Electric Vehicle Charging Stations Market - Forecasts from 2023 to 2028

The electric vehicle charging stations market is expected to grow at a CAGR of 36.11% from US$10,887.717 million in 2021 to US$94,234.065 million by 2028.

An electric vehicle charging station connects an electric vehicle to the source of electricity to provide charging to electric vehicles, as well as plug-in hybrids. A key factor that has led to steady growth in the EV charging station market is the rising demand for energy efficiency. Further, increasing fuel prices, the continuous depletion of fossil fuels, and government initiatives supporting electric vehicles in multiple countries, along with improved charging infrastructure, tax rebates, and subsidies, are expected to show growing investments in this infrastructure.

Increasing Adoption of Electric Vehicles

An increase in the sales and adoption of electric vehicles is expected to drive the need for the development of charging infrastructure. According to the International Energy Agency, there were five times more electric car models accessible worldwide in 2021 than in 2015, with the overall number of available models reaching 450 by the end of 2021. According to the same source, global sales of electric vehicles continued to rise quickly in 2022, with 2 million in sales in the first quarter, up 75% from the previous time in 2021. Therefore, due to the rise in the number of electric vehicles adopted by consumers, the electric vehicle charging stations market will be impacted positively in the coming years.

Favorable Government Investments

Investments by governments worldwide for the development of charging infrastructure and incentives offered to buyers are projected to create huge opportunities to expand the revenue stream. For instance, Bentley Motors will invest around US$3.4 billion over the next decade to become a 100% electrified premium brand by 2030. However, Bentley will rely on plug-in hybrid electric cars to transition to all-electric vehicles, unlike many major automakers. Beginning in 2026, the business intends to offer only electrified vehicles, including all-electric and plug-in hybrids. Additionally, Toyota wants to release plug-in hybrid versions of the Levin and Corolla.

Expanding R&D Activities by the Automobile Industry

Significant investments by automakers are also projected to aid the rising demand for these vehicles and, thus, play a huge role in the development of the market. Key EV market players like Tesla, Ford, Nissan, Volkswagen, BMW, and General Motors have allocated significant budgets to R&D to develop industry-leading EVs. OEMs offer various electric vehicles, from small hatchbacks like Leaf to high-end sedans like the Tesla Model 3. This humongous range of product offerings has been successful in attracting a high number of customers, which has resulted in an increased market size for electric vehicles. For instance, in October 2021, General Motors announced its plans to invest US$35 billion to develop and achieve over a million sales of EVs and related technology by 2025. The company has plans to go all-electric by 2035.

North America is Expected to Grow Significantly

An increasing number of electric vehicles coupled with the growing need for non-residential chargers is anticipated to boost the demand for electric vehicle charging stations in the United States. According to the White Paper published by The International Council on Clean Transportation (ICCT) in July 2021, the public and workplace chargers are projected to grow from 216,000 chargers in 2020 to 2.4 million chargers by 2030 to meet the ever-growing demand for charging by the ever-increasing electric vehicles in the country, which will grow from 1.8 million to 26 million in the same period. Moreover, per the technical brief of the US Department of Energy in July 2021, the total number of electric chargers, including at-home chargers, in the United States is expected to reach 9.6 million by 2030. Out of the 9.6 million charging ports, workplace and public level charging will have respective 13% and 8% shares of the charging ports.

Player Insight:

• ChargePoint Inc. is one of the prominent players in the global electric vehicle charging stations market, offering electric vehicle charging solutions since 2007. The company has delivered over 172 million charges till now, with over 76% of the Fortune 50 companies as their customers. The company is involved in strategic steps like collaborations with significant electric vehicle manufacturers to gain a substantial market share. For instance, in January 2023, an announcement was made by Mercedes Benz that it partnering up with ChargePoint to build its charging network of electric vehicles.

Market Segmentation:

By Type of Electric Vehicle

• Battery Electric Vehicles (BEVs)
• Plug-In Hybrid Electric Vehicles (PHEVs)

By Type of Charging Stations

• AC Charging Station
• DC Charging Station

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• Thailand
• Indonesia
• Taiwan
• South Korea
• Others