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Electric Vehicle Charging Station Market Size, Share & COVID-19 Impact Analysis, By Charger Type (Fast and Slow/Moderate), By Application (Commercial and Residential), and Regional Forecasts, 2023-2030

Report Format: PDF | Latest Update: Nov, 2023 | Published Date: Jul, 2023 | Report ID: FBI102058 | Status : Published

The global electric vehicle charging station market size was valued at USD 12 billion in 2022. The market is projected to grow from USD 16.43 billion in 2023 to USD 141.08 billion by 2030, exhibiting a CAGR of 36.0% during the forecast period.

An electric vehicle charging station, also identified as an EV charging point, attaches an Electric Vehicle (EV) to an electricity source to recharge electric cars. The station consists of Electric Vehicle Supply Equipment (EVSE) and the necessary infrastructure to deliver power. The charging stations are of three main capacities, Level 1, Level 2, and Level 3 or DC fast charging. They can be pedestal or wall-mounted units used in public places, commercial areas, workplaces, residential complexes, and private residences.


COVID-19 Accelerated Adoption of Electric Vehicles Triggering the EV Charging Station Market Growth

The COVID-19 pandemic sent shockwaves through most industries across the globe. However, the electric vehicle charging station industry remained resilient during tough times. In the first quarter of 2020, the market faced difficulties due to strict lockdown measures and transportation restrictions. In addition, the supply chain associated with electric vehicle charging was affected due to trade barriers. The construction of electric vehicle charging stations worldwide slowed down due to labor unavailability and raw material procurement issues.

All these factors collectively delayed the projected growth of electric vehicle charging stations as per the pre-COVID scenario. The market growth was considerably slowed down during 2020. However, the market returned to normalcy and gained momentum in the last months of 2020 as lockdown restrictions were lifted. The electric vehicle charging station market growth started to pace as various governments introduced supportive policies and funding to accelerate the electric vehicle industry.  


Increasing Development of Fast Chargers for Electric Vehicles to Drive the Market Growth

Although electric vehicle charging infrastructure is still expanding, the market has witnessed significant growth and developments within the past few years. The electric vehicle ecosystem is constantly evolving with new technology followed by electric vehicle charging. The companies are focused on improving the charging speed of the EV charger to significantly reduce the charging time.

  • For instance, in March 2021, Siemens AG announced the launch of VersiCharge, a new generation of fast AC chargers compatible with all-electric vehicle types in Asia Pacific. The company claims that its new charger enables the EV to be charged quickly, safely, and cost-effectively. Siemens’s new fast AC charger can deliver 22kW of power through a Type 2 Plug or Socket in Asia Pacific.

Similarly, in August 2022, Noodoe EV launched its new AC charging station. The company’s new AC19L charger is designed for locations needing high-speed charging. Even though AC19L is an AC charger, it is powerful, 80 amp/19kW, double the speed of the company’s standard 32 amp chargers.

Companies are also focused on the research & development of wireless charging technologies. In May 2023, ADS-TEC & JOLT Energy introduced battery-buffered ultra-fast electric vehicle chargers in Europe and the U.S. ADS-TEC Energy fast chargers for electric cars have a battery and offer up to 320 kW of charging power. This is particularly useful in urban centers where there is usually a lack of space for electrical substations. Electric vehicle chargers can also store energy for other purposes, which helps with on-site energy management.


Rising Electric Vehicle Sales along with EV Penetration to Drive Market Growth

Growing sale of electric vehicles around the world is the main driver for market growth. The global automotive industry experienced outstanding development. Sales of electric cars have grown significantly over the past decade due to increased demand for zero-emission vehicles, strict government regulations to control car emissions, incentives, and government tax credits for rapid electrification. Therefore, due to rapid electrification of vehicles globally, the demand for EV chargers is expected to propel market growth during the forecast period.

