Electric Vehicle Charging Station Market Size - By Current (AC {Level 1, Level 2}, DC {DC Fast}), By Charging Site (Public, Private) & Global Forecast, 2024 - 2032

EV Charging Station Market Size

Electric Vehicle Charging Station Market size was valued at USD 38.5 billion in 2023 and is set to grow at over 23.1% CAGR from 2024 to 2032. EV charging station is an electric vehicle supply equipment (EVSE), or charge point where an equipment supplies electric power for charging electric vehicles including electric trucks, electric cars, neighborhood electric vehicles, plug-in hybrids, and electric buses. Large-scale investments coupled with increasing sustainable energy demand toward the deployment of EV charging infrastructure will augment a favorable business scenario.
 

Stringency in government norms owing to the increasing effects of GHG emissions and impacts on environment health are encouraging the demand for sustainable energy vehicles operating on electricity. For instance, in August 2021, the U.S. government under its Build Back Better Agenda & Advance Smart Fuel Efficiency and Emission Standards, has set a target of 50% electric vehicle sales share by 2030.
 

A wide majority of EV charging providers are expanding their networks across various region, making it easier for consumers to find a charging station as per requirement, which directly adds to the increasing the electric vehicle charging station market expansion. Some are even partnering with other companies to create a seamless network of charging stations across the continent. For instance, in December 2022, Volkswagen AG became one of the largest EV charging network providers in the Europe with its energy brand Elli. The companies successfully deployed around 400,000 charging points across countries including Germany, Netherlands, Norway, & Sweden. Aggressive deployment of EV charging stations to fulfill the charging need along with continuous efforts of key companies through strategic partnership & alliances will augment the industry dynamics over the forecast timeline.
 

The increasing number of EV charging stations across developed region including North America & Europe is a result of a amalgamation of factors, including government support, growing demand, corporate social responsibility, and technological advancements. As electric vehicles become more mainstream, the region is anticipated to see further growth in the EV charging infrastructure sector over the projected timeline. In addition, many European countries have implemented policies and regulations to support the adoption of electric vehicles, such as subsidies, tax incentives, and emissions regulations. These policies create a favorable environment for businesses to invest in EV charging infrastructure, thereby complementing the overall EV charging station market.
 

COVID- 19 Impact

The COVID- 19 outbreak has impacted the overall automotive market, thus affecting the global EV charging station industry. The pandemic forced consumers to postpone the purchase of electric vehicles owing to travel restrictions along with strict lockdown measures across various geographies across the region. In addition, the electric vehicle charging station market witness shortage of raw materials owing to disruptions in supply chain as majority of raw material used in the EV charging station is being imported from China. However, the industry positively recovered post lockdown lift, and witnessed a sharp trend in EV adoption by end of 2020, thereby contributing to the market growth.
 

Electric Vehicle Charging Station Market Trends

Stringent environment regulations and ambitious energy efficiency targets across the globe will positively impact the EV Charging Station demand in coming years. Growing consumer inclination toward EVs along with increasing awareness pertaining energy efficiency will boost the industry growth. Moreover, Energy Service Companies (ESCOs) are engaged in design, development, construction, and funding of public sector EV infrastructure projects with an aim to reduce the overall cost at the customers' facilities. ESCOs are the developers and consultant for a wide range of energy conservation project that undertake the operational and technical risks associated with the process, strengthening the market scenario.
 

Ongoing government efforts to achieve higher energy efficiency and increasing demand to curb the growing effects of global warming will boost the infrastructure demand. In addition, rising legislative efforts toward promotion of energy efficiency coupled with growing consumer focus toward reduction of energy costs is set to drive the EV charging station market growth. Rising adoption of technically advanced electric vehicles along with introduction of numerous fast charging standards including CHAdeMO, CCS, tesla superchargers and GB/T across the globe will further stimulate the market size. The industry, in 2020, was adversely impacted by the sudden outbreak of coronavirus owing to halted manufacturing and other operations.
 

Electric Vehicle Charging Station Market Analysis

Recharging an electric vehicle requires connections to EV charging equipment and Electric Vehicle Supply Equipment (EVSE) which is further connected to an electric source that provides AC or DC supply to the EV. Some of the key components of an EVSE unit comprises of EV connector, battery charger and EV Inlet. The AC charging units are categorized by level 1 & level 2 which are mostly deployed in residential establishments workplaces and public parking areas. Moreover, DC fast chargers can often be found at dedicated electric vehicle charging plazas, including Tesla’s Superchargers, and often supply 50kW - >400kW.
 

