The global Electric Vehicle Charging Station Market size is projected to grow from 2,115 thousand units in 2020 to reach 30,758 thousand units by 2027, at a CAGR of 46.6%.
Factors such as growing demand for energy-efficient commuting and governments supporting electric vehicles through subsidies & tax rebates have led to automakers adopting to electric vehicles and growth of electric vehicle charging stations market.
Growing concerns over increased pollution by the automotive industry is the prime reason government bodies are promoting electric vehicles over conventional ones. They have recognized the need for promoting energy-efficient vehicles to reduce the increasing pollution. To attract and encourage people to buy electric vehicles and electric vehicle charging stations, government bodies of different countries are introducing lucrative schemes and incentives that include formidable discounts, lower electricity cost for charging, lower set-up cost of EV chargers, subsidies for setting up EV chargers which in some countries may go upto 1/3rd of setup cost.
Asia Pacific is expected to be the largest market in the forecast
The region is home to some of the fastest-developing economies of the world such as China and India. The governments of these emerging economies have recognized the growth potential of the global Electric Vehicle Charging Station Market and, hence, have adopted various initiatives to attract major OEMs for the manufacture of electric vehicle charging infrastructure in domestic markets. For instance, charging network providers for EV charging stations have partnered with various OEMs to sponsor free EV charging to EV drivers. This has led to an increase in electric vehicle production in recent years, which caters to domestic as well as overseas demand. Japan and China export electric vehicles and supply equipment solutions across the globe.
Europe is expected to be the second-largest market during the forecast
The Electric Vehicle Charging Station Market in Europe is projected to be the second-largest during the forecast period. The European Electric Vehicle Charging Station Market is expected to grow at a high rate with countries such as Netherlands, Sweden, Switzerland, Austria, Denmark, Germany, and the UK leading the trend of faster adoption of EV charging infrastructure during the forecast period. Currently, countries such as Netherlands, Germany, France, UK, and Norway are most EV-ready countries in Europe. By the end of the forecast period, Netherlands, Germany, and the UK are expected to move towards the goal of phasing out fossil fuel vehicles as planned by these European countries.
The Super Charger segment is expected to be the fastest growing segment in the forecast
Currently, the Asia Pacific region has the highest number of super chargers in the world, while Europe has the second-highest. This is because fast charging is preferred for daily use in the Asia Pacific region. The super chargers segment is projected to grow at a high rate in all three regions, but majorly in the North American region due to the high-projected usage of EVs in the US. In the European region, super chargers are majorly used in countries such as Norway, Netherlands, UK, etc. In the Asia Pacific, super chargers are majorly used in China and to a lower extent in Japan, South Korea, etc. Various countries have announced plans for significant expansions of EV charging stations of both types during the next five to ten years. In North America, various companies are collaborating with various states to speed up the development of super charging infrastructure. During the forecast period, super chargers are expected to grow at the highest rate in the Asia Pacific region and the second-highest in the North American region.
The global Electric Vehicle Charging Station Market is dominated by major players such as ChargePoint (US), Shell(The Netherlands), Blink Charging(US), BYD(China), and Tesla(US). These companies offer extensive products and solutions for the electric vehicle charging stations industry and have strong distribution networks at the global level, and they invest heavily in R&D to develop new products.