EV Charging Station Market size to grow by USD 19,024.88 MN

Electric Vehicle (EV) Charging Station Market size to grow by USD 19,024.88 million from 2022 to 2027: The vehicle-to-grid infrastructure for decentralized power generation to be a major market trend - Technavio

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The electric vehicle (EV) charging station market size is forecast to increase by USD 19,024.88 million from 2022 to 2027. The market is estimated to grow at a CAGR of 20.62%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing number of M&A and strategic partnerships, government subsidies and incentives, and declining prices of lithium-ion batteries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report.

Technavio

Technavio has extensively analyzed 15 major vendors, including ABB Ltd., Alfen NV, Allego BV, Besen International Group Co. Ltd, Blink Charging Co., ChargePoint Holdings Inc., Delta Electronics Inc., Eaton Corp. Plc, ENGIE SA, Enphase Energy Inc., EVBox BV, EVgo Services LLC, Helen Ltd., Leviton Manufacturing Co. Inc., Schneider Electric SE, Shell plc, Siemens AG, Tesla Inc., Volkswagen AG, and Webasto SE

Key Benefits for Industry Players & Stakeholders – 

  • The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
  • It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
  • The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

Electric Vehicle (EV) Charging Station Market – Segmentation Analysis

This electric vehicle (EV) charging station market report extensively covers market segmentation by type (AC and DC), end-user (commercial and residential), and geography (APAC, EuropeNorth AmericaSouth America, and Middle East and Africa).

  • The market share growth by the AC segment will be significant during the forecast period. The growth is attributed to factors such as the advantages of AC charging stations, including low set-up, installation, and maintenance costs. Moreover, AC charging stations require less infrastructure. The demand for PHEVs in emerging markets will also drive the growth of the segment.

Electric Vehicle (EV) Charging Station Market – Market Dynamics

Key Drivers

  • Government subsidies and incentives drive the Electric Vehicle (EV) charging station market growth during the forecast period.
  • Governments in various countries provide funding, incentives, and subsidies to develop and expand EV charging infrastructure.
  • This is crucial to drive the sales of new energy vehicles such as BEVs and PHEVs. Furthermore, the stringent regulations on vehicular emissions to reduce carbon dioxide, nitrous oxide, and other hydrocarbon emissions also play a key role in driving the sales of BEVs and PHEVs.
  • Hence, such factors boost the market growth during the forecast period.

Significant Trends

  • The vehicle-to-grid infrastructure for decentralized power generation is an emerging market trend.
  • V2G is an advanced system that enables BEVs and PHEVs to communicate with the power grid, which enables the distribution of energy storage to the power grid.
  • Resultantly, electricity stored in the batteries of BEVs and PHEVs can be sent back to the EV charging network.
  • This advanced infrastructure is expected to support the growth of the market during the forecast period.

Major Challenges

  • The lack of operational infrastructure challenges the growth of the Electric Vehicle (EV) charging station market during the forecast period. 
  • Infrastructure plays a crucial role in the sales of EVs, but the lack of efficient charging infrastructure for EVs, especially in emerging economies such as India, is impacting market growth.
  • Furthermore, governments play a key role in developing charging infrastructure and various countries provide tax benefits and subsidies for the purchase of EVs.
  • But their focus on developing and providing better-charging infrastructure is low.
  • Hence, such challenges hinder market growth during the forecast period.

What are the key data covered in this Electric Vehicle (EV) Charging Station Market report?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the Electric Vehicle (EV) charging station market between 2023 and 2027
  • Precise estimation of the size of the Electric Vehicle (EV) charging station market and its contribution to the market with a focus on the parent market
  • Accurate predictions about upcoming trends and changes in consumer behavior
  • Growth of the Electric Vehicle (EV) charging station market across APAC, EuropeNorth AmericaSouth America, and Middle East and Africa
  • A thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of Electric Vehicle (EV) charging station market vendors
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