Electric Vehicle Charging Station Market to Reach $823 billion by 2028 | Investment Worth Over $30 Billion on the way to Improve Global Charging Infrastructure

Global electric vehicle charging station market size was valued at USD 18.1 billion in 2021, and it is expected to reach a value of USD 120.6 billion by 2028, at a CAGR of 31.12% over the forecast period (2022–2028). Electric vehicles are becoming increasingly popular, with sales projected to grow from $163 billion in 2020 to $823 billion by 2030.

Westford, USA, June 29, 2022 (GLOBE NEWSWIRE) -- The demand for electric vehicle charging stations is growing rapidly around the globe as the number of electric vehicles on the road increases. The number of public and private charging stations is expected to grow from about 1.1 million in 2017 to 5 million by 2025, according to a report by Bloomberg New Energy Finance. As of June 2022, China electric vehicle charging station market alone has over 8,10000 charging stations and numbers in expanding at a significant rate with each passing month. This growth is being driven by government policies and incentives, as well as the declining cost of electric vehicles and improvements in battery technology.

There are a few factors driving this rapid growth in demand for EV charging infrastructure. Firstly, many governments are implementing policies and incentives to encourage the use of electric vehicles in order to reduce air pollution and greenhouse gas emissions. For example, China – which has the largest number of EVs on the road – offers subsidies of up to 50% on the purchase price of an EV. Secondly, the cost of EVs is dropping as battery prices continue to fall due to technological advances, which one of the key factors driving growth of electric vehicle charging station market. And finally, range anxiety – one of the main barriers to adoption – is diminishing as battery technology improves, allowing EVs to travel further on a single charge. All these factors are leading to a sharp increase in sales of EVs worldwide. Sales grew by 54% in 2017 and over 6.5 million electric and hybrid vehicles were sold in 2021 around the globe, which 109% higher than the previous year.

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As demand for EV is Soaring, Users are Facing Difficulty in Finding Charging Stations Nearby

The number of electric vehicles on the road is growing at a rapid pace, with sales increasing by 109% in 2021 alone. This increase in demand is causing difficulties for EV owners when it comes to finding charging stations nearby. There are currently around 111,000 public charging stations across North America electric vehicle charging station market, which sounds like a lot until it is realized that there are over 3 million EVs on the road. That means that there are only around 1 charging stations for every 30 EVs. And those numbers are only going to get worse as EV sales continue to increase.

This lack of infrastructure is causing major problems for EV owners. In a survey of 2,000 EV owners, 71% said that they had experienced range anxiety, or the fear of running out of charge before reaching their destination. This anxiety is exacerbated by the fact that it can often be difficult to find a charging station when they need one. One solution to this problem is for EV owners to install home chargers. However, this isn't always possible or convenient. Another solution is for businesses and government agencies to install more public chargers. However, this requires a significant investment of time and money, which is one of the key factors hampering growth of the electric vehicle charging station market.

The International Energy Agency's Global EV Outlook 2020 report estimated that there were just over 2 million public and private EV charging points worldwide as of 2019, with almost 60% of those being in the United States and China. However, this figure only includes fast-charging stations capable of delivering at least 22 kilowatts (kW) – meaning it excludes many Level 1 and some Level 2 chargers.

Governments are Pushing Development of Charging Infrastructure

Governments across the global electric vehicle charging station market are certainly pushing for the development of charging infrastructure. The reason is simple: they want to encourage the use of electric vehicles. Electric vehicles have many advantages over traditional gasoline-powered cars. They emit no pollutants, they're cheaper to operate, and they don't require oil imports. The push for electric vehicle infrastructure is coming from many different levels of government. The federal government has been offering tax incentives for buying electric vehicles and installing home charging stations. State and local governments are also get involved, with some offering their own financial incentives and others working on plans to build public charging stations.

There are a few different types of public charging stations across the electric vehicle charging station market, and the one that makes the most sense for a particular location depends on a number of factors. Fast-charging stations can charge an electric vehicle in about 30 minutes, but they're more expensive to install than slow-charging station

The push for development of charging infrastructure by governments around the world is having a positive effect on the growth of electric vehicles. The addition of charging stations in public places and businesses is making it more convenient for people to own and operate an electric vehicle, which is leading to more sales. In addition, government incentives for purchasing an electric vehicle are making them more affordable for consumers. As a result, the market for electric vehicles is growing at a rapid pace.

