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Electric Vehicle Charging Station Market to Reach USD 141.08 Billion by 2030; USPS Places Order for 14,000 Chargers and 9,250 Electric Delivery Vans as Part of Electrification Strategy

July 05, 2023 | Automotive & Transportation

The global electric vehicle charging station market size stood at USD 12 billion in 2022. The market value is slated to rise from USD 16.43 billion in 2023 to USD 141.08 billion by 2030 at a CAGR of 36.0% during 2023-2030. The growth can be attributed to the surging emphasis of companies on the research and development of wireless charging technologies. The EV ecosystem is undergoing constant evolution considering the rollout of new technologies and advancements in electric vehicle charging.


Fortune Business Insights™ presents this information in its report titled “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”.


Industry Growth Temporarily Affected Due to COVID-19 Pandemic


The coronavirus pandemic slowed the construction of electric vehicle charging stations. This was mainly due to unavailability of labor and issues in the procurement of raw materials. These factors led to a slight impact on the market. Additional factors which temporarily hindered the market growth comprised the enforcement of transport restrictions and lockdown measures. However, the rollout of favorable government policies supported the revival of the industry in the last few months of 2020.


USPS Orders 14,000 Chargers and 9,250 Electric Delivery Vans to Implement Electrification Strategy


In March 2023, the U.S. Postal Service (USPS) ordered 14,000 chargers and 9,250 electric delivery vans. The stations will be supplied by Siemens, Blink Charging, and Rexel USA and installed at USPS locations, with an investment of USD 260 million.


According to USPS, the plan conforms to the electrification strategy that was announced with senior White House officials in December 2022. The new vehicles would replace the 30-year-old trucks that lack air bags, air conditioning, as well as other unspecified safety equipment. The agency has assured that the vehicle procurement in 2026 and beyond will be all electric.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/electric-vehicle-ev-charging-stations-market-102058


Market Value to Surge on Account of Growing Development of Fast Chargers


The electric vehicle charging station market growth is being propelled by the increasing development of fast chargers. Companies are focusing on enhancing the charging speed for bringing about a reduction in the charging time.


However, high costs related to the installation of EV charging stations may hamper industry growth to some extent. The cost could differ from country to country including components such as labor costs, hardware costs, land costs, electricity connection costs, civil work costs, and EVSE manufacture and software integration costs.


Key Companies Forge Partnership Deals to Expand Geographical Footprint


Major industry participants are centered on adopting an array of initiatives for the expansion of their geographical footprints. These comprise acquisitions, merger agreements, and the formation of alliances. Additional steps include growing participation in trade conferences and an increase in research and development activities.


Key Players Profiled:



  • Siemens AG (Germany)

  • Eaton (Ireland)

  • ChargePoint Inc. (U.S.)

  • ABB (Switzerland)

  • Schneider Electric (France)

  • EVBox (Netherlands)

  • Webasto Group (Germany)

  • Tesla (U.S.)

  • Blink Charging Co. (U.S.)

  • EO Charging (U.K.)


Notable Industry Development



  • May 2023 – Blink Charging Co. launched a new battery storage unit. The solution would be integrated with four Blink Electric Vehicle (EV) chargers at Southport Plaza, Philadelphia.


Further Report Findings



  • By geography, the market is fragmented into Asia Pacific, North America, Europe, and the rest of the world. The increasing deployment of the product in countries such as China is expected to augment the Asia Pacific electric vehicle charging station market share. The region is slated to exhibit remarkable expansion over the forecast period.

  • The Europe market is poised to exhibit substantial expansion over the study period. The expansion is propelled by the presence of supportive infrastructure in the region.

  • Based on charger type, the market is bifurcated into fast and slow/moderate. The fast segment is poised to grow at an appreciable CAGR over the study period. The segment expansion is driven by the rising charging infrastructure in the region.

  • On the basis of application, the market is segmented into commercial and residential. The commercial segment is touted to expand at a considerable pace over the forecast period. The upsurge is propelled by the expanding charging infrastructure across numerous regions.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 36% from 2023-2030



Unit



Value (USD Billion) and Volume(Thousand Units)



By Charger Type




  • Fast

  • Slow/Moderate



By Application




  • Commercial

  • Residential



Segmentation



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 )


Electric Vehicle (EV) Charging Stations Market
  • PDF
  • 2022
  • 2019-2022
  • 183

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