The global EV Charging Station Market is estimated to be worth USD 7.3 billion in 2024 and reach USD 12.1 billion by 2030 at a CAGR of 8.8% over the forecast period. The growth of EV charging stations is driven by factors such as increased global EV sales and the need to expand charging infrastructure. Government policies and subsidies incentivize rapid deployment across regions. The limited driving range of EVs highlights the need for vast charging networks to relieve range anxiety, which leads to increased setup. Decreasing EV prices are also expected to drive up demand for charging stations, catering to a broader consumer base. Such factors will increase the setup of EV charging stations with growing EV sales.
The study involved four major activities in estimating the current size of the EV Charging Station market. Exhaustive secondary research was done to collect information on the market, the peer market, and the child markets. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
“DC Ultra-fast 1 charger segment is estimated to hold a significant share of EV Charging Station market during the forecast period.”
The segment for ultra-fast 1 chargers is expected to expand rapidly, supported by growing demand and OEMs offering compatible EVs. The surge in demand for High Power Charging Stations (HPCS) is boosting the development of faster charging infrastructure, with stations capable of delivering a full charge within 10-20 minutes becoming increasingly popular. Major players like ABB and Tesla are leading the charge, with Tesla upgrading its superchargers to 250 kW and planning further upgrades to 300 kW. Electrify America recently inaugurated a flagship indoor station in the US. While demand for ultra-fast chargers is growing, they are primarily used for specific cases due to their higher cost and concerns about battery degradation over time.
“Three-Phase Charger segment expected to be the largest segment during the forecast period.”
The increasing demand for fast charging is driving the market for three-phase electric vehicle (EV) chargers, offering power outputs up to 43 kW AC and 350 kW DC. Government initiatives, such as plans for millions of chargers by 2030 and specific mandates like one DC charger per 60 kilometers in the US, are fostering EV adoption. Advancements in EV technology are making electric vehicles more accessible and affordable, further boosting demand. Three-phase chargers with advanced safety features are ideal for public charging stations and parking lots. They offer rapid charging speeds, significantly faster than single-phase chargers, appealing to users seeking quick recharging times. As EV adoption grows, the need for charging infrastructure is increasing, with three-phase chargers playing a critical role.
Increasing Demand for Fixed EV Chargers to Drive Market.
Fixed chargers, also known as charging stations, are stationary infrastructure essential for electric vehicles (EVs). Placed in public areas, highways, malls, and offices, they require EV owners to bring their vehicles for charging. Despite higher initial costs compared to portable chargers due to infrastructure needs, fixed chargers offer faster charging rates. Governments collaborate with OEMs to deploy fixed chargers, supported by subsidies and incentives to promote EV adoption and reduce carbon emissions. Fixed chargers provide economic benefits and quicker charging rates, driving market growth amid the transition to electric vehicles. China is expected to be the largest as well as the fastest growing in fixed charger segment, by installation type. South Korea, Germany, Netherlands, France, US etc. are among the other leading countries in the fixed charger segment. In Europe and Asia Pacific, governments of leading EV-using countries granted incentives for the adoption of EV vehicles and the installation of EV chargers, which is expected to increase the demand for fixed chargers.
Key Players
The major players in EV Charging Station market include ABB (Switzerland), BYD (China), ChargePoint (US), Tesla (US), Siemens (Germany), among others. These companies offer EV Charging stations and solutions for OEMs as well as for Charge Point Operators and have strong distribution networks across the globe.
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Post time: Aug-07-2024