with setting up the EV infrastructure, electricity costs uncertainty & requirement of space, and emergence of hydrogen cell vehicles are likely to negatively hamper the market growth.

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During the COVID-19 pandemic, complete lockdowns were imposed which created a barrier in setting up of the electric vehicle charging stations, which negatively impacted the market growth.

Growth Influencers:

Government regulations and tax exemptions

As the market for electric vehicles is expected to grow with time, the setting up of charging stations for these vehicles is also estimated to increase. This is further supported by the recognition received by governments of various countries for adoption of electric vehicles as they reduce pollution levels. Governments of countries such as the U.S. and China have taken various initiatives to build charging stations across their countries. They have promoted the growth in this segment by imposing tax rebates, offering incentives and preferential policies, among others. Hence, government regulations and tax exemptions are anticipated to boost the market growth.

Increasing trend of electric vehicle adoption

With the increasing adoption of electric vehicles, the demand for its charging stations is also rising tremendously. According to the International Energy Agency, the sale of electric cars reached 2.1 million globally in 2019, a 40% year-on-year increase since 2018. Such rapid adoption of electric vehicles is also likely to boost the market growth during the forecast period.

Segments Overview

The global electric vehicle charging stations market is segmented based on charger type, connector protocol, charging method, and application.

By Charger Type,
• Slow Charger (≤ 22 kW)
• Fast Charger (> 22 kW)
The slow charger segment held the largest volume share and is expected to surpass 1,395 units by 2025. This is owing to various government initiatives for accelerating deployment of charging infrastructure.

By Connector Protocol,
• Combined Charging System (CCS)
• Others
The combined charging system segment held the largest market share of about 54% owing to its high preference by automobile manufacturers. The CHAdeMO segment is expected to grow at the fastest rate and generate a revenue of USD 26,172.6 million by 2025.

By Charging Method,
• AC Charging
• DC Charging
The DC Charging segment witnessed the fastest rate owing to its high preference over the AC charging method.

By Application,
• Commercial
o Hospitality
o Retail
o Office Spaces
o Fleet Stations
o Public transport
o Private transport
o Other Public Spaces
• Residential
o Single unit house
o Multi dwelling units (Apartment Buildings)
The residential segment held the largest share of about 65% in terms of volume owing to the high demand of charging stations in residential building. Within the commercial segment, the hospitality segment witnessed a CAGR of 32% and the office spaces segment is expected to cross a value of 59 thousand units by 2023.

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Regional Overview

By region, the global electric vehicle charging stations market is divided into Asia Pacific, Europe, North America, Middle East & Africa, and South America.

The Asia Pacific region held the largest volume of 629.4 thousand units in 2020, owing to the increasing demand for cheaper electric vehicles for routine use and the large scale charging network in China. Also, government support in this region is also expected to boost the market growth.

The South America region is anticipated to be the fastest growing segment witnessing a CAGR of 33.8% owing to high demand for electric vehicles in Brazil and Argentina, among others. The North America and Europe region are also expected to witness significant growth rates during the forecast period.

Competitive Landscape

Major players in the global Electric vehicle charging stations market include ABB Ltd., AeroVironment Inc., BYD Auto, Chargemaster PLC, ChargePoint, Inc., Eaton Corporation plc, Leviton Manufacturing Co., Inc., Schneider Electric SE, SemaConnect, Inc., Siemens AG, and Tesla Motors, Inc., and Other Prominent Players.

The cumulative market share of the four major players is near about 40%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence. For instance, in August 2021, ChargePoint Holdings acquired ViriCiti, a company dealing in electrification solutions for commercial fleets and eBus. The acquisition was valued at USD 88.46 million.

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The global Electric vehicle charging stations market report provides insights on the below pointers:

• Market Penetration: Provides comprehensive information on the market offered by the prominent players
• Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
• Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
• Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global Electric vehicle charging stations market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players.
• Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
• The report also includes price margin analysis (labor, material, permit, tax), adoption analysis of green technologies, and adoption analysis of public vs private transport
• COVID-19 impact assessment on the market growth trend is also provided in the report

The global Electric vehicle charging stations market report answers questions such as:

• What is the market size and forecast of the Global Electric vehicle charging stations Market?
• What are the inhibiting factors and impact of COVID-19 on the Global Electric vehicle charging stations Market during the assessment period?
• Which are the products/segments/applications/areas to invest in over the assessment period in the Global Electric vehicle charging stations Market?
• What is the competitive strategic window for opportunities in the Global Electric vehicle charging stations Market?
• What are the technology trends and regulatory frameworks in the Global Electric vehicle charging stations Market?
• What is the market share of the leading players in the Global Electric vehicle charging stations Market?
• What modes and strategic moves are considered favorable for entering the Global Electric vehicle charging stations Market?

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