Electric Vehicle Charging Station Market Size Worth USD 111.90 Billion, Globally, by 2028 at 30.26% CAGR

The global electric vehicle charging stations market size is expected to grow from USD 17.59 Billion in 2021 to USD 111.90 Billion by 2028; it is estimated to grow at a CAGR of 30.26% from 2021 to 2028.

Pune, India, July 18, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle charging station market size is expected to gain momentum by reaching USD 111.90 billion by 2028 from USD 17.59 billion in 2021 while exhibiting a stellar CAGR of 30.26% between 2021 to 2028. In its report titled, “Electric Vehicle Charging Station Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 24.16 billion in 2020.

Key Players to Focus on New Launches & Acquisitions to Strengthen Market Growth

The market for electric vehicle charging stations is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development.

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Report Scope & Segmentation:

Report CoverageDetails
Forecast Period2021-2028
Forecast Period 2021 to 2028 CAGR30.26%
2028 Value ProjectionUSD 111.90 billion
Base Year2020
Market Size in 2021USD 17.59 billion
Historical Data for2017-2019
No. of Pages200
Segments coveredBy charger type, the market for electric vehicle charging stations is divided into fast and slow/moderate.
Growth DriversIncreasing Purchase of Electric Vehicles to Propel Market Growth
Asia Pacific to Dominate Backed by Increasing Working Population

Market Drivers-

Increasing Purchase of Electric Vehicles to Propel Market Growth

To allure consumers to buy EVs, governments are offering automakers subsidies, rebates, tax exemptions, and fixed quotas. These factors are expected to drive the electric vehicle charging station market growth. Since the demand for EVs is rising, the demand for charging stations and established power grids have also increased to ensure that the cars run smoothly. Furthermore, stringent government vehicle emission regulations have made consumers buy EVs.

In recent times, demand for Electric Vehicles (EVs) is rising rapidly worldwide. However, China and the United States are holding the major market share for the same. Since the demand for EVs is increasing, thus electronic charging industry is also propelling. Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by the national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations. Such active support by government agencies is likely to fuel the market for level 3 charging stations during the forecast period.

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Highlights of the Report-

The report of the market for electric vehicle charging stations provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market for electric vehicle charging stations.

Regional Segmentation-

Asia Pacific to Dominate Backed by Increasing Working Population

Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the demand for large-scale EV charging infrastructure in China. The country's fast-rising economy is also fueling the expansion of advanced technologies to improve electrification in China. For instance, China invested nearly USD 2.4 billion in the charging infrastructure to improve its efficiency in 2020. Other Asian nations such as Japan and Korea have significantly increased the number of electric vehicle charging stations in their respective countries in the coming years. The region’s market stood at USD 12.64 billion in 2020.

Europe is expected to showcase significant electric vehicle charging station market share in upcoming years, owing to the presence of key players in this area. This is promoting consumers to adopt EVs and autonomous vehicles in the region.

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July 2021: DC fast-charging stations, which is a network of The Tesla Supercharger, are extending their charging functions for other types of electric vehicles.

List of Players Operating in the Electric Vehicle Charging Station Market are as follows:

  • Charge Point Inc.
  • Schneider Electric
  • Tesla Inc.
  • BP Chargemaster
  • Shell International BV
  • Webasto Group
  • Siemens AG
  • EVBox
  • Eaton

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Electric Vehicle Charging Station Market Segmentation:

By Charger Type:

  • Fast
  • Slow/Moderate

By Application Type:

  • Commercial
  • Residential

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships

4.2. Porter’s Five Forces Analysis

4.3. SWOT Analysis

4.4. Technological Developments

4.5. Value Chain Analysis

4.6. Impact of COVID-19 on Electric Vehicle Charging Station Market

5. Global Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary


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