The new report by Expert Market Research titled, ‘Global Electric Vehicle Charging Station Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global electric vehicle charging station market. It examines the market based on segments like type, charger type, application, and major regions.

The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

Electric Vehicle Charging Station Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast

The key highlights of the report include:

Market Overview (2018-2028)

• Historical Market Value (2022): USD 5 billion
• Forecast CAGR (2023-2028): 42.5 %
• Forecast Market Value (2028): USD 41.9 billion

Report AttributeDetails
Historical Period2018-2022
Forecast Period2023-2028
Base Year2022
Market Size in 2022USD 5 billion
Revenue Forecast in 2028USD 41.9 billion
Growth Rate CAGR42.5 %
Major PlayersABB Ltd., Siemens AG, ChargePoint, Inc., TGOOD Global Ltd., Tesla, Inc., bp Chargemaster, Others

There are several main factors driving the growth of the electric vehicle charging station industry in the Asia Pacific region. These include demand for electric vehicles for personal or commercial use and rising government support for EV use in the face of rising pollution levels.

The expanding market share of the major EV manufacturers in developing countries like China and India is also contributing to market growth.

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Additionally, to encourage the usage of electric vehicles in the upcoming years, the Indian government announced plans to create approximately 69,000 EV charging stations in 2020. These new breakthroughs are expected to give momentum to the market.

Electric Vehicle Charging Station Industry Definition and Major Segments

A source of power used to charge electric vehicles and plug-in hybrid vehicles is referred to as an electric vehicle charging station (also known as an EVSE). These stations have cutting-edge technical features like network access, smart metres, and cellular capability.

Based on type, the market includes:

• Passenger Cars
• Commercial Vehicles

Based on charger type, the market covers:

• AC Charging Station
• DC Charging Station

Based on application, the market is bifurcated into:

• Public
• Private

The major regional markets include:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

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Electric Vehicle Charging Station Market Trends

The market is expanding as a result of the rising demand for electrified vehicles. This is brought on by rising disposable incomes, fast urbanisation, rapid technological breakthroughs in the electrical and electronics industry, and the booming transportation sector in emerging economies. Additionally, it is anticipated that the market would grow during the projection period due to multiple government’s increased financing to speed up the development of EV charging stations.

However, the station’s high installation costs are anticipated to operate as a market restraint. The market will also benefit from the growing acceptance of fast chargers. Additionally, the rise in environmental consciousness is anticipated to promote market expansion during the anticipated timeframe.
In comparison to DC, an AC charging station is more affordable and offers insulation safety by lowering the power to usable levels.

Additionally, by supporting a smooth flow of current, AC charging stations ensure that there is no energy loss. Supplementary benefits of AC charging stations include minimal maintenance requirements and the capacity to charge a greater number of vehicles, resulting in time savings. As a result, it is predicted that the AC charging market segment would grow significantly throughout the projection period.

Key Market Players

The major players in the market are:

  • ABB Ltd
  • Siemens AG
  • ChargePoint Inc
  • TGOOD Global Ltd
  • Tesla Inc
  • BP Chargemaster
  • Others

The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Expert Market Research (EMR) is leading market research company with clients across the globe. Through comprehensive data collection and skillful analysis and interpretation of data, the company offers its clients extensive, latest, and actionable market intelligence which enables them to make informed and intelligent decisions and strengthen their position in the market. The clientele ranges from Fortune 1000 companies to small and medium scale enterprises.

EMR customises syndicated reports according to clients’ requirements and expectations. The company is active across over 15 prominent industry domains, including food and beverages, chemicals and materials, technology and media, consumer goods, packaging, agriculture, and pharmaceuticals, among others.

Over 3000 EMR consultants and more than 100 analysts work very hard to ensure that clients get only the most updated, relevant, accurate and actionable industry intelligence so that they may formulate informed, effective and intelligent business strategies and ensure their leadership in the market.

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