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The global electric vehicle charging stations market size was valued at USD 39.70 billion in 2019 and is projected to reach USD 100.96 billion by 2027, exhibiting a CAGR of 23.24% during the forecast period.
The electric vehicle industry is growing rapidly around the world, especially in China and the United States. The EV charging industry is a dynamic industry with a wide range of applications. Governments of several countries around the world play a vital role in the development of vehicle charging stations. For instance, the central government of China has approved the development of fast-charging stations in accordance with the national policies. Similarly, in the United States, the government plays a vital role by providing mandatory standards and funds for the development of EV charging stations. However, in some countries/regions, there is still a shortage of commercial charging stations, which leads the consumers to rely only on the charging methods available at the workplaces and homes.
The increasing number of electric vehicles may affect the functioning of the charging stations such as the amount of power generation, the load level of the transformer, and the load curve. Furthermore, advances in communication technologies such as real-time information on all electric vehicle charging stations for smart connectivity are expected to bring higher reliability and stability to these charging stations.
Growth of Electric Vehicle Charging Stations Market Will Slow Down During COVID-19
With the outbreak of COVID-19, first in China, and later spreading around the world, the total transportation failure has affected the global economy. Since January, this pandemic, the increase in the number of infected patients and a comprehensive blockade, have halted many manufacturing operations. This has had an impact on the global manufacturing supply chain, especially those companies that mainly rely on China as raw materials, components, or manufactured goods. Due to the outbreak of coronavirus, the automotive industry will soon face several challenges like lack of workers and raw materials.
According to data from the China Passenger Car Association, nearly 80% of the global automotive supply chain is dependent on China. In order to curb the spread of the virus, several employees and workers have been quarantined. This has led to insufficient output and even interrupted supply chain services. However, one can estimate that by the second and third quarters of 2020, production owing to the coronavirus will slow down and may come to a halt.
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Electrification of Automotive to Drive Market Growth
Intelligent mobility and electrification are restructuring the future of mobility through the transition from authorized to electric mobility. Several car manufacturers and power companies or facility management companies, are currently building powerful EV charging stations. These are some market trends for electric vehicle charging stations and are estimated to play a key role in the expansion of the charging infrastructure industry.
Government Funding for Developing Charging Stations to Propel Demand
Governments in many countries are funding up to 80% of the total cost of charging infrastructure installation. In addition to this, the government's role in planning and developing charging stations through cooperation with the oil and gas industry has promoted the development of the electric vehicle charging stations market. Government cost-cutting measures, such as providing electricity to commercial charging stations at lower prices, play a vital role in driving market growth. The government further plans to install a charging station every 100 km on the national highway, thereby, making it possible to expand the market size during the forecast period.
Rising Number of Electric Vehicle Numbers on Road is Expected to Propel the Market Growth
The government is providing automakers with subsidies, rebates, tax exemptions, and fixed quotas. Even government subsidies for buying electric cars also play an important role for consumers. These factors have led to the increasing sales and production of electric vehicles worldwide. The growing stock of electric vehicles requires charging stations and established power grids to ensure that the vehicles run smoothly. Therefore, it is expected that this factor will drive the growth of the market during the forecast period. Additionally, the strict government vehicle emission regulations have prompted the consumers to adopt electric vehicles. Therefore, the market for electric vehicle charging stations is likely to expand during the forecast period.
Slow Charging Speed at the Charging Stations to Restrain Growth
It usually takes more time to fully charge electric vehicle at charging station. The charging speed of charging stations should be increased as compared to the growing number of electric vehicles plying on road. If the charging speed tends to be faster, consumers’ interest to buy an electric vehicle may show a positive sign. The main hurdle to buy an electric vehicle is its limited range and charging time taken by the vehicle. If these both parameters are improved, then there will be an increase in the number of electric vehicles and also side by side charging station.
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Fast Charger Segment is Expected to Dominate the Market
Based on charger type, the market is segmented into fast and slow/moderate charger. The fast charger segment holds the major Electric Vehicle Charging Stations market share. The segment fast charger will showcase an exponential growth owing to the charger’s ability to charge vehicles in the short span of time during the forecast period. Moreover, its ability to protect car batteries while charging will favor market growth. The slow/moderate charger segment holds the largest market share in terms of volume, and is projected to experience slow growth over the forecast period.
Residential Segment to Remain at the Forefront
Based on the application type, this market is segmented into commercial and residential. The residential application segment accounts for the major market share and is also projected to dominate the market during the forecast period. This is attributable to the growing sales of the electric vehicles, coupled with the increasing number of charging infrastructure. The commercial segment will showcase significant growth backed by the increasing government funding for the development of public charging stations in the forthcoming years.
Asia-Pacific Electric Vehicle Charging Stations Market Size, 2019 (USD Billion)
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It is expected that during the forecast period, the Asia-Pacific region will dominate the market for electric vehicle charging stations. China is the leading country in the region. The role of the Chinese government in planning and developing charging infrastructure by implementation of national policies for it, is the main factor for market growth in this region. Due to the expansion of the electric vehicle industry in the region, the markets of Japan and South Korea are also expected to show good growth. In terms of growth, Europe is the second largest market, and it is expected that during the forecast period, Europe will have considerable market revenue. The government’s plan to develop charging infrastructure, and install charging stations every 100 km on the country’s national highways, are factors that may drive EV charging station market growth in the region.
North America is estimated to demonstrate exponential growth. The US federal government plays an important role in charging infrastructure. Car manufacturers' charging networks are large in numbers in the United States and are expected to expand during the forecast period. These factors are projected to drive market growth in the region.
ChargePoint Inc. is a Top Player in the Market
ChargePoint is a global leader in the charging station network having world’s largest network of charging stations. Additionally, they are planning a 50-fold increase in the current network in the coming years.
The market report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.
An Infographic Representation of Electric Vehicle (EV) Charging Stations Market
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Besides this, the report offers 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 growth of the market over recent years.
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Value (USD Billion) & Volume (thousand units)
By Charger Type
Fortune Business Insights says that the global electric vehicle charging stations market size was USD 39.70 billion in 2019 and is projected to reach USD 100.96 billion by 2027.
In 2019, the Asia-Pacific market volume stood at USD 20.06 billion.
The market is projected to grow at a CAGR of 23.24% and will exhibit exponential growth in the forecast period (2020-2027).
Fast charger type segment is expected to be the leading segment in this market during the forecast period.
Funding of government for charging infrastructure to propel the market growth.
ChargePoint is the leading player in the global market.
Asia-Pacific dominated the market share in 2019.
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