According to a new market research report titled “Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling) Vehicle Type, End User, and Geography – Global Forecast to 2028’”, published by Meticulous Research®, the electric vehicle charging stations market is expected to grow at a CAGR of 26.4% from 2021 to 2028 to reach $103.6 billion by 2028. By volume, this market is expected to grow at a CAGR of 31.1% from 2021 to 2028 to reach 11.6 million units by 2028.
Electric vehicle charging stations are defined as a site where one or more EVSEs are installed. These sites can be residential or commercial. These stations provide electric power to the vehicle, charging its batteries. They include the electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicle. The major factors driving the electric vehicle charging stations market include government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety, and increasing deployment of EVs by shared mobility operators.
Moreover, factors such as increasing R&D in V2G technology, increasing adoption of electric mobility in emerging economies, and growing deployment of charging stations by retail MNCs are also assisting the growth of this market. Also, high electricity tariffs in developing economies is a major challenge for the growth of the electric vehicle charging stations market.
The Impact of COVID-19 on the Electric Vehicle Charging Stations Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to a shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The economic slowdown has disrupted the automotive industry, causing rapid declines in light vehicle sales. The light vehicles market suffered a decline in revenue close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry’s future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators’ sales, which is expected to widen further in the coming months.
Automobile industries in Asia-Pacific countries were the first to feel the impact of the COVID-19 outbreak. Most countries in Asia-Pacific immediately reported a double-digit drop in car sales due to production halts and marketing activities cancellation. The Chinese automobile industry has been hit twice in 24 months due to the China-US trade war and later due to COVID-19. Manufacturing units in South Korea and Japan were either temporarily shut down or reported production loss due to disruption in the automotive supply chain from China.
There has been around a 12% decline in the revenue generated by EV charging stations solution providers in 2020 as the demand for electric vehicle charging infrastructure has been impacted significantly. Major investments for deploying EV charging infrastructure have halted since most EVSE (electric vehicle supply equipment) manufacturers worldwide have been affected due to government restrictions and nationwide lockdowns. For instance, in the U.K., ubitricity and Pod Point halted the construction of new charging stations for the second phase of the Go Ultra Low City Scheme. Similarly, Rolec Services announced temporarily suspending the manufacture of EV charging stations in the U.K. due to COVID-19 restrictions. These developments have negatively impacted the market since EV charging stations have high installation costs, and market stakeholders have halted the investments in this space.
Key findings in the electric vehicle charging stations market study
The electric vehicle charging stations market is segmented based on charging type, connection type, vehicle type, mounting type, component, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on charging type, the Level 2 segment is expected to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower installation costs compared to DC fast-charging stations, and greater efficiency in terms of less charging time than Level 1 charging stations. However, the DC fast charging segment is expected to grow at the highest CAGR during the forecast period.
Based on connection type, the connector segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to government and automakers initiatives to expand the DC fast-charging station infrastructure, increasing investment by stakeholders of electric mobility in emerging economies for developing EV charging infrastructure, and increasing collaboration between electric vehicle charging station providers and utility companies and fuel station operators to deploy charging stations for electric vehicles. However, the wireless EV charging segment is expected to grow at the highest CAGR during the forecast period.
Based on component, the hardware segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to infrastructural developments supporting the transition to electric mobility, increasing demand for EV charging stations in developing and developed economies, and attractive fiscal and non-fiscal incentive plans for setting up manufacturing units of EV charging stations and related components. However, the software segment is expected to grow at the highest CAGR during the forecast period.
Based on mounting type, the wall mount segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to the cost-effectiveness of the wall mount chargers, easy installation process, and various fiscal and non-fiscal incentives to private property owners and management companies for the development of EV charging infrastructure. However, the pedestal mount segment is expected to grow at the highest CAGR during the forecast period.
Based on vehicle type, the passenger cars segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to the increasing favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles. However, the light commercial vehicle segment is expected to grow at the highest CAGR during the forecast period.
Based on end user, the commercial EV charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2021. The large share of this segment is mainly attributed to the growing number of EV charging stations in public places like shopping malls, restaurants, commercial buildings, parking areas, railway stations, and airports; and government initiatives for the installation of publicly accessible charging stations. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.
Geographically, the Asia-Pacific region is estimated to account for the largest share of the global electric vehicle charging stations market in 2021 by value and volume. The large share of this region is primarily attributed to the growing demand for electric vehicles in countries such as China and Japan, rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicle and associated charging infrastructure, and ongoing investments by various countries for robust charging infrastructure used in shopping malls, public buildings, and parking facilities.
The key players operating in the overall electric vehicle charging stations market are Webasto Group (Germany), EVBox Group (Netherlands), Electrify America LLC. (U.S.), BP p.l.c. (U.K.), Royal Dutch Shell PLC (Netherlands), Evgo Services LLC. (U.S.), Connected Kerb Limited (U.K.), Wanbang Xingxing Charging Technology Co., Ltd. (China), Électricité de France (France), Tesla, Inc. (U.S.), Hangzhou AoNeng Power Supply Equipment Co., Ltd. (China), EV Charging Installers of America LLC (U.S.), Addénergie Technologies, Inc. (Canada), EV Connect, Inc. (U.S.), and ChargePoint Holdings, Inc. (U.S.) among others.
Scope of the Report
EV Charging Stations Market, by Charging Type
- Level 2
- Level 1
- DC Fast charging
EV Charging Stations Market, by Connection Type
- Connectors
- Pantograph
- Wireless EV charging
- Static wireless EV charging
- Dynamic wireless EV charging
EV Charging Stations Market, by Component
- Hardware
- Electric Vehicle Supply Equipment (EVSE)
- Electrical Distribution Systems
- Cable Management Systems
- Software
- Charging Station Management Systems (CSMS)
- Interoperability Solutions
- Open Charge Point Protocol (OCPP)
- Smartphone Applications
- Services
- Maintenance Services
- Systems Integration & Installation Services
EV Charging Stations Market, by Mounting Type
- Wall Mount
- Pedestal Mount
- Ceiling Mount
EV Charging Stations Market, by Vehicle Type
- Passenger Cars
- Heavy Commercial Vehicles
- Light Commercial Vehicles
- Two-wheelers & Scooters
EV Charging Stations Market, by End User
- Commercial EV Charging Stations
- Commercial Public EV Charging Stations
- On-Road Charging
- Parking Spaces
- Destination Chargers
- Commercial Private EV Charging Stations
- Fleet Charging
- Captive Charging
- Commercial Public EV Charging Stations
- Residential EV Charging Stations
EV Charging Stations Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Rest of Asia-Pacific (RoAPAC)
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Netherlands
- Sweden
- Norway
- Denmark
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
