New York, US, May 02, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Electric Vehicle Charging Stations Market Research Report Information by Vehicle Type, Region, Application, Connector Type, and Charging Station Type - Forecast Till 2030”, the global Electric Vehicle Charging Stations market is predicted to bolter substantially during the assessment timeframe from 2022 to 2030 at a healthy growth rate of approximately 38.5%. The reports further project the market to attain a valuation of around USD 165.5 billion by the end of 2030. As per the reports, the Electric Vehicle Charging Stations market was worth nearly USD 16.9 billion in 2022.
Electric Vehicle Charging Stations Market Overview:
Intelligent or smart charging refers to a system in which an electric vehicle, a charging app, and the charging station share and communicate data.
Competitive Analysis
The listing of the prominent leaders across the global market for Electric Vehicle Charging Stations includes players such as:
- Schneider Electric (France)
- Webasto Group (Germany)
- ABB (Switzerland)
- Tesla (US)
- Eaton (Ireland)
- EVgo Services LLC (US)
- Siemens (Germany)
- ChargePoint, Inc. (US)
- Among others.
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Electric Vehicle Charging Stations Market USP Covered
Market Drivers
The global market for Electric Vehicle Charging Stations has recently displayed massive development. The main aspect causing a surge in the performance of the market is the rising number of collaborations among automotive manufacturers for charging infrastructure. Furthermore, the increased carbon dioxide emissions and the government measures to encourage the adoption of electric vehicles are also likely to enhance the market performance over the coming years.
Market Restraints
On the other hand, certain aspects may impede the market's growth. The primary parameter restricting the market's growth is the high installation cost.
Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 165.5 billion |
| CAGR during 2022-2030 | 38.5% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Charging station, Connector type, Application and Vehicle Type, and Region |
| Key Market Opportunities | The introduction of ultra-rapid electric charging stations |
| Key Market Dynamics | A rise in interest in electric vehicles strategic actions taken by powerful parties |
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COVID-19 Impact
Global industrial activities and business operations experienced a major setback given to the rise of the global health crisis in the form of COVID-19. The pandemic affected public health across nearly 225 countries, along with all industrial operations. All these situations led to the imposition of full or partial lockdowns across most regions worldwide. Subsequently, the industry operations were halted, and some businesses shut down. Given the sudden fall in demand for construction activities during the pandemic and the halt of most industrial operations, the Electric Vehicle Charging Stations market experienced many sudden & unexpected issues throughout the pandemic. On the contrary, now that the majority of the globe is being rapidly vaccinated and industrial operations are returning to normal, the market is predicted to witness a considerable expansion and recovery in revenue generation over the assessment period.
Electric Vehicle Charging Stations Market Segment Analysis
Among all the types, the AC station segment is projected to ensure the leading position across the global electric vehicle charging station market over the review era. AC charging stations are the most regular type of plug-in vehicle charging station, with lower power ratings than DC charging stations given to the lower-rated AC onboard chargers. An AC charging station frequently includes one or more contactors to cut the car's power.
Among all the connector types, the other segment is anticipated to secure the top position across the global electric vehicle charging stations market over the review era. Tesla supercharger connector, type 2 (IEC 62196-2), IEC 62196-1), and Type 1/Yazaki (SAE J1772) are included in the others category.
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Among all the application areas, the residential sector is anticipated to ensure the leading position across the global electric vehicle charging stations market over the review era. In residential regions, electricity drawn by level 1 and 2 chargers would be charged at a fixed residential rate (per kWh). Various utilities confer EVs a distinctive time-to-use (ToU) pricing to encourage users to charge during off-peak hours. Off-peak time rates are cheaper than peak-hour prices. Based on the utility and service area, EV-specific ToU charges are split into different brackets, like early evening and mid-afternoon rates.
Among all the vehicle types, the BEV sector is anticipated to secure the leading position across the global market for electric vehicle charging stations over the assessment timeframe. BEVs are fully electric vehicles with rechargeable batteries and no gasoline engine.
Electric Vehicle Charging Stations Market Regional Analysis
The global Electric Vehicle Charging Stations market is analyzed across five major geographies: South America, the APAC region, the Middle East & Africa, the European nations, and North America.
The research reports by MRFR suggest that the North American region ensured the top position across the global Electric Vehicle Charging Stations market in 2022, with the largest contribution of around USD 7.7 billion. The regional market is anticipated to grow over the assessment period substantially. The main parameter supporting the regional market development is the government's desire in North America to lower carbon emissions, along with the focus on the adoption rate of electric vehicles.
The European regional Electric Vehicle Charging Stations market is anticipated to showcase considerable development over the review era. Approximately 76% of the charging stations in the region are concentrated in four nations: the Netherlands, the United Kingdom, France, and Germany. The aggressive carbon-cutting targets and electric vehicle stock commitments by 2020 are considered the primary parameter supporting regional market development. The region has Germany as the leading growth contributor. On the contrary, the UK Electric Vehicle Charging Station Market is anticipated to display the highest growth rate over the assessment period.
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The Asia-Pacific Electric Vehicle Charging Station Market is predicted to showcase the highest growth rate over the coming years. The rising number of partnerships between car OEMs and aftermarket technology vendors is believed to be the main parameter boosting the regional market's development. Furthermore, the favorable government policies like tax breaks and other incentives for electric vehicle users, high price is not a deterrent across the region. The region has China as the leading growth contributor.
Related Reports:
Heavy-Duty Electric Vehicle Charging Infrastructure Market Research Report: Information by Charger Type, by Charging Method and Region - Forecast till 2030
Electric Bus Charging Infrastructure Market Research Report Information By Charger Type, By Charging Method And By Region –Market Forecast Till 2032
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