Sweden Electric Vehicle (EV) Charging Market by Charging Type (Off-Board Top-Down Pantograph, On-Board Bottom-Up Pantograph, and Charging Via Connector), Charging Voltage Level (Level 1 (<3.7 KW), Level 2 (3.7–22 KW), and Level 3 (Above 22 KW)), Charger Type (Slow Charger and Fast Charger), Vehicle Charging (AC, DC, Inductive Charging), Application (Commercial and Residential), Commercial (Commercial Public EV Charging Stations, On-Road Charging and Commercial Private EV Charging Stations), Installation Type (Portable Charger and Fixed Charger), IoT Connectivity (Non-Connected Charging Stations and Smart Connected Charging Stations (Networked)) and Charging Standard (CCS, CHADEMO & GB/T, Type 1/Normal Charging, Tesla Super Charger, Type-2, and Level 3) – Opportunity Analysis and Industry Forecast 2023–2030
Industry: Automotive & Transportation | Publish Date: 26-Sep-2023 | No of Pages: 90 | No. of Tables: 72 | No. of Figures: 41 | Format: PDF | Report Code : N/A
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Market Definition
Sweden Electric Vehicle (EV) Charging Market was valued at USD 272.08 million in 2022, and is predicted to reach USD 1771.3 million by 2030, with a CAGR of 27.0% from 2023 to 2030. Electric vehicle chargers are defined by the amount of energy delivered to the vehicle’s battery per unit of time. It is an infrastructure that is used to connect the plug-in electric vehicle to an electrical outlet to charge the battery of the vehicle. Electric vehicle chargers are used to provide charging to EVs with a battery and the electrical source that helps to charge the battery.
Electric vehicles, neighborhood EVs, and plug-in hybrids can all be charged at a charging station by connecting to an electrical source. Advanced features including smart meters, cellular connectivity, and network access are available on some charging stations.
The charging of EVs can be carried out through several levels of charging such as level 1, level 2, and level 3. The higher the level of charging, the faster the charging process causing more power to be delivered to the vehicle. The use of electric vehicles significantly reduces the carbon footprints released into the atmosphere, which contain toxic gas. The growing threat of carbon emissions and other harmful gases stemming from transportation has triggered the vital necessity of adopting electric vehicles.
In addition, the penetration of EV charging is high in commercial spaces as compared to residential ones. Long-distance trips would benefit from ultra-fast charging capabilities made possible by public charging infrastructure. However, EV chargers for residential spaces offer significant growth potential as they are affordable and more convenient for charging electric vehicles as compared to commercial charging stations.
Sweden's Growing EV Adoption Driven by Environmental Concerns and Net Zero Carbon Goals Boosts EV Charging Market
The EV charging market in Sweden is experiencing significant growth, driven by the increasing number of electric vehicles (EVs) on the country's roads. This surge in EV adoption is primarily a response to growing environmental concerns and Sweden's commitment to achieving net-zero carbon emissions. As more Swedes prioritize eco-friendly transportation options, the demand for EV charging infrastructure has soared.
This infrastructure plays a crucial role in supporting the expanding EV market, enabling EV owners to conveniently charge their vehicles and contributing to the nation's efforts to reduce carbon emissions and combat climate change. For instance, as of the fourth quarter of 2020, there were over 11,600 charging stations in Sweden, an increase for the third year in a row. Type 2 outlets are the most prevalent plugs. By the end of 2020, there were about 9,500 of these charging types.
Advanced Products, Including Fast Charging Facilities, Drive Increased Demand in the Electric Vehicle Charging Market
The demand for electric vehicle (EV) charging infrastructure is on the rise, primarily due to the expansion of advanced features, especially fast charging facilities. As consumers increasingly look for convenient and efficient charging solutions, the availability of fast charging options meets their needs by significantly reducing charging times. This development aligns perfectly with the growing adoption of electric vehicles, underlining the crucial role of charging infrastructure in supporting the sustainable growth of the EV market.
For instance, in January 2022, Northvolt launched the first battery cell that came off the production line at Northvolt Ett’s gigafactory in northern Sweden, it is the first battery that a native European battery manufacturer totally created and produced. The company already has contracts worth USD 30 billion of contracts.
