Global electric vehicle charging station market revenue is projected to increase from US$ 34.3 Bn in 2021 to US$ 33,284 Bn by the end of 2050 at a CAGR of 29%.
Electric Vehicle (EV) Charging Stations have undergone significant developments around the world in 2022. Governments, automakers, and private companies are increasing investments to establish and expand charging infrastructure to accommodate the growing adoption of EVs. The International Energy Agency's (IEA) 2021 edition of the 'Global EV Outlook' report identifies and discusses the latest developments in electric mobility worldwide. Despite COVID-19 disruptions, the report highlights that the global stock of electric cars increased by 40% in 2021. As of 2021, more than 10 million publicly accessible chargers are available worldwide, which marks over 60% increase from 2019.
Government globally are making significant investments in charging infrastructure to support the transition to EVs across the electric vehicle charging station market. For example, in June 2021, the European Union unveiled a new plan aiming to have 1 million public charging points in Europe by 2025. Similarly, the Indian government plans to set up around 69,000 charging stations by 2025. On the other hand, automakers are also establishing their own charging networks to cater to their customers' needs. For instance, BP announced plans in 2022 to increase energy sales across its EV charging networks by 100-fold. Companies like Tesla, Porsche, and Audi have already established their charging networks globally.
Charging hardware and software advancements are also driving developments in EV charging stations. For instance, new high-speed charging systems capable of delivering up to 350 kW of power are being developed to reduce charging times. Smart charging technology is also being adopted to optimize charging times based on the grid's needs, thus reducing the need for expensive grid infrastructure investments.
Electric Vehicle Charging Technology is Undergoing Significant Developments In Global Electric Vehicle Charging Station Market
CCS: A Key Contributor to the Rapidly Growing Global Electric vehicle charging station market
The Combined Charging System (CCS) is expected to be a major contributor to the revenue of the global Electric vehicle charging station market, with a predicted share of more than 18%. CCS is a standardized charging protocol that allows for both AC and DC charging and has the capability to deliver high power levels up to 350 kW. This makes it a preferred charging standard for many automakers and charging infrastructure providers. CCS is widely adopted in Europe and is gaining traction in other regions such as North America and Asia. In Europe, more than 30 automakers support CCS, and there are over 200,000 CCS charging points across the continent.
The adoption of electric vehicles is growing rapidly across the world. According to the International Energy Agency (IEA), the number of electric cars on the road surpassed 16.6 million in 2022, which was a 60% increase from 2020. CCS is capable of delivering a range of power levels up to 350 kW, which is much higher than the power output of other charging standards such as CHAdeMO and Tesla's Supercharger. This enables faster charging times, which is a key factor in the adoption of electric vehicles.
As of 2021, there were over 1,000 CCS charging stations in the United States electric vehicle charging station market, and this number is expected to grow rapidly in the coming years. In addition, the US government has announced plans to invest $7.5 billion in EV charging infrastructure as part of President Biden's infrastructure plan. CCS is not only a preferred standard for automakers and charging infrastructure providers but also for governments and industry bodies. In 2020, the European Commission announced that it would make CCS the standard for all publicly accessible DC fast charging stations across the EU by 2025.
Private Charging Stations to Capture More than 71% Market Share
The global market for electric vehicle (EV) charging stations has seen remarkable growth in recent years, with private charging infrastructure taking the lead in terms of revenue generation. According to Astute Analytica, private charging stations are estimated to capture more than 71% of the global Electric vehicle charging station market by 2030. This is not surprising given that private charging infrastructure includes EV chargers at homes, workplaces, and other private locations.
In 2021, the number of publicly available EV charging points increased by nearly 40%, which includes private chargers at workplaces and homes. The growth of private charging infrastructure worldwide is projected to continue in the coming years, with our estimates suggesting that the global market for private EV charging stations will be worth over $2.35 trillion by 2030.
The United States and Europe are leading the way in terms of private charging infrastructure. As of October 2021, there were about 165,000 public and roughly 300,000 private charging points in the United States. In the Netherlands, the estimated number of private charging stations for electric vehicles is about 103,000. In the UK, of the over 37,000 publicly accessible charging points, roughly a third are private charging points installed at workplaces or homes.
Governments and private companies in the electric vehicle charging station market have implemented various incentives, such as tax rebates and subsidies, to encourage the adoption of electric vehicles and the growth of the charging infrastructure. President Biden's leadership is mobilizing public and private charging investment to accelerate the adoption of EVs and create more charging infrastructure. The Upper Peninsula Zoning District incentivizes private developers to add electric charging stations as part of new development projects.
California is one of the most advanced regions in the world when it comes to electric vehicle adoption and charging infrastructure, with over 138,000 EVs registered in the state as of 2022. There are currently over 77,000 charging ports at public and private locations across the state.
Rising Adoption of Electric Vehicles Sparks Competition Among Top Players in Electric vehicle charging station market, Top 4 Players Holds More than 38% Share
The market for EV charging stations is spread out among about 30 private companies, though more than two-thirds of this market is comprised of just four companies. This indicates that the market is highly concentrated, with a few key players dominating the space.
The global Electric vehicle charging station market has attracted many tech giant companies, and extensive research indicates that leading players are employing various strategies to increase their market share, such as product innovation, client retention, and acquisition. However, the market is mainly concentrated in China, the U.S., Germany, and France due to the rising adoption of electric vehicles in these countries. Major players have expanded their market in other regions and invested a significant amount of money in research and development activities to launch innovative and cost-effective solutions for EV charging station manufacturing, installation, and maintenance. They are also targeting emerging markets of developing countries to expand their geographical boundaries by launching new products.
The cumulative market share of the top four players, ABB, BP, Charge Points, and Shell, is close to 38.7%, indicating a loose oligopoly competition in the market. These top players are investing heavily in R&D to develop new products and solutions to gain a competitive edge in the electric vehicle charging station market. They are also focusing on expanding their market share through strategic partnerships, mergers and acquisitions, and collaborations with other players in the market. As a result, the market is expected to become more competitive, with many new players entering the market to capitalize on the growing demand for EV charging stations.
Segmentation Overview
The following are the different segments of the Global Electric Vehicle Charging Station Market:
By Connector Protocol segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charger Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charging Method segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charging Station Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Application segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Region segment of the Global Electric Vehicle Charging Station Market is sub-segmented into: