Electric Vehicle (EV) Charging Market

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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)), Charging Point Type (AC (Normal Charging), DC (Super Charging), and Inductive Charging/Wireless), Charger Type (Slow Charger and Fast Charger), Application (Commercial and Residential), Charging Infrastructure Type (Combined Charging System (CCS), CHAdeMO, Type1/Normal Charger, Tesla Super Charger, Type 2, and GB/T (Level 3)), Installation Type (Portable Charger and Fixed Charger), IoT Connectivity (Non-Connected Charging Stations and Smart Connected Charging Stations (Networked)) – Global Opportunity Analysis and Industry Forecast 2022–2030

Industry: Energy & Power | Publish Date: 02-Dec-2024 | No of Pages: 1042 | No. of Tables: 868 | No. of Figures: 838 | Format: PDF | Report Code : EP501

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Market Overview:

Electric Vehicle (EV) Charging Market was valued at USD 14.49 billion in 2021, and is predicted to reach USD 128.13 billion by 2030, with a CAGR of 28.2% from 2022 to 2030.

Electric vehicle chargers are defined by the amount of energy delivered to a vehicle’s battery per unit of time. It is an infrastructure that is used to connect plug-in electric vehicles to an electrical outlet to charge the battery.

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 a vehicle. Advanced features in EV charging include smart meters, cellular connectivity, and network access, which is available in some charging stations.

In addition, the adoption 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, Electric Vehicle 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.

Growth in EVs increases the demand for charging infrastructure

Demand for charging infrastructure has increased, with the rise in acceptance of electric vehicles and their usage. Leading EV markets such as China, the U.S., and Germany are heavily investing in EV charging infrastructure as well as research and development for quicker and more effective charging techniques. There is a rise in the need for public charging stations across the globe, even if the majority of EV consumers install a level 1 or level 2 EV charging devices in their houses or residential complexes.

Growing demand for EV charging stations is expected to rise as electric vehicle sales globally. A large number of consumers are attracted by a variety of product options, which propels the market for electric vehicles. For instance, in November 2021, Ford announced that it will boost its annual EV production capacity to 600,000 by 2023. By 2030, it intends to provide 40% of electric vehicles. Other businesses have also made substantial advancements and plans for the EV demand in the next 5–10 years, including Tesla, Nissan, and BMW.

 

Government support hastens the installation of EV charging stations

Governments of various countries are taking steps to encourage the usage of electric vehicles to achieve fuel consumption limits and lower greenhouse gas emissions. For instance, to improve collaboration and ensure a seamless transition in the automotive industry, the government of Japan established a strategy for electric vehicles in August 2018. Faster adoption and Manufacturing of Hybrid and Electric Vehicles II is a project the business has launched (FAME).

This states that incentives will be given to encourage the production of electric vehicles locally. Moreover, up to 80% of the overall cost of installing charging infrastructure is covered by many governments. Planning and construction of charging stations are being done in conjunction with oil & gas firms by governments of various nations, which has also contributed to the development of the Eelectric Vehicle market.

In addition, to support growth of the EV charging stations industry throughout the projected period, governments plan to establish charging stations along national highways every 100 kilometers. Moreover, customers are adopting EVs as a result of the tough automobile emission rules, which further support the growth of the market. All these initiatives help the EV market to grow globally, hence enhancing the EV charging infrastructure to meet its demand across the world.

The absence of standardization in the current EV charging infrastructure hinders the market

The need for standardization of EV charging stations has been highlighted by factors including the expansion of the EV market and variances in charging loads. Some EV charging stations may require a specific voltage to function. Level 1 charging stations for AC devices. 

For instance, provide a voltage of 120V AC, while level 2 charging stations provide a voltage of 208/240V AC. On the other hand, DC charging stations use 480V AC to deliver quick charging. 