Fast Chargers' High Initial Setup Costs Hinder the EV Charging Market Growth
The growth of the EV charging sector could face challenges due to the lack of incentives and concerns regarding high installation costs. A significant obstacle to expanding this industry is the substantial upfront expense linked to level 3 and ultra-fast chargers. While level 1 and level 2 chargers can take anywhere from 6 to 16 hours for a full charge, consumers are accustomed to refuelling their traditional fossil fuel vehicles in just 5 to 7 minutes.
This has led to a strong market demand for fast chargers capable of recharging EVs in under 30 minutes. However, the initial costs for level 3 charging stations may deter those considering the switch to EVs, especially because longer charging times could disrupt their already busy schedules.
Surging Adoption of Vehicle-to-Grid (V2G) EV Charging Stations in Sweden Unlocks Promising Opportunities
A technology called vehicle-to-grid (V2G) EV charging allows plug-in EVs and the power grid to exchange electrical energy in both directions. Electric vehicles (EVs) can store extra electricity and release it to the grid thanks to V2G technology. This may enhance the functionality of the electrical component and increase value for EV owners.
The development of this concept has made charging for electric vehicles easier, and EVs are now among people's top transportation options. As a result, the entire market for charging stations is essential for connecting the electric vehicle to the grid and enabling the vehicle to charge.
Two V2G EV vehicle charging stations were erected by Enel Energia S.p.A. at the Italian Institute of Technology's Genoa headquarters. The installation is a part of MOV-E, a Nissan-sponsored corporate electric car sharing trial project. The Italian Institute of Technology received two battery electric vehicles (LEAF models) from Nissan as well as the Glide app management platform. The partnership between Enel and Nissan represents a shift in the way that technology is used for sustainable transportation.
As a result, manufacturers have a great chance with the V2G charging technology because it is predicted to change the EV industry and determine how EVs will be charged in the future. Although V2G infrastructure is more beneficial than smart charging, installing V2G charging stations has a hefty up-front cost. Manufacturers of EV connectors are projected to have opportunities to produce sophisticated connectors to withstand electrical architecture due to the predictable and anticipated expansion of V2G technology.
Competitive Landscape
The Sweden Electric Vehicle (EV) Charging industry includes several market players such as ABB Ltd., ChargePoint, Inc, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.
KEY BENEFITS
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The Sweden Electric Vehicle (EV) Charging market report provides a quantitative analysis of the current market and estimations through 2023-2030 that assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a deep dive analysis of the market trend including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report.
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The competitive analysis of the market players along with their market share in the Sweden Electric Vehicle (EV) Charging market.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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Value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
SWEDEN ELECTRIC VEHICLE (EV) CHARGING MARKET KEY SEGMENTS
By Charging Type
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Off-Board Top-Down Pantograph
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On-Board Bottom-Up Pantograph
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Charging Via Connector
By Charging Voltage Level
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Level 1 (<3.7 KW)
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Level 2 (3.7–22 KW)
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Level 3 (Above 22 KW)
By Charger Type
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Slow Charger
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Fast Charger
By IOT Connectivity
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Non-Connected Charging Stations
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Smart Connected Charging Stations (Networked)
By Vehicle Charging
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AC (Normal Charging)
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DC (Super Charging)
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Inductive Charging
By Application
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Commercial
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Residential
By Commercial
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Commercial Public EV Charging Stations
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On-Road Charging
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Parking Spaces
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Destination Chargers
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Commercial Private EV Charging Stations
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Fleet Charging
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Captive Charging
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By Installation Type
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Portable Charging
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Fixed Charging
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Wall Mount
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Pedestal Mount
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Ceiling Mount
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By Charging Standard
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CCS
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CHADEMO & GB/T
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Type 1/Normal Charging
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Tesla Super Charger
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Type-2
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Level 3
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2022 |
USD 272.08 Million |
|
Market Volume in 2022 |
22 Thousand Units |
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Revenue Forecast in 2030 |
USD 1771.3 Million |
|
Growth Rate |
CAGR of 27.0% from 2023 to 2030 |
|
Analysis Period |
2022–2030 |
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Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
Market Size Estimation |
Million (USD) |
|
Growth Factors |
The rapidly rising number of EVs. The growing product advancement in EVs. |
|
Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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ABB Ltd.
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ChargePoint, Inc
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Tesla Inc
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Shell Recharge Solutions
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Star Charge
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TELD
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Siemens
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BYD
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EVgo
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Hyundai Motor Company
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