The Electric Vehicle Charging Stations Market is expected to reach $103.6 billion by 2028, at a CAGR of 26.4% during the forecast period, 2021-2028. By volume, this market is expected to grow at a CAGR of 31.1% from 2021 to reach 11.6 million units by 2028.
The growth of this market is mainly attributed to the government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety, and increasing deployment of EVs by shared mobility operators are also a few of the key factors driving the growth of the electric vehicle charging stations market.
The DC fast-charging segment is projected to grow at the highest CAGR during the forecast period. The high growth of this segment is mainly attributed to growing government initiatives for installing fast-charging stations, rebate on the purchase of DC fast-charging stations, increasing investments from automakers towards the development of DC fast-charging station infrastructure to support their long-range battery-electric vehicle, and ability of DC fast chargers to provide faster charging as compared to Level 1 & Level 2 charging stations.
The wireless EV charging segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the rising demand for EV fast-charging infrastructure, increasing implementation of wireless charging infrastructure in Europe, increasing prevalence of range anxiety issues associated with electric vehicles, and the growing use of autonomous vehicles for public transport and logistics.
The software segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to the increasing software adoption to overcome the optimum power challenges and optimize charging station operation, high configurability offering services to EV owners, and increasing adoption of smart charging management software by OEMs.
The pedestal mount segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing deployment of pedestal-mounted EV chargers by real estate property owners and managers; increasing installation of pedestal-mounted EV charging stations in retail stores, supermarts, and fuel stations; new product launches in the pedestal-mounted EV charging stations segment; and increasing R&D in emerging technologies such as Vehicle-to-Grid (V2G).
The light commercial vehicles segment is expected to grow at the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.
Based on end user, the electric vehicle charging stations market is segmented into commercial EV charging stations and residential EV charging stations. The commercial EV charging stations segment accounted for the largest share of the electric vehicle charging stations market in 2020.
The large share of this segment is mainly attributed to the growing number of EV charging stations in public places like shopping malls, restaurants, commercial buildings, parking areas, railway stations, and airports; and government initiatives for the installation of publicly accessible charging stations. Moreover, this segment is expected to grow at the highest CAGR during the forecast period.