Global electric vehicle sales in 2021 have doubled compared to 2020, according to the 2021 edition of the International Energy Agency. By 2021, almost 10% of vehicles sold globally will be electric, a new record of 6.6 million units. In addition, factors such as rising fossil fuel prices, rising public environmental concerns, and falling electric vehicle battery prices are also boosting market growth. From 2010 to 2021, the cost of battery packs dropped by almost 90% in real terms.


High Initial Costs for Setting up Electric Vehicle Charging Stations May Hamper the Market Growth

The sufficient availability of charging infrastructure is crucial for adopting electric vehicles. Building a charging network requires vast investments and coordination between the government and other companies. Setting up infrastructure and its maintenance requires substantial capital. The cost can vary from country to country and include subcomponents such as hardware costs, labor costs, electricity connection costs, land costs, EVSE management and software integration costs, and civil work costs.

The increasing demand can put a load on the electricity grid. This may require constant grid upgrades to support the rising product demand. The absence of regulation and policy standardization in charging technologies may create challenges for the market growth.


By Charger Type Analysis

Increasing Demand for Quick Charging Suitable for Long Route Transportation to Augment Fast Segment Share

By charger type, the market is categorized into fast and slow/moderate.

The fast segment is estimated to be the largest and growing at the highest CAGR during the forecast period. Increasing requirements for AC fast chargers drive the market growth due to the proliferation of EVs in North America and increased government investment in electric vehicle charging stations. These developments and active involvement in investment will drive market growth during the forecast period.

The slow/moderate segment has also contributed to the rising adoption of standard chargers. A few countries are taking steps to develop efficient and sustainable charging infrastructure that will be available to a large number of electric vehicles. For instance, with the help of Okaya, the Indian government announced the provision of 1,020 multi-standard chargers across India by 2025. Similar initiatives are expected to drive the market growth.

By Application Analysis

Promoting EVs for Long Journeys to Surge the Demand for Commercial Stations

By application, the market is categorized into commercial and residential.

Commercial is estimated to be the largest segment, with the highest market share, and is projected to rise at the highest CAGR during the forecast period 2023-2030. The growth is attributed to the rising charging infrastructure, particularly in commercial locations by governments, and active involvement from service providers to meet the electric vehicle charging station target propels the commercial segment growth.

  • For example, in March 2021, the U.S. government announced a national EV charging network under a USD 2 trillion infrastructure plan. Also, the government is focused on installing at least 500,000 devices across the U.S. by 2030.

The residential segment is projected to witness a significant CAGR during the forecast period due to increasing demand for EVs and mandates of level 1 AC chargers while EV purchases. Due to the need for home charging infrastructure, the companies are developing various home AC chargers that drive market growth. Moreover, OEM players also help to facilitate the charging solution/system within residential premises for a group of electric vehicles.


Geographically, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.

Asia Pacific dominated the electric vehicle charging station market share in 2022 and is estimated to remain dominant with the fastest CAGR throughout the forecast period. The increased utilization of electric vehicle charging stations in countries such as China is anticipated to lead the market growth.

The Chinese government ascribes great importance in improving its charging infrastructure, For instance, in August 2022, China's Ministry of Transport (MOT) announced that it would expand charging stations along national highways. The ministry expects the new facility to have the capacity to run 20 million new energy vehicles by 2024. The government attaches great importance to the introduction of eco-friendly mobility. Europe is the second dominant region in the market. Most companies from this region are entering the market as it is growing. For instance, in March 2023, BP Pulse opened its largest, most powerful EV charging hub in the U.K. at Kettering, North Northamptonshire. Rising new entrants and supportive infrastructure have eased the operation of charging stations in some countries in North America and the rest of the world.


