In recent times, the electric vehicle charging station industry has witnessed a remarkable surge in growth. This surge can be attributed to the swiftly evolving electric vehicle sector and the escalating sales figures of electric vehicles (EVs), leading to an ever-increasing demand for charging infrastructure. Notably, the development of electric vehicle infrastructure has assumed a pivotal role in the context of smart city initiatives. Consequently, the proliferation of smart city projects stands out as a pivotal catalyst for the burgeoning expansion of this market.

According to the prognostications put forth by Market Research Future (MRFR), the global electric vehicle charging station market is poised to attain extraordinary growth, with a remarkable Compound Annual Growth Rate (CAGR) projected for the review period. The meteoric rise in fossil fuel prices has propelled electric vehicles into the spotlight as the preeminent alternative.

Concurrently, mounting concerns regarding environmental sustainability and governmental endeavors aimed at incentivizing low-emission vehicles, such as EVs, exert substantial influence on the trajectory of this burgeoning industry.

Furthermore, the increasing focus of OEMs on connected electric vehicle solutions for customers with EV range concerns drives the EV charging station market globally. These factors, combined with the other advantages of electric vehicles over traditional fuel-based automobiles, foster the sales of EVs and the market demand.

Even though the electric vehicle battery prices have been steadily declining, the batteries still constitute a major chunk of the electric vehicle price.  High prices of charging stations are a major factor impeding the market growth at a large scale.

Electric Vehicle Charging Station Market Segments

The EV charging station market is segmented into charging stations, connector types, installation type, vehicle type and regions. The charging station segment is sub-segmented into DC charging station, AC charging station, and inductive charging station. The connector type segment is sub-segmented into chademo, combined charging system, and others.

The installation type segment is sub-segmented into residential and commercial. The vehicle type segment is sub-segmented into battery electric vehicle (BEV), plug–in hybrid vehicle (PHEV), and others. The region segment is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.

EV Charging Station Market - Regional Analysis

North America leads the global electric vehicle charging station market with the largest market share. Factors such as rapidly increasing sales of EVs fuelled by government support and increasing fuel prices. In the US, electric car sales have been doubled since 2014, clearly indicating the rising demand for EV charging stations. This further suggests that the US EV charging market would create a larger revenue pocket during the next few years.

Huge investments in the development of electric vehicle infrastructure (recharge stations) given the growing demand for the charging stations due to the increasing sales of EVs backed by government initiatives, and high disposable income is also some of the key factors driving the market growth in the region.

Europe is the second-largest market for electric vehicle charging stations. The UK, France, Germany, and Norway, backed by the rising sales of EVs due to the resurging economy and government initiatives, contribute to the regional market hugely.

These factors commutatively presage the ample scope of market growth opportunities in the region. 

On the other hand, Asia Pacific electric vehicle charging station market is growing rapidly due to the improving economy and growing sales of EVs, mainly in the countries such as India, China, and Japan. Growing investments for developing efficient EV charging stations to meet the augmenting demand drive the regional market growth. Also, the presence of many key market players in the region supports the growth of the market.

Electric Vehicle (EV) Charging Station Market - Competitive Analysis

Highly competitive, the electric vehicle charging station Industry Size appears fragmented due to several large players form a competitive landscape. Key strategies traced from recent developments include product or technology launch, agreement & partnership, acquisition, and expansion. 

Major Players 

Players leading the global EV charging station market include Siemens, Schneider Electric, Leviton Manufacturing Co. Inc., ABB, Tesla, Eaton, EVgo Services LLC, ChargePoint Inc., The New Motion BV, and Webasto Group, among others. 

Industry/ Innovation/ Related News: 

March 18, 2021 --- San Miguel Power Association (SMPA) announced its plans to install a Level II Dual Port charging station post the successful acquisition of a Charge Ahead Colorado Grant from the Colorado Energy Office.