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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:
Notable Industry Development
Further Report Findings
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 |
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By Application |
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By Geography
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