Global Electric Vehicle Charging Station Market
Global Electric Vehicle Charging Station Market to Grow at a CAGR of 32.58% during Forecast Period
Published | 01 January 2023
Global Electric Vehicle Charging Station Market is growing at a high CAGR due to the increasing levels of carbon emissions and other hazardous pollutants from transportation have led to the demand for the usage of electric cars. As a result, both business and residential environments require an infrastructure for electric vehicle (EV) charging. Additionally, it is projected that growing partnerships between manufacturers to deliver charging stations utilizing a subscription model would fuel industry development.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Electric Vehicle Charging Station Market was worth USD 7,048.81 million in the year 2021. The market is projected to grow at a CAGR of 32.58%, earning revenues of around USD 47,982.03 million by the end of 2028. The Global Electric Vehicle Charging Station Market is booming because of the expanding digital technology, as well as the increased smart city projects. However, data and privacy risks may be a huge restraining factor for market growth.
EV Charging Stations Market is driven by solar panels
The government and manufacturers are working together to develop clean and affordable power for all; in an attempt to provide customers with the best solution and easier adoption of EVs, solar power panels are developed to reduce the electric vehicle charging cost. For example, in 2022, new legislation that includes increased expenditures in renewable energy and steps to combat climate change was signed into law by President Joe Biden. A 30% solar tax credit is one of its components, and it would encourage more Americans to "go solar" during the following ten years. 3.9 gigawatts of residential solar power systems were installed in 2021, up 34% from 2.9 gigawatts in 2020, according to data from the U.S. Energy Information Administration (EIA), a federal organization that gathers and examines data on the energy sector. According to the Solar Energy Industries Association, household solar also achieved its seventh straight quarterly growth record in the second quarter of 2022.
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The infrastructure used currently for EV charging is not standardized, is Hindering the Market
The rise of the electric vehicle market and variations in charging loads are just two variables that have brought to light the necessity for the standardization of charging stations for electric vehicles. Some EV charging stations might only work with a particular voltage. For instance, level 1 charging stations for AC devices offer a voltage of 120V AC, and level 2 charging stations offer a voltage of 208/240V AC. On the other side, DC charging stations use 480V AC to deliver quick charging. For the creation of a supportive ecosystem and an increase in EV sales, governments must standardize charging infrastructure. Different nations utilize various rapid charging standards. China utilizes GB/T, Europe, South Korea, and the US and CCS, while Japan uses CHAdeMO.
Residential Installation Type segment is anticipated to expand at a faster CAGR
Based on installation type, the market is classified into residential and commercial. Residential installation type is estimated to hold the largest market share in 2021, owing to the consumer demand for electric passenger vehicles. Residential EVSE installation may necessitate alterations to the home's electrical wiring and the choice of various utility electricity rates. The pricing hierarchy that most people adhere to begins at home. The majority of single-passenger automobiles are left in parking lots for 8 to 12 hours at night, and home charging can be simple and frequently less expensive than charging elsewhere. The majority of charging may be done overnight, when electricity prices are lower off-peak, and household electricity is typically less expensive than commercial or industrial electricity.
Impact of COVID-19 on Global EV Charging Station Market
A significant economic depression has been brought on by the COVID-19 pandemic epidemic. Strict lockdowns were implemented in a number of nations in order to control the outbreak; as a result, industrial industries were shut down, supply lines were disrupted, and production schedules were thrown off. Given the severe impact on the demand for electric vehicle charging infrastructure, there has been a 12% reduction in the income earned by EV charging station solution suppliers in 2020. Since the majority of EVSE (Electric Vehicle Supply Equipment) manufacturers globally have been impacted by government restrictions and statewide lockdowns, significant expenditures for the deployment of EV charging infrastructure have been put on hold. For instance, ubitricity and Pod Point in the UK stopped building new charging stations for the Go Ultra Low City Scheme's second phase. Similarly to this, Rolec Services claimed that COVID-19 regulations had forced them to temporarily halt their production of EV charging stations in the United Kingdom. Due to the high installation costs associated with EV charging stations, these changes have had a detrimental influence on the market for those facilities worldwide.
Competitive Landscape
Key players operating in the Global electric vehicle charging station market are General Electric Company, Aeroenvironment, Inc, Siemens AG, Tesla, SemaConnect, Inc, ABB Group, Engie S.A, Leviton Manufacturing Co., Eaton Corporation PLC, Schneider Electric SE, ChargePoint, Inc., Evgo Service, Blink Charging, Qualcomm, Shell, and other prominent players. These players have adopted various marketing strategies, such as new service launches and partnerships, to expand their presence further as a service market and broaden their customer base.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Electric Vehicle Charging Station Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Electric Vehicle Charging Station Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Related Report
Publish Date: January 2023
The main reason driving this industry is the expanding market and demand for electric vehicles (EV) throughout the world. The desire for electric vehicles is a result of rising fuel prices, costly maintenance expenses, and environmental concerns. The market for EVs has been driven by governments in the majority of the world supporting EVs through tax breaks and other programmers.
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