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Electric Vehicle (EV) Charging Station Market Size, Share & Industry Analysis, By Charger Type (Fast, Slow/ Moderate), By Application (Commercial, Residential), and Regional Forecasts, 2019-2026

Region : Global | Published Date: Feb, 2020 | Report ID: FBI102058

 

KEY MARKET INSIGHTS

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The electric vehicle charging station industry is developing enormously all over the globe, especially in the United States and China. The EV charging industries have a wide range of approaches as being a highly dynamic sector. The governments of several countries across the globe are playing a vital role in the development of charging stations. For example, the Chinese central government has endorsed the development of charging stations as a matter of national policy. Also, in the United States, the government plays an essential role in the development of charging stations by providing mandated standards and funding.


However, there is a shortage of commercial charging stations in some of the countries, which is leading consumers to only depend on charging access at home and work. The growing number of electric vehicle is likely to affect the charging stations' capabilities, such as transformer loading levels, generation capacity, and load profiles. Also, the advancement in the wide-area communication technology, such as real-time information of all the electric vehicle charging stations through intelligent connectivity, is anticipated to result in the higher stability and reliability of these charging stations.


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Electrification and smart mobility are restructuring the future of mobility by empowering the transition to electric mobility. Many automotive manufacturers and facility management companies or power companies are currently building electric vehicle charging stations with significant capabilities. These are some of the EV charging stations market trends that are expected to play a crucial role in the development of the charging infrastructure industry.


The main hurdle for the growth of electric vehicle market is of limited range.The governments are also collaborating in the development, planning, and operations with the oil and fuel suppliers to multiply the charging network throughout the nation. The charging standards, battery technologies, and electric vehicles are still in the phase of evolution and are expected to withstand in a ready position in the future.


MARKET DRIVERS


“Growing Electric Vehicle Stock is Expected to Drive the Market


The governments are providing the vehicle manufacturers with rebates, subsidies, quotas, and tax exemption. Even the government subsidies for purchasing electric vehicles is playing a significant role for the consumers. These factors are leading to a rise in the sales and production of electric vehicles globally. The rising electric vehicle stock requires the charging stations and an established electric grid to continue smooth operations of the vehicles. Thus, this factor is expected to propel the electric vehicle charging stations market growth over the forecast period. The stringent government vehicle emission regulations are also driving the consumers to adopt electric vehicles. As a result, the EV Charging Station Market is likely to expand over the forecast period.


“Government Funding for Charging Infrastructure to Propel the Growth of Market”


The governments of numerous countries are funding up to 80% of the total cost of installation of the charging infrastructure. Furthermore, the government's role in the planning and development of charging stations by collaborations with the oil and gas industry is also driving the charging stations market. The government cost-cutting measures such as provision of electricity at lower rates for commercial charging stations are playing an essential role in driving the growth of the market. The government is further planning to install charging stations per 100 kilometers on the national highways, which, in turn, is likely to expand the market size over the forecast period. 


SEGMENTATION


By Charger Type Analysis


“Slow Charger Type Segment is Expected to Hold the Largest Market Share During the Forecast Period”


Based on charger type, the market is segmented into slow/moderate charger and fast charger. The slow/moderate charger segment holds the largest electric vehicle charging stations market share, and it is expected to show steady growth over the forecast period. The growing inclination of the consumers towards fast charging is the main factor associated with the steady growth of this segment.


The fast charger segment is anticipated to exhibit exponential growth in the EV charging stations market during the forecast period. The ability of this charger to recharge the vehicle in a minimal period as compared to a slow charger would fuel the growth of this segment. Also, its ability to protect the battery of the car while charging would contribute to the growth.


By Application Type Analysis


“Residential Segment to Dominate the Market Backed by Rising Sales of EVs”


Based on the application type, the EV charging station market is segmented into commercial and residential. The residential application type segment accounts for the largest market share and is also estimated to dominate the market over the forecast period. The rising sales of electric vehicles, coupled with charging infrastructure, is likely to drive the growth of this segment.


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The commercial application segment is anticipated to showcase significant growth in the market throughout the forecast period. The government funding for public charging stations for commercial usage is anticipated to propel the growth of this segment.


