Market Snapshot

Market Synopsis:

Global Electric Vehicle Charging Stations Market is valued at 9.47 USD Billion in 2021 and is projected to attain a value of 113.50 USD Billion by 2028 at a CAGR of 42.6% during the forecast period, 2022–2028.

As electric vehicles become more popular, the need for a reliable and efficient charging infrastructure is becoming increasingly important. Fortunately, many companies are investing in this infrastructure, and it is growing rapidly. The number of public Electric Vehicle Charging Stations has exploded in recent years. According to the US Department of Energy, there were only about 16,000 such stations in 2016. However, by the end of 2018, that number had more than doubled to over 34,000.

This growth is being driven largely by private companies and municipalities. For example, Tesla has been aggressively installing its own Supercharger network, which now numbers over 14,000 stations worldwide. And major cities like New York and Los Angeles are installing hundreds of new charging stations as a part of their efforts to reduce emissions.

Key Factors Driving Demand for Electrical Vehicle Charging Stations Market Are:

1. Rapid growth in electric vehicle ownership and usage.

2. Increasingly stringent environmental regulations and emissions targets.

3. Rise of private and corporate fleets of electric vehicles.

4. Advances in charging technology that are making electric vehicles more appealing to consumers.

5. Growing market for shared mobility services, such as ride-sharing and car-sharing.

6. Expansion of smart grid infrastructure and the development of intelligent energy management systems.

7. Rise of renewable energy sources, such as solar and wind power, which can help to reduce the cost of charging electric vehicles.

Market Segmentation:

By Application, Public Charging Station to Dominate Electric Vehicle Charging Stations Market

In a major shift for the electric vehicle charging market, public charging stations are expected to continue outnumbering private ones during the forecast period. Public charging stations have long been seen as a necessary evil for electric vehicle drivers, who have had to plan extensively for using them in order to make long-distance trips. However, with the rise of electric vehicles and the development of more powerful and efficient charging technologies, that is starting to change. The growth is majorly supported by growing initiatives by various governments around the globe. Recently, the Chinese government announced a new initiative to build more than 12,000 public charging stations in the country by 2022. This is in addition to the existing network of over 180,000 private charging stations. India is also following suit, with the government recently announcing a goal to install 100,000 public charging stations by the end of 2023. These initiatives are being driven by the need to address two key challenges that face the electric vehicle market: range anxiety and lack of charging infrastructure. By building more public charging stations, governments are hoping to alleviate these concerns and promote wider adoption of electric vehicles.

Asia Pacific to Witness Fastest Growth in Electric Vehicle Charging Stations Market

Asia Pacific is expected to witness the fastest growth in electric vehicle (EV) charging stations market over the next five years. The region is projected to register a CAGR of more than 53% during the forecast period. The growth is fueled by the increasing popularity of EVs and the growing demand for charging infrastructure. In addition, governments in Asia Pacific are increasingly promoting the use of EVs to reduce emissions and address climate change. Several countries in the region have announced plans to install large numbers of EV charging stations in the coming years.

Key Players:

Some of the key players in the global market are Shell (Netherlands), ABB (Switzerland), Tesla (US), ChargePoint (US), and BYD (China)..

Electric Vehicle Charging Stations Market is Segmented as Follows:

• Application
  • Public
  • Private

Electric Vehicle Charging Stations Market is Tabulated as Follows: