Electric vehicle charging station market is estimated to be valued at USD 250.31 Billion in 2031

  • Ronak Shah
  • U.S.A
  • January 15, 2025

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the electric vehicle charging station market. Coherent Market Insights’ analyst projected the electric vehicle charging station market to be valued at USD 250.31 Bn in 2031. It is expected to exhibit a CAGR of 40% over the forecast period 2024-2031.

Growth in adoption of electric vehicles, and supportive government policies & initiatives for the deployment of electric vehicle charging infrastructure drives market growth. According to International Energy Agency’s Global EV Outlook 2022, global electric car stock reached 18 million in 2021, up from 10 million in 2020.

Additionally, Asia, Europe, and North America have made huge investments and Targets that would boost electric vehicle adoption and sales. In this regard, the US administration plans to develop a nationwide network of electric vehicle (EV) charging as part of its USD 1 trillion infrastructure package. The plan earmarks USD 7.5 billion to build out a convenient, affordable, and reliable national network of 500,000 EV chargers.

Key Market Trends: Rising deployment of fast and ultra-fast chargers: The EV charging station market is witnessing increasing demand for fast and ultra-fast chargers due to rising demand for quick charging EVs. Fast chargers can provide 80% charge within 30 minutes and ultra-fast chargers can charge 80% within 15-20 minutes. For instance, according to the European Automobile Manufacturers’ Association, the number of fast chargers in Europe increased from 25,000 in 2020 to over 45,000 in 2021.

Government initiatives to develop EV charging corridors: Many countries are focusing on developing EV charging corridors along highways and roads to boost electric vehicle adoption. For instance, India plans to establish around 60,000 EV charging stations along national highways by 2024. In the U.S., the Federal Highway Administration (FHWA) awarded around USD1.5 billion under the National Electric Vehicle Infrastructure (NEVI) Formula Program to states to build a national electric vehicle (EV) charging network.

Electric Vehicle Charging Station Market Opportunities On the basis of application – Commercial application segment is expected to hold the largest market share. The increasing deployment of electric vehicles for ride-hailing and corporate fleets is expected to propel the demand for public EV charging stations. Various ride-hailing companies and shared mobility service providers are actively procuring EVs and partnering with charging point operators to set up commercial charging infrastructure.

Residential applications segment is poised to witness significant growth. This is due to the growing adoption of personal electric vehicles. Residential charging enables owners to charge their EVs conveniently overnight. Several governments provide subsidies and rebates for residential EV chargers to promote personal EV adoption.

Key Market Takeaways: The global EV charging station market is anticipated to witness a CAGR of 40% during the forecast period 2024-2031. This is owing to rising EV sales and supportive government policies.

On the basis of application, the commercial segment is expected to hold a dominant position. This is owing to the active deployment of public EV charging infrastructure by companies.

On the basis of charger type, the fast-charging segment is expected to hold a dominant position over the forecast period. This is due to the growing preference for fast charging among drivers.

On the basis of vehicle type, the passenger cars segment is expected to hold the largest share. This is due to rising sales of personal electric vehicles.

North America is expected to hold a dominant position over the forecast period, due to high EV adoption and supportive EV infrastructure policies in the US and Canada.

Competitor Insights Key players operating in the EV charging station market include: Eaton, ChargePoint Inc, ABB, Schneider Electric, EVBox, Webasto Group, Tesla Inc, Blink Charging Co, EO Charging, Siemens AG, Tritium, and Shell.

Recent Developments: In December 2024, Rivian first made its charging network available to non-Rivian EVs, with a station located in Joshua Tree National Park in California. With plans to upgrade existing stations to service different EV brands, this action complies with federal standards for universal chargers to receive financing. More information is available in full report

Summary

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