Electric vehicle charging station insights on market drivers, segmentation and key players

Electric vehicle charging station insights on market drivers, segmentation and key players

strategicmarket
6 September 2022

An electric vehicle charging station charges plug-in electric vehicles (EVs) such as hybrids, electric automobiles, and neighborhood electric vehicles. The charging stations are powered by a software application, energy controller, network operations center, facility meter, and energy conversion system connected to the power grid.

The electric vehicle charging station market size in 2021 was $12.41 billion and is expected to reach $142.36 billion by 2030, representing a CAGR of 31.14% from 2021 to 2030.

 

Market drivers

  • Rising demand for electric vehicle fast charging facilities to drive the market growth

The increasing adoption of electric vehicles due to their efficiency and eco-friendliness has driven the demand for fast-charging infrastructure in recent years. In 2019, the total number of electric vehicle charging stations worldwide was 2.1 million, and by 2030, China, the European Union, and the United States are expected to have a total of 120 million electric vehicles on the road. The total energy required to charge electric vehicles will roughly double from 20 billion kilowatt-hours in 2020 to 280 billion kilowatt-hours in 2030. Electric vehicles are expected to be used for city commuting and long-distance travel.

 

  • Increased investment to drive market growth.

Some well-known companies are also investing significantly in the installation of EV Charging stations, such as Schneider Electric vehicle charging stations, Siemens electric vehicle charging stations, Bosch electric vehicle charging stations, ABB electric vehicle charging stations, Leviton electric vehicle charging stations, and Clipper Creek electric vehicle charging stations, in addition to the introduction of EVBox stations, peer to peer electric vehicle charging, and the growth of electric bus charging station market, and electric car charging stations market are boosting the overall market growth.

 

Market restraints

Factors such as rising EV demand and variations in charging loads have gradually increased the need to standardize EV charging stations. Certain EV charging stations will only be compatible with a specific type or range of voltage, hampering the overall growth of the electric vehicle charging industry.

 

Opportunities

The increased demand for EV charging stations has resulted in massive investment in this sector by governments worldwide. Developments in EV charging station technologies such as bi-directional charging, portable charging stations, usage-based analytics, smart charging with load management, and an automated method of payment, as well as the development of ultra-fast charging technology at EV stations and the increased use of V2G EV charging stations for EVs, are expected to provide ample growth opportunities for the market in the future.

According to INSIDE EVS, Tesla’s Supercharger n/w network has nearly 382 points across the UK, and it opened its first 150kW EV charging station at Heathrow in August with only two charging points, but the 400kW EV charging points promised by Tesla for 2021 appeared to be out of reach.

 

Segmentation analysis

The market is segmented based on the point of charge, charging level, mode of charging, applications, and IoT connectivity.

  • Based on the point of charge, in 2020, the “DC (Super Charging)” segment comprehensively dominated the market with a market share of approximately 72.12%. DC charging can deliver power directly to the vehicle’s battery without an onboard charger. DC chargers are faster, larger, and provide a breakthrough in EV charging. These factors contribute to the expansion of this market segment.
  • In 2020, the “Level 3” segment comprehensively dominated the electric vehicle charging station market. Level 3 charging, also known as DC fast charging, is the quickest way to charge an EV in minutes. Level 3 charging is faster and delivers more power, making it the ideal charging type for electric vehicles, driving the overall growth of this segment.
  • Based on the Mode of Charging, the “Plug-in Charging System” segment held the largest market share of around 78.12 % in 2020. The Plug-in Charging System lets an individual control the current and voltage levels at which the battery must be charged, thereby ensuring proper battery lifespan.
  • The “Public Chargers” segment accounted for the largest electric vehicle charging station market share (of approximately 84.13%) based on application and will continue to dominate thoroughly throughout the forecasted period of 2020-2030.
  • The “Smart Connected Charging Stations” segment dominated the market in 2020 based on IoT Connectivity. Smart charging enables charging station owners to remotely manage, monitor, and restrict device usage to optimize energy consumption.
  • The “Asia-Pacific” segment significantly dominated the market with a decent CAGR throughout the forecasted period. This region has two of the world’s fastest-growing economies, including China and India. The governments of these emerging economies have correctly identified the overall growth potential of the global EV charging station market and, as a result, have planned to launch various initiatives to entice major OEMs to manufacture EV charging infrastructure in their domestic markets.

 

Major players

Key players in the market include:

  • ABB
  • ChargePoint Inc.
  • Siemens
  • Engie
  • Schneider Electric
  • Telsa
  • EVgo
  • Alfen
  • AeroVironment
  • Blink Charging

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