By Connector Type Analysis


“Combined Charging System (CCS) Segment to Hold the Largest Market Share During the Forecast Period”


Based on the connector type, the market is segmented into CHAdeMO, combined charging system (CCS), and others. The CCS connector type segment is projected to dominate the market over the forecast period. The significant usage of this connector type in and the in the fast-charging type is associated with the growth of this segment. CCS connector type is the future of the fast charging as it covers all cases, such as wireless charging, low power AC, and high power DC.


The chademo connector type segment is estimated to show steady growth in the electric vehicle charging stations market over the forecast period. The significant usage of this connector type in Japan and limited usage towards only specific regions are factors associated with the steady growth of this connector type.


REGIONAL ANALYSIS


Asia-Pacific is anticipated to dominate the electric vehicle charging station system market over the forecast period. China is the leading country in this region. Chinese government's role for the implementation of national policy for the development and planning of the electric vehicle charging stations in the country is the main factor for growth. The market in South Korea and Japan is also expected to show good growth owing to the expansion of the electric vehicle industry in this region.


Europe Electric Vehicle Charging Station Market Size, 2018

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Europe is the second-largest market in terms of growth and is expected to hold significant market revenue over the forecast period. The government initiatives to develop charging infrastructure coupled with the planning of installation of the charging station per 100 kilometers on a national highway in this region are factors that are likely to propel the growth of the market in this region.


North America is also expected to show exponential growth. The U.S. federal government plays a fundamental role in the EV charging infrastructure. The charging network of automotive manufacturers is vast in the U.S. and it is anticipated to expand over the forecast period. These factors are expected to drive the growth of the market in this region.


INDUSTRY KEY PLAYERS


“Key Players are Introducing and Developing New Range of Charger for Fast Charging”


Amongst all the key companies in the world, some are dominating the electric vehicle charging station market owing to their critical strategic decisions and robust product portfolio. These include a group of companies with more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.


List of key Companies Covered:



REPORT COVERAGE


The growing electric vehicle stock, coupled with government funding for the installation of the charging infrastructure, is expected to increase the global electric vehicle charging stations market’s growth. 


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Along with this, the electric vehicle charging station market report provides an elaborative analysis of the global market dynamics and competitive landscape. Various key insights presented in the report are recent industry developments such as mergers & acquisitions, the regulatory scenario in crucial countries, technological advancements in the electric vehicle charging station, key strategies adopted by market leaders, competitive landscape, and company profiles.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2015-2026



Base Year



  2018



Forecast Period



  2019-2026



Historical Period



  2015-2017



Unit



  Volume (Thousand Units) & Value (USD Billion)



Segmentation



By Charger Type



  • Fast Charger

  • Slow/Moderate Charger



By Application Type



  • Commercial

  • Residential



By Connector Type



  • CHAdeMO

  • Combined Charging System (CCS)

  • Others



By Region



  • North America (U.S., Canada, Mexico)

  • Europe (U.K., Germany, France, and Rest of Europe)

  • Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)

  • Rest of the world



INDUSTRY DEVELOPMENT:



  • October 2019:  ChargePoint Inc. and San Francisco Municipal Transportation Agency (SFMTA) partnered up for the electrification of buses in the future by signing an infrastructure agreement. This partnership will support the growth of electric buses by deploying high-powered charging infrastructure.

  • September 2019:  ChargePoint Inc. introduced a new home charger named ChargePoint Home Flex. It is the most flexible, advanced, and fastest home charger. This charger allows the driver to charge their electric vehicle nine times faster than a standard home mount charger.

  • January 2019:  Shell and PGGM are planning to jointly acquire the sustainable energy provider Eneco. This acquisition will offer the growth of renewable energy products and also provide service to northwest Europe for millions of customers.


Frequently Asked Questions

Fortune Business Insights says that the market stood at USD 27.21 billion in 2018 and is projected to reach USD 264.80 billion by 2026.

The market is projected to grow at a CAGR of 31.1% in the forecast period (2019-2026).

The residential application type segment is expected to be the leading segment in the market during the forecast period.

The governments funding and planning for charging infrastructure coupled with a rising number of electric vehicles will be the key factors driving the growth of the market.

Tesla, Inc., ChargePoint, Inc., BP Chargemaster, and Shell International B.V. are the top players in the market.

Electric Vehicle (EV) Charging Stations Market Size, Share and Global Industry Trend Forecast till 2026
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