Electric Vehicle Charging Stations Equipment Global Market Report 2024

The electric vehicle charging stations equipment market size has grown exponentially in recent years. It will grow from $192.15 billion in 2023 to $262.5 billion in 2024 at a compound annual growth rate (CAGR) of 36.6%. The growth observed during the historical period can be attributed to several factors, including the increasing adoption of electric vehicles (EVs), growing environmental concerns about emissions, government incentives to promote EV adoption, technological advancements in charging infrastructure and battery technology, and efforts to mitigate range anxiety. These factors have played a significant role in driving the historical growth of electric vehicle charging station equipment.

The electric vehicle charging stations equipment market size is expected to see exponential growth in the next few years. It will grow to $819.66 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%. The anticipated growth in the forecast period can be attributed to several factors, including the continued expansion of the electric vehicle (EV) market, government support and policies encouraging EV adoption, the transition to green energy sources, urbanization, and the increasing population density in urban areas. Prominent trends in the forecast period encompass the development and adoption of ultra-fast charging technologies to reduce charging times, the use of EV charging apps to enhance user convenience and accessibility, the exploration of wireless charging methods, and the integration of vehicle-to-grid (V2G) technology, allowing EVs to feed power back to the grid. These trends are expected to drive growth in the electric vehicle charging station equipment market.

The growth of the electric vehicle (EV) charging stations equipment market is being driven by national and international legislative policies aimed at promoting electric vehicles (EVs). These policies include incentives for investors to purchase EVs and install charging stations, which in turn boosts the electric vehicle charging stations equipment market. For example, the German government has introduced an enticing scheme offering a direct discount of $4,520 to EV buyers, and Norway provides public funding for charging stations every 50 kilometers, contributing to the expansion of the EV charging stations market and, consequently, the electric vehicle charging stations equipment market.

These charging station equipment types include AC charging, DC charging, and inductive charging, each of which is used with various types of electric vehicles, including battery electric vehicles (BEV), plug-in electric vehicles (PHEV), and hybrid electric vehicles (HEV). AC charging involves converting power from alternating current (AC) to direct current (DC) and then delivering it to the vehicle's battery. There are different levels of charging in electric vehicle charging station equipment, including level one charging (utilizing 120 volts), level two charging (using 240 volts), and DC fast charging (operating at 480 volts). These charging options cater to different needs and charging speeds for electric vehicles.

The electric vehicle charging stations equipment market research report is one of a series of new reports that provides electric vehicle charging stations equipment market statistics, including electric vehicle charging stations equipment industry global market size, regional shares, competitors with an electric vehicle charging stations equipment market share, detailed electric vehicle charging stations equipment market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle charging stations equipment industry. This electric vehicle charging stations equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increasing demand for charging points is expected to be a significant factor propelling the growth of the electric vehicle charging station equipment market. Charging points are dedicated facilities where electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) can be recharged with electricity. Electric vehicle charging station equipment utilizes charging points or connectors to facilitate the charging process, allowing EVs to receive electrical power from the charging station. In 2021, there was a 40% increase in charging points, totaling approximately 1.8 million charging points, with a 37% rise in publicly accessible charging points, amounting to 500,000 chargers. This surge in demand for charging points is a driving force behind the electric vehicle charging station equipment market's growth, as reported by the US-based Energy Information Administration in March 2023.

One of the major factors constraining the EV market, and consequently affecting the electric vehicle charging stations equipment equipment market, is the limited driving range of electric vehicles (EVs). EVs generally have a shorter driving range compared to gasoline vehicles, primarily due to factors such as passenger capacity, air conditioning usage, and the need for a margin of charge to be retained before the next recharge. This limitation affects EV sales, reducing the demand for additional charging stations and, consequently, electric vehicle charging stations equipment, thereby restraining market growth.

A notable trend in the electric vehicle charging stations equipment market is the emergence of ultra-quick DC charge stations. These stations can deliver direct power of up to 125 kW to EVs without the need for a converter, allowing them to charge 80% of their required electric supply within a 20-minute timeframe. With the increasing demand for EVs and the need for more charging stations, ultra-quick DC charge stations are an ideal solution, catering to the requirements of new EVs that demand higher power rates for charging. There are three types of DC fast charging options, including Combined Charging System (CCS), CHAdeMO, and Tesla Supercharger. In 2021, Electrify America rolled out 600 public ultra-fast electric vehicle charging stations across the United States.

Major companies in the electric vehicle charging station equipment market are focusing on innovation, exemplified by products like Terra 360, aimed at gaining a competitive edge. Terra 360 is an electric charger used as electric vehicle charging station equipment, designed for installation in compact depots or parking lots where space is limited. For instance, Switzerland-based automation company ABB Ltd. launched Terra 360 in September 2021. Terra 360 is the fastest electric car charger, capable of fully charging an electric car in less than 15 minutes, providing 100 km of range in less than 3 minutes, and accommodating up to four vehicles simultaneously with dynamic power distribution.

In June 2022, Blink Charging Co., a US-based provider of electric vehicle (EV) charging equipment and services, acquired SemaConnect for an undisclosed amount. This acquisition positions Blink Charging as the sole EV charging business to offer complete vertical integration, spanning EV charger ownership, operations, research and development, and production. SemaConnect Inc. is a US-based company specializing in EV charging infrastructure solutions.

Major companies operating in the electric vehicle charging stations equipment market include ABB Ltd., Siemens AG, The New Motion BV, Tesla Motors Inc., ClipperCreek Inc., DBT SA, Chargemaster PLC, Engie SA, Fortum Oyj, Leviton Manufacturing Co, Qualcomm Inc., Robert Bosch GmbH, Schneider Electric SE, AeroVironment Inc., National Thermal Power Corporation, Mahindra Reva Electric Vehicles Pvt Ltd., Tata Power Ltd., ACME Group, ChargePoint Inc., BP PLC, Shell PLC, Webasto SE, Hyundai Motor Company, RWE AG, Mercedes-Benz Group AG, EVBox, Southern California Edison, San Diego Gas and Electric Co, PG&E Corporation, Blink Charging Co

Asia Pacific was the largest region in the electric vehicle charging stations equipment market in 2023. The regions covered in the electric vehicle charging stations equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the electric vehicle charging stations equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The electric vehicle charging stations equipment market consists of sales of alternating current(AC) charging, direct current(DC) charging, and other electric vehicle charging station equipment. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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