For the creation of a supportive ecosystem and an increase in EV sales, governments must standardize charging infrastructure. Different nations utilize various rapid charging standards. China utilizes GB/T, which is the common name used to refer to several standards for electric vehicle AC and DC fast charging. 

Europe, the U.S., and South Korea use Combined Charging System (CCS), while Japan uses CHAdeMO, which is the trade name for a fast-charging system for battery electric vehicles. The installation of charging stations may be impacted and the EV charging market growth can be hampered by a lack of standardization between nations.

 

Smart infrastructure and IoT in EV charging to manage load creates an opportunity

Internet of Things (IoT) in the context of EV charging consists of three key components including charging equipment, mobile apps, and charging management platforms. Continuous monitoring and data presentation in the form of reports and dashboards are made possible by IoT in EV charging. In addition, it aids in alerting consumers of major errors or significant upgrades. A mobile app, for instance, can educate drivers about the cost and duration of charging. 

Operators of charging points can diagnose devices remotely without a personal visit. Roaming services for their charging network can be improved by network operators. All value chain participants, including EV drivers, Charge Point Providers (CPOs), and network operators, stand to gain significantly from IoT.

Asia-Pacific is projected to dominate the major EV charging market share

Due to several government initiatives to drive adoption of EVs and associated infrastructure and rise in demand for EV fast-charging infrastructure.

For instance, in January 2022, China announced plans to expand its charging infrastructure to accommodate growing fleet of electric vehicles. 60% of the its expressway system would be equipped with fast charging stations. China has stated that by the end of 2025, the country will have a demand for 20 million electric vehicles.

In addition, the government of Japan provided a total of USD 911 million in subsidies to build EV charger stations and stimulate development of the electric vehicle market.

Moreover, rise in deployment of EVs by shared mobility operators and rise in EV manufacturing capabilities drive growth of the Asia-Pacific electric vehicle charging market.

For instance, Japan also plans to increase the number of charging piles for EVs to 150,000 by 2030, and companies also dedicatedly participate in them. Tokyo Electric Power (Tepco) plans to increase number of fast charging stations on highways to 1,000 by 2025 and Hitachi Ltd. is developing smaller and lighter charging stations.

In addition, presence of prominent players in EV charging companies such as Hyundai, BYD, and Tata Motors engaged in various strategies including partnership and business expansion boost growth of the market in this region.

For instance, in May 2022, Tata Power partnered with Hyundai Motor India Limited (HMIL) to build a robust EV charging network and accelerate the adoption of EVs. Under this partnership, Tata Power will install Tata Power EZ Charge fast chargers at HMIL's existing 34 EV dealer locations across 29 cities along with supply, installation, and commissioning of home charging for HMIL's EV customers.

Moreover, in September 2022, BYD announced to setup a facility in Thailand to start producing 1,50,000 passenger vehicles per year from 2024. This development led to high adoption of EVs in the country, hence increasing the number of EV charging stations.

Europe witnessed substantial growth in EV charging market

Owing to the emphasis by government bodies on EV infrastructure across the region propels the growth of the market. For instance, in June 2022, the U.S. Transportation Department (USDOT) proposed minimum standards and requirements for EV charging projects funded under a USD 5 billion government program.

This proposal would require government-funded EV charging stations to use DC fast chargers and have at least four ports capable of simultaneously charging four EVs and each must be at or above 150 kW. Moreover, it also bars charging stations from requiring a membership to use them. In addition, latest innovations in EV charging by prominent world leaders to accelerate current infrastructure are expected to create demand for the market growth.

For instance, in September 2022, Tesla launched its CCS adapter for USD 250 that enables Tesla drivers to access public charging stations. This is a product that Tesla owners have been wanting for a long time as Tesla owners do not have access to most non-Tesla charging stations, owing to them being equipped with CCS connectors.

 

Competitive Landscape

The EV charging industry includes various market players such as ABB, ChargePoint, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

These market players are adopting several strategies such as product launches and partnership across various regions to maintain their dominance in the electric vehicle charging market. 

