According to Custom Market Insights (CMI), the global electric vehicle (EV) charging station market was valued at approximately USD 35 billion in 2021 and is projected to grow to around USD 420 billion by 2030. This growth represents a compound annual growth rate (CAGR) of roughly 32% during the forecast period from 2022 to 2030.

The report analyzes the drivers and restraints impacting the EV charging station market, along with their effects on demand throughout the projected period. Additionally, the report examines the global opportunities available within the electric vehicle charging station sector.

Electric Vehicle Charging Station Market Overview

The rapid rise in sales of electric vehicles (EVs) can largely be attributed to growing concerns over the environmental harm caused by gas-powered vehicles, as well as increasing apprehension over greenhouse gas emissions. With the recent surge in petrol prices, EV adoption has accelerated, particularly in the United States. According to a survey by the American Automobile Association, one-quarter of Americans indicated plans to purchase an electric vehicle in the near future. Moreover, 77% of those interested in buying a plug-in car noted that their primary motivation was the potential savings on gas. These factors are expected to provide a significant boost to the EV charging station market as more consumers adopt EVs.

You can access the full report, titled “Electric Vehicle Charging Station Market Size, Trends and Insights By Charger Type (Fast Charger, Slow Charger), By Connector (CHAdeMO, Combined Charging System (CCS), Others), By Application (Residential, Commercial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” at this link.

Growth Factors

The increasing levels of carbon emissions and other hazardous substances caused by transportation are significant factors driving the need for electric vehicles (EVs). As a result, there is growing demand for EV charging infrastructure in both commercial and residential settings. Additionally, collaborations between automakers to provide charging stations through a subscription model are expected to support further market expansion.

Moreover, the role of green energy is expected to have a substantial impact on both public and private EV charging stations. Carbon emissions are a key concern for EV owners, and companies are making rapid advancements in charging technologies used in their EV charging networks to address these issues.

Segmental Overview

The EV charging station market is divided into segments based on charger type, connector, and application. Due to significant initiatives and budget allocations from both governments and automakers for expanding public electric vehicle charging infrastructure, the commercial segment accounted for more than 80% of the market share in 2021. This segment’s growth is fueled by the increasing need for public charging stations, as charging at home or overnight is insufficient for long-distance travel. Furthermore, the growth is supported by partnerships between public transportation organizations and automakers to build electric bus charging stations.

In 2021, the CHAdeMO connector category led the market. This dominance is due to the ease of use and compatibility with most electric vehicles, including those produced by GM, BMW, and VW. CHAdeMO connectors offer design flexibility for electric vehicles, as they require only one charging port instead of two, unlike Combined Charging System (CCS) connectors. The CHAdeMO connector can deliver up to 62.5 kW of DC power, and it is also required by the Japan Electric Vehicle Standard (JEVS).

You can also request a free sample copy of the report at this link.

Regional Overview

The Asia-Pacific Region

The Asia-Pacific region, which includes major countries such as China, Japan, India, and South Korea, is expected to see a profitable growth rate over the forecast period. Several of the world’s fastest-growing economies, particularly China and India, are located in this region. The governments of these developing nations have taken steps to encourage the establishment of EV charging infrastructure by major original equipment manufacturers (OEMs) within their borders, after recognizing the potential growth of the global EV charging station market.

For example, EV charging station network providers have partnered with several OEMs to offer free EV charging services to electric vehicle drivers. This has led to a substantial increase in EV production, catering to both domestic and international demand.

Key Players Insights

Due to rapidly shifting consumer preferences and ongoing technological advancements, the global electric vehicle charging stations market is highly competitive. Nearly every participant in this market is focusing on the installation of fast and ultra-fast charging stations to meet the growing demand for efficient and convenient charging solutions.

Prominent Players

Key players in the electric vehicle charging station market include:

  • AeroVironment Inc.

  • BP Chargemaster

  • General Electric Company

  • ABB

  • Eaton Corp.

  • ChargePoint Inc.

  • ClipperCreek Inc.

  • SemaConnect Inc.

  • Leviton Manufacturing Co. Inc.

  • Schneider Electric

  • Tesla Inc.

  • Siemens AG

  • Webasto SE

Report Highlights

By Charger Type

The electric vehicle charging station market is segmented into fast chargers and slow chargers. Due to the increasing consumer preference for quicker charging solutions, the demand for fast chargers is expected to rise sharply in the coming years. Fast chargers are particularly advantageous for high-traffic areas, such as commercial centers and highway rest stops, where drivers require efficient, quick charging capabilities.

By Connector Type

The connectors used in electric vehicle charging stations include CHAdeMO, Combined Charging System (CCS), and others. Among these, the CHAdeMO connector remains the most dominant in the market due to its broad compatibility with many electric vehicle brands. It is also required by the Japan Electric Vehicle Standard (JEVS) and offers efficient DC charging.

By Application

The electric vehicle charging station market is divided into residential and commercial applications. As of 2021, the commercial segment held the largest market share, largely due to public demand for charging stations, which are essential for supporting long-distance EV travel. The commercial sector benefits from government and industry investments in infrastructure development.

https://www.custommarketinsights.com/report/electric-vehicle-charging-station-market/