The growing number of electric vehicles (EVs) on the road has led to a corresponding increase in the demand for reliable and accessible charging infrastructure. Governments around the world are responding to this need by investing in and supporting the development of electric vehicle charging station market. There are a variety of ways that governments around the globe are supporting the growth of EV charging infrastructure. One common way is through financial incentives, such as grants, tax credits, or low-interest loans. These incentives can help offset the upfront costs associated with installing EV chargers, making it more affordable for businesses and homeowners to install them. Another way that governments support EV charger development is by streamlining permitting and approval processes. This makes it easier and faster for companies to get new chargers installed, which helps to expand access to this type of infrastructure.

Apart from this, the government of India is planning to improve the number of charging stations by way of financial support and policy push. The government has set up a target of installing around 1.5 million EV charging stations across the country by 2030. For this, it has devised a scheme wherein around $1.3 billion will be provided as subsidy for setting up these stations. This will help in meeting the infrastructure requirements for large-scale adoption of electric vehicles in the country and improve the market revenue of the electric vehicle charging station market. In order to promote use of these charging facilities, the government is also working on developing a standardized fast-charging network that can charge an EV battery up to 80% in just 30 minutes. This will go a long way in making EVs more convenient and viable option for commuters as compared to petrol/diesel cars.

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Companies are Pouring Money in Charging Stations like Never Before

Charging stations are becoming increasingly common, as more and more companies are investing in them. In fact, spending on charging infrastructure is expected to reach $30 billion by 2030 in the global electric vehicle charging station market. That's a lot of money, and it's no surprise that companies are pouring money into charging stations like never before. After all, the demand for these facilities is only going to increase as more people switch to electric cars. Investing in charging station infrastructure now will help ensure that there are enough places for people to charge their vehicles in the future.

There are many companies venturing into the electric vehicle charging station industry and focusing on improving marker revenue. Some of these companies are well known oil and gas companies, while others are startups that have developed new technology to make charging stations more efficient or user-friendly. Here is a list of some of the major investment done in the charging station industry by various companies. Some of the key investments in electric vehicle charging station market:

  • VW and Siemens invest $450 million in Electrify America to accelerate EV charging infrastructure
  • Public sector Oil Marketing Companies in Tamil Nadu, India, are planning to set up 900 e-charging stations with an investment of around $1.2 million
  • Greenman Energy planned to invest over $36 million for expanding charging station infrastructure in Germany
  • Nuvve and Switch Partner to expand their EV and charging platforms' global reach, features and customer benefits. This will the company to establish as a brand and gain market share
  • Battery Smart raised over $32 million in one year to expand charging station infrastructure in the US
  • In 2018, ExxonMobil announced it would invest $500 million over the next five years in Electric Vehicle (EV) technology and infrastructure. This includes investing in EV charging stations. The company plans to install fast-charging stations at its gas stations and other locations across the United States electric vehicle charging station market to grab the lucrative opportunity gain market share and generate market revenue
  • BP has been working on electric vehicle projects for many years and has invested millions of dollars in EV infrastructure, including chargers. In 2017, BP installed 200 fast-charging stations in Europe and plans to install another 1,000 by 2020. The company also has an EV subscription service called “BP Charge” which allows customers to pay a monthly fee for access to BP’s network of charging stations.
  • BMW Group: The company has installed over 400 fast-charging stations across Europe, North America, and Asia electric vehicle charging station market.
  • ChargePoint: The company operates a network of over 30,000 EV charging stations in North America and Europe. It also offers home chargers and other products for EV owners.
  • General Electric (GE): The company has installed more than 12,000 EV charging stations worldwide and offers a range of home and commercial chargers.
  • Nissan Motor Company: Nissan has installed over 3,000 quick-charge stations across Japan and plans to expand its global network of EV chargers. It also offers home chargers for EV owners.

Private Players to Invest $700 million in US Electric Vehicle Charging Station Market

The US has seen a boom in the electric vehicle charging station market in recent years. Sales of plug-in electric vehicles have grown rapidly, with over 653,000 EVs sold in 2021 alone. This growth is expected to continue, with projections suggesting that there could be as many as 7 million EVs on the road by 2025. However, the country has only 6,000 fast chargers. To support this growth in the electric vehicle charging station market, there needs to be a corresponding increase in investment in charging infrastructure. The existing charging infrastructure is not adequate to meet the needs of a large number of EVs and will need to be expanded significantly.