The EV charger manufacturers are planning to introduce home DC charging that is anticipated to fuel the electric vehicle charging station market demand. Utilities that incentivize AC residential charging are witnessing a surging demand for more efficient DC residential charging that can store energy, connect to the grid and send & receive utility pricing signals. The market for DC fast electric vehicle charging station will reach USD 110.2 billion by 2032.
 

Upsurge in EV production along with its increasing demand on account of rising awareness toward greener environment has positively impacted the electric vehicle charging station market demand. The EV owners are constantly looking to deploy correct charging stations in their garages & parking spaces. Level 1 chargers place low load on the electricity panel compared to other chargers and therefore are a viable option for deployment in residential establishments. EV charging at home puts a large and constant draw on the power grid for several hours. Therefore, the utilities offer a steep discount on power during the off-peak hours i.e., from 11pm to 9am, with an aim to encourage EV owners to charge in the lowest-demand times.
 

Level 2 chargers need to be an exact match for an EV which makes them less versatile when compared to level 1 chargers. Therefore, level 2 stations are mostly deployed in public stations & in the workplace. An upsurge in construction of public charging stations, adoption of EV-Ready building codes and provision of incentives for businesses & multi-family properties to build their own charging point will strengthen the EV charging station market size. The EV chargers are extensively installed in parking lots with methods including over the counter, expedited and online design review facilities for EV charger permits.
 

Asia Pacific electric vehicle charging station market is projected to grow at a high rate through 2032, owing to rising awareness toward environment sustainability and growing focus toward infrastructural development accompanied by increased Foreign Direct Investment (FDI). For Asia Pacific, Japan and China accounts for over 96% of the market share in 2021. In addition, as per Indian Brand Equity Foundation, in April 2022, India is set to witness extensive EV chargers along with expansion of EV infrastructure with the investment of USD 1.84 billion in coming 3 to 4 years under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, which in turn will have a positive impact on the deployment of EV charging station.
 

Proactive government support toward the adoption of electric vehicles and development of EV charging stations has further translated into an overall industry growth. The industry expansion is largely attributed to escalating energy prices, and growing preference for energy-efficient solutions. The market for EV charging station in Europe is projected to cross USD 101 billion by 2032.
 

Electric Vehicle Charging Station Market Share

Prominent industries operative in the electric vehicle charging station market includes

• Blink Charging Co.
• Elli
• Zunder
• ChargePoint, Inc
• ABB
• EVBox
• Schneider Electric
• Volta Industries Inc.
• Eaton
• Leviton Industries
• Siemens
• Delta Electronics
• CHAEVI
• SIGNET EV
• JOONGANG CONTROL
• Vinfast
• EV Top
• Tesla & NIO
   

Major manufacturers operating across the electric vehicle charging station industry are focusing on strategic alliances and collaborations to gain a competitive edge over the others. Introduction of enhanced technologies and advance technological components by the eminent players has led to the positive business dynamics.
 

Electric Vehicle Charging Station Industry News

• BMW Group and Evergo announced a strategic alliance that aims to strengthen Mexico’s public EV charging network. The companies will invest USD 200 million to install over 4,000 new chargers across the country in a five-year period.
   
• As per Indian Brand Equity Foundation, in April 2022, India is set to witness extensive EV chargers along with expansion of EV infrastructure with the investment of USD 1.84 billion in coming 3 to 4 years under the FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme, which in turn will have a positive impact on the deployment of EV charging station.
   
• The enforcement of the China’s 14th Five-year plan has considerably broadened the deployment potential of EV charging stations across several metropolitan areas. Introduction of several government aided ventures to support the significant expansion of infrastructure and urbanization will boost the market revenue. In addition, the Chinese government plans to enhance the urbanization rate to 75-80% over the next fifteen years. The escalated urbanization rate is set to result in high energy consumption, thereby shifting the focus towards electric transportation alternatives.
   

This electric vehicle charging station market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘Units’ & ‘USD Million’ from 2019 to 2032, for the following segments:

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Market, By Current

• AC
• Level 1
• Level 2 
• DC
• DC Fast
• Others

Market, By Charging Site

• Public
• Private

The above information has been provided for the following regions and countries:

North America

•    U.S.
•    Canada
•    Mexico

Europe

•   Norway
•  Germany
•  France
•  Netherlands
•  UK
•  Sweden

Asia Pacific

•  China
•   Japan
•  India
•  South Korea
•  Singapore

Middle East & Africa

•   Saudi Arabia
•   UAE
•  Israel
•  South Africa
•  Jordan

Latin America

•    Argentina
•    Chile