For instance, in October 2022, ChargePoint, Inc. announced the launch of the CP6000, ChargePoint’s most flexible and serviceable global AC EV charging solution available for vehicles of all types and sizes. Through this launch, there is going to be tough competition among the players, which will further push them to innovate some more advanced products to satisfy the customer. This will also create a healthy environment in the field of EV charging product innovation and invention.    

In addition, in September 2022, Tesla launched a CCS adapter for USD 250 that enable drivers to access public chargers. The adapter offers to charge speeds up to 250kW and can be used at third-party charging networks. 

Moreover, in May 2022, Shell entered into a partnership with ABB and launched the first nationwide network of the world’s fastest EV charger ‘Terra 360’ to ensure increased charger availability and charging speed for more than 1.7 million. Through this partnership between two big companies, customers will be benefitfrom more better and advanced products in upcoming days.

Ev Charging Market Key Segments

By Charging Type

  • Off-Board Top-Down Pantograp

  • On-Board Bottom-Up Pantograp

  • Charging Via Connector

By Charging Voltage

  • Level

    • Level 1 (<3.7 KW)

    • Level 2 (3.7–22 KW)

    • Level 3 (Above 22 KW)

By Charger Type

  • Slow Charger

  • Fast Charger

By IoT Connectivity

  • Non-Connected Charging Stations

  • Smart Connected Charging Stations (Networked)

By Charging Point Type

  • AC (Normal Charging)

  • DC (Super Charging)

  • Inductive Charging

By Application

  • Commercial

  • Residential

By Installation Type

  • Portable Charger

  • Fixed Charger

    • Wall Mount

    • Pedestal Mount

    • Ceiling Mount

By Charging Infrastructure Type

  • CCS

  • Chademo & GB/T

  • Type 1/Normal Charging

  • Tesla Super Charger

  • Type-2

  • Level 3

By Region

  • North America

    • U.S

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • United Kingdom

    • Netherlands

    • Russia

    • Norway

    • Denmark

    • Sweden

    • Finland

    • Rest of Europe

  • Asia-Pacific

    • Australia

    • China

    • India

    • Japan

    • South Korea

    • Thailand

    • Singapore

    • Rest of Asia-Pacific

  • RoW

    • Latin America

    • Middle East

    • Africa

Key Players

•    ABB
•    Tesla Inc.
•    ChargePoint
•    Shell Recharge Solutions
•    Star Charge
•    TELD
•    Siemens
•    BYD
•    EVgo
•    Hyundai Motor Company

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2022

USD 17.55 Billion

Revenue Forecast in 2030

USD 128.13 Billion

Market Volume in 2022 (000’ Units)

1,764.44  

Volume Forecast in 2030 (000’ Units)

12,869.59

Growth Rate

CAGR of 28.21% from 2022 to 2030

Analysis Period

2021–2030

Base Year Considered

2021

Forecast Period

2022–2030

Market Size Estimation

Billion (USD)

Growth Factors

Growth in EVs increases the demand for charging infrastructure
Government support hastens the installation of EV charging stations

Countries Covered

26

Companies Profiled

10

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 analysts working hours) after purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.
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Frequently Asked Questions

ABB, ChargePoint, Tesla Inc, Shell Recharge Solutions, Star Charge, TELD, Siemens, BYD, EVgo, and Hyundai Motor Company.

Both fully EVs and plug-in hybrid electric vehicles (PHEVs) can be charged overnight at home using AC Level 1 or AC Level 2 charging equipment.

The electrical system in your home would need to be significantly modified for a level 3 charger, which would probably result in high electricity costs. Hence, not very home-friendly.

No, they do not charge while driving. However, some EVs will charge when you use the breaks.

According to the report published by Next Move Strategy Consulting, the EV Charging business is expected to hit at USD 128.13 billion by 2030.

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