The US government has already invested billions of dollars in developing EV infrastructure, but more needs to be done. State and local governments can also play a role by providing incentives for charger installation or offering subsidies for charger usage. As a result, private companies are increasingly investing in electric vehicle charging station market and can help to supplement government efforts. These companies have already started installing chargers at their own locations (e.g., gas stations, parking garages).

Recently, the White House has announced that a few private companies had committed to invest more than $700 million in new electric vehicle chargers. These companies are collectively eyeing to build over 250,000 new charging stations across the US. Apart from this, the US government would invest more than $7.5 billion towards the charging infrastructure development. Wherein Electrify America and Siemens are planning to invest around $450 million in the US for building over 10,000 fast chargers.

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India is Planning to Make 30% EV Fleet by 2030

With the increase in air pollution, the need for electric vehicles has increased manifold. India is one of the countries in the global electric vehicle charging station market that is taking this initiative seriously and is planning to make 30% of its fleet electrically powered by 2030. The government is hoping that this will help to reduce the country's dependence on imported oil, as well as improve air quality. Electric vehicles are much cleaner than petrol or diesel cars, so this should have a positive impact on the environment. Making such a large number of electric vehicles will require a huge investment in infrastructure, such as charging points. The government is currently working on a plan to make this happen.

The central government is working with various stakeholders to develop a plan for the rollout of the charging infrastructure. This includes identifying potential sites for charging stations, designing the stations, and installing them. The government is also working on creating a standard for EV charging stations in India. This will ensure that all stations are compatible with all types of EVs.

The major players in the Indian electric vehicle charging station market are ABB Ltd., Bharat Heavy Electricals Ltd. (BHEL), Eaton Corporation plc, Hero Electric Vehicles Pvt. Ltd., and Hindustan Petroleum Corporation Limited (HPCL).

Some of the local players in India electric vehicle charging station market such as Tata Power Company Limited, Mahindra & Mahindra Limited, and NTPC Limited are also making significant investments in setting up electric vehicle charging infrastructure across the country. For instance, Tata Power has installed close to 100 DC fast-charging stations in Mumbai, Delhi NCR, Bengaluru, Pune, Hyderabad, Ahmedabad, Vadodara, Surat, Nagpur, and Chandigarh. Similarly, NTPC has set up around 50 AC/DC fast-charging stations in Delhi NCR.

Recently, the central government has planned to install over 5,000 chargers across 2,000 locations across Delhi, a union territory in India.

Tata Powers to install over 150 EV charging stations across Mumbai. Interestingly, these charging station will be powered by renewable energy sources.

Jio and British Petroleum are planning to install over charging stations across 13 cities in India.

ElectriVa to set up 12 charging points in Kanpur.

Battery Swapping is Becoming Prominent in Bike Segment

Battery swapping is becoming prominent in bike segment especially across India and China electric vehicle charging station market. First, with the increasing price of e-bike batteries, many people are finding it more cost effective to simply swap out their battery rather than buy a new one. Second, as battery technology continues to improve, the range and performance of e-bikes is increasing, making them more viable for longer rides and commuting. And finally, with the rise of electric car sharing programs like Bluegogo and Mobike, people are getting used to the idea of swapping batteries in order to keep their vehicles charged.

In China, where such programs are most prevalent, bike manufacturers are starting to offer battery swapping services as a way to stay competitive. Many companies have built large network of stations where people can drop off their depleted batteries and pick up freshly charged ones. This is similar to how electric car charging stations work, and it's proving to be a popular option for e-bike riders.

Battery swapping is becoming prominent in electric vehicle charging station market as it offers many benefits over traditional battery charging. It is a fast, convenient and cost-effective way to keep bike's battery charged and ready to go. Here are some of the key benefits of battery swapping responsible driving growth of electric vehicle charging station market.

• Fast and Convenient: Battery swapping is much faster than traditional charging methods. Consumers can swap out dead battery for a fresh one in just a few minutes, so they will be back on the road in no time.

• Cost-Effective: Battery swapping is also more cost-effective than buying new batteries or paying for expensive charging services. With battery swapping, you only pay for the service when you need it, which can save a lot of money in the long run.

• Environmentally Friendly: Battery swapping is also more environmentally friendly than other charging methods because it doesn't generate any waste or pollution. Plus, using renewable energy sources like solar power to charge bike's battery help reduce carbon footprint even further.

In June 2022, Battery Smart, one of the leading players in the battery swapping electric vehicle charging station market, raised $25 million to expand and strengthen its battery swapping infrastructure.

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