The global Electric Vehicle Charging Stations market size was valued at USD 18.1 billion in 2021 and is projected to reach a value of USD 120.6 billion by 2028, at a CAGR of 31.12% in the forecast period (2022-2028).
Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — There has been rapid expansion of the charging station infrastructure around the world electric vehicle charging station market in the last few years. As of November 2022, there are just over 2.3 million charging stations worldwide. The number is expected to exceed 16.83 million by the end of 2028. This rapid expansion is largely due to two factors: the growing popularity of electric vehicles and the growing proliferation of DC fast charging technology. DC fast charging is one of the most efficient ways to recharge an electric vehicle. In 2021, more than 6.9 million electric vehicles were sold worldwide, an increase of approximately 100% over 2020. We expect this number to likely account for approximately 34% of the global vehicle fleet by 2020. 2028, which is expected to further cover over 54% by 2035.
According to SkyQuest’s analysis of the global electric vehicle charging station market, more than 80% of public chargers are located near where people live and work, making it easy for people to access them conveniently. While the rapid expansion of EV charging station infrastructure represents a major step forward in the fight against climate change, there are still some challenges that need to be addressed. For example, there aren’t enough stations available in rural areas, and some areas don’t have public chargers at all. Additionally, public chargers tend to be concentrated only in urban areas.
The growth of the electric vehicle charging station market is driven by several factors: increased consumer demand for environmentally friendly transportation; improvements in consumer comfort with electrified cars; expand electric vehicle applications such as taxis and ride-sharing services; and aggressive marketing efforts by major automakers. In line with this, major automakers are leading the way in the development of electric vehicles and EVCS. These companies are investing in research and development to improve the usability and functionality of their electric vehicles. Toyota has developed an app that allows users to remotely control various aspects of their electric vehicles. Nissan, Tesla and Tata Motors have developed a mobile app that maps nearby charging stations so drivers can easily find them.
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SkyQuest’s analysis of the global EV charging station market suggests the road is not as smooth as we thought
The Global Electric Vehicle Charging Stations Market report finds that plug-in electric vehicles are rapidly gaining share in the global car parc, with 43% of all new cars sold in Europe and Asia Pacific featuring charging capabilities at as of January 2022. As a result, the demand for both residential and commercial EV charging stations is expected to grow significantly in the coming years. CES 2021 in Las Vegas was reportedly marked by strong interest from automakers in IoT-based solutions that could help them further reduce battery capacity usage and improve fleet management for electric vehicles.
One of the key factors driving this growth is the expectation that more plug-in hybrid (PHV) vehicles will be available in the future. By 2035, half of all new light PHV sales are projected to be electrified. By 2040, SkyQuest projects that 71% of all new light PHV sales will be electrified.
The global EV charging station market is dominated by three main vendors: Tier 1 charging provider (Tesla Inc., Volkswagen AG, Daimler AG), Tier 2 charging provider (Mastercard Incorporated, American Express Company) and tier 3 top-up provider (ChargePoint Company). Major vendors are expected to maintain their advantages through 2028, investing in faster chargers and developing their EV infrastructure.
However, we expect demand for public EVCS networks like ChargePoint’s Juice Net network to decline by 2030 as private fleets continue to install their own EV chargers instead. End users will increasingly purchase personal electricity storage devices for fleet use as public stations typically charge at lower rates than home power stations.
A challenge for the EV charging station market is that there is not yet a common standard for installation and use. This means that there are multiple charging systems available for different makes and models of electric vehicles. Manufacturers are starting to address this issue by developing proprietary charging solutions for their own models.
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Rapidly expanding network of fast charging stations in the global EV charging station market
As the electric car market continues to grow, so does the demand for DC charging stations. SkyQuest projects that the global DC charger market will exceed $195 billion by 2028 from $68 billion in 2021. This rapid growth is driven in part by government mandates and incentives, as well as consumer demand for green vehicles.
One of the key factors driving this growth is the growing number of electric cars on the market. In 2018, there were over 1 million electric cars on the road worldwide, and this number reached 17.1 million units by the end of 2021. This growth is being assisted by fast charging technology, which can quickly recharge the battery of an electric car to 100% capacity within 30 minutes.
In addition to fast charging stations, there is also a growing demand for DC chargers with higher power capacity in the global electric vehicle charging station market. The current crop of DC chargers can deliver anywhere from 15kW to 350kW of power, but future models are expected to have larger capacities. This increased power allows drivers to charge their batteries more quickly, which is important given the time it takes for an electric car battery to recharge from a standard outlet (usually about eight hours).
DC chargers are becoming increasingly popular due to their many advantages over traditional AC chargers. For example, DC chargers are unaffected by wind or weather conditions and are also much faster than AC chargers. Plus, they’re perfect for rural areas where little or no power outlets are available.
The global DC fast charger market is dominated by three companies in the global EV charging station market: Tesla (with over half of the market), BMW Group (with around one-third of the market), and Nissan (with around one-tenth of the market). of the market) the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.
The key areas where DC fast chargers will be deployed are in major metropolitan areas such as London, Los Angeles and New York City. In 2021, more than 600,000 DC fast chargers were available in the global electric vehicle charging station market. Of these, nearly 91,000 DC fast chargers have been installed in the United States alone.
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The best players around the world Electric vehicle charging station market
BP Chargemaster (UK)
ChargePoint Inc. (United States)
Schneider Electric. (France)
Seimen AG. (Germany)
Shell International BV (Netherlands)
Tesla Inc. (United States)
Webasto Group (Germany)
Tata Power (India)
Delta Electronics (India)
Amara Raja (India)
Magenta Group (India)
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