Global Electric Vehicle Charging Station Market Report and Forecast 2024-2032

Global Electric Vehicle Charging Station Market Outlook

The global electric vehicle charging station market size is assessed to grow in the forecast period of 2024-2032 at a CAGR of 30.20%. The market growth is being driven by increasing demand for electric vehicles and rising investments towards EV charging station infrastructure.

The increasing transition from traditional fuel-based vehicles to electric vehicles, owing to the rising petrol and diesel prices, enhanced performance, and eco-friendly features, among others, are driving the electric vehicle charging station market growth. With a rising number of electric vehicles in use and production, investments towards developing electric vehicle charging stations are escalating across emerging economies. Emergence of online modes of payment, supported by increasing penetration of smartphones, is further enhancing the comfort of using and operating electric vehicle charging stations. Over the forecast period, the anticipated increase in the number of electrified buses on roads catering to the public transportation needs, is likely to bolster the development of electric vehicle charging stations.

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AC Charging Stations Hold a Significant Share in the Market for Electric Vehicle Charging Stations

AC charging stations are a lower costing option as compared to DC charging stations and provide insulation safety by maintain power transmission at consumable levels. In addition, AC charging stations ensure that there is no wastage of electricity by facilitating smooth flow of electricity. Some significant advantages of AC charging stations include less maintenance, ability to charge more number of vehicles, hence, more time saving. Therefore, the electric vehicle AC charging station market is anticipated to gain significant traction in the forecast period.

Global Electric Vehicle Charging Station Market Share by Region

The Asia Pacific accounts for a sizable share of the global market for electric vehicle charging stations, driven by the growing adoption of electric vehicles for commercial or personal use and increasing support of various governments to encourage the use of electric vehicles amidst growing pollution levels. The growing penetration of major EV manufacturers in emerging nations like China and India is further supporting the Asia Pacific electric vehicle charging station market. Moreover, increasing sales of passenger and commercial automobiles are also contributing to the market growth in the Asia Pacific.

Electric Vehicle Charging Station Market Segmentation

Electric vehicle charging stations, also known as electric vehicle supply equipment (EVSE), refers to a specific station or place where sources of electricity are provided to charge electric cars and plug-in hybrid vehicles. These stations include advanced electronic features such as smart meters, cellular capability, and network connectivity.

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Based on vehicle type, the market is segmented into:

• Passenger Cars

• Commercial Vehicles

On the basis of charger type, the market is bifurcated into:

• AC Charging Station

• DC Charging Station

Based on application, the market is categorised into:

• Public 

• Private

The regional markets for electric vehicle charging stations include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Electric Vehicle Charging Station Market Analysis

Growing demand for electrified vehicles owing to increasing disposable incomes, rapid urbanisation, growing technological advancements in the electrical and electronics industry, and the thriving transportation sector in emerging economies are contributing to the expansion of the market for electric vehicle charging stations. Increasing funding by various governments to accelerate the development of EV charging stations is expected to augment the market for electric vehicle charging stations in the forecast period. The market is further expected to be aided by the rising popularity of fast chargers. Furthermore, growing environmental consciousness is likely to boost the market growth in the forecast period.

Key Players in the Global Electric Vehicle Charging Station Market

The report gives a detailed analysis of the following key players in the global electric vehicle charging station market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• ChargePoint, Inc. 

• ABB Ltd.

• Shell plc

• Siemens AG

• Schneider Electric SE

• Tesla, Inc.

• Eaton Corporation

• Webasto Group

• Cyber Switching Patents LLC

• TGOOD Global Ltd.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report