Diverse Product Portfolio and Technological Innovation Make ABB a Major Player in the Market

ABB is a Swiss company that offers various charging solutions for electric cars for private and public use. ABB charging stations offer AC Level and DC fast charging, enabling fast and convenient electric car charging. ABB charging stations are designed to be flexible and scalable, so they are suitable for various applications, from homes to public charging stations. ABB also offers EV charging solutions, including charging infrastructure management systems and fleet charging solutions. In September 2021, ABB launched the Terra 360 charger, a quick charger for electric vehicles with maximum output of 360 kW. This fast charger can provide a range of 100 km with charging time of less than three minutes. With these advanced features, ABB charging solution is one of the top choices for private and public EV charging needs, along with other leading companies. ABB is focused on cooperating to expand its market and further develop its products. For instance, in June 2022, ABB collaborated with Sonepar to focus on developing EV charging infrastructure to help grow sustainable transportation. The company launched its E-mobility Center of Excellence in Valdarno, Italy. Sonepar has a wide network of 100 brands across 40 countries. With the help of this network, ABB could provide its varied range of AC and DC charging solutions in many other countries.



  • May 2023 - International convenience and mobility giant Circle K opened a new Electric Vehicle (EV) charging station in Wytheville, Virginia. Located in front of the Circle K store on Interstate 81 off State Route 121, the location is the first to offer ABB E-Mobility's Terra 184 DC fast charger, rated to charge up to 180 kW.

  • April 2023 - BYD Europe B.V. and Shell EV Charging Solutions B.V. (Shell) will provide fast, convenient, and reliable Shell Recharge EV charging to at least 100,000 BYD batteries and plug-in Electric Vehicles (EV) customers in Europe. Customers get an exclusive Platinum membership to the Shell Recharge network. The network offers discounted charging at Shell's fast, ultra-fast DC charging locations.

  • March 2023 - EVCS partnered with ChargeHub to expand and simplify access to public charging for electric vehicle drivers on the West Coast. Under this, EVCS will join ChargeHub's Passport Hub platform as a Charge Point Operator (CPO) to spread its network to a wide range of EV drivers using various e-mobility service providers (MSPs).

  •  February 2023 - Kempower Inc, a charging station manufacturer for electric vehicles, opened a new manufacturing facility in Durham County. With an investment of around USD 41.2 million in this new facility, it is the latest economic development project connected to the state’s rapidly expanding clean energy economy.

  • November 2022 - Siemens contracted to supply charging stations for electric vehicles for Electromin's planned charging network in Saudi Arabia. The deal includes supply of Sicharge D ultra-fast DC charging stations and VersiCharge wall or pedestal AC charging systems designed primarily for electric vehicles. In addition, Siemens not only has inductive charging systems but also systems specifically for large electric vehicles such as trucks and buses.


The research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, product types, end-users, design, and technology. Besides this, the report offers in-depth analysis and insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that have contributed to the market growth in recent years.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 36% from 2023-2030


Value (USD Billion) and Volume(Thousand Units)

By Charger Type

  • Fast

  • Slow/Moderate

By Application

  • Commercial

  • Residential


By Geography

  • North America (By Charger Type & Application)

  • U.S. (By Charger Type)

  • Canada (By Charger Type)

  • Mexico (By Charger Type)

  • Europe (By Charger Type & Application )

  • U.K. (By Charger Type)

  • Germany (By Charger Type)

  • France (By Charger Type)

  • Rest of Europe (By Charger Type)

  • Asia Pacific (By Charger Type & Application )

  • China (By Charger Type)

  • Japan (By Charger Type)

  • India (By Charger Type)

  • South Korea (By Charger Type)

  • Rest of Asia Pacific (By Charger Type)

  • Rest of the World (By Charger Type & Application )

Frequently Asked Questions

What is the projected value of the global electric vehicle charging station market?

Fortune Business Insights says that the global market size was valued at USD 12 billion in 2022. The global market is projected to reach USD 141.08 billion by 2030.

What is the estimated growth rate of the electric vehicle charging station market?

The market is expected to grow at a CAGR of 36.0%during the forecast period (2023-2030).

What factors are predicted to drive the global market growth?

The rising sales of electric vehicles and growing EV penetration are expected to drive the global market growth.

Which is the leading region of the global market?

The Asia Pacific region led the global market in 2022 and is estimated to depict lucrative growth over the forecast period.

  • Global
  • 2022
  • 2019-2022
  • 183
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