Electric Vehicle Charging Station Global Market Opportunities and Strategies to 2032

This report describes and explains the electric vehicle charging station market and covers 2017-2022, termed the historic period, and 2022-2027, 2032F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global electric vehicle charging station market reached a value of nearly $5.40 billion in 2022, having grown at a compound annual growth rate (CAGR) of 18.4% since 2017. The market is expected to grow from $5.40 billion in 2022 to $20.94 billion in 2027 at a rate of 31.1%. The market is then expected to grow at a CAGR of 29.2% from 2027 and reach $75.54 billion in 2032.

Growth in the historic period resulted from increasing investments by governments, reducing cost of EV batteries and growing demand for electrical vehicles. Factors that negatively affected growth in the historic period was longer charging duration and limited battery capacity.

Going forward, the rise in fuel rates, the rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce, restrictions on sales of petrol and diesel vehicles, growing charging infrastructure will drive the growth. Factor that could hinder the growth of the electric vehicle charging station market in the future include high development cost, insufficient standardization of EV charging infrastructure.

The electric vehicle charging station market is segmented by installation type into home charging system and commercial charging system. The commercial charging system market was the largest segment of the electric vehicle charging station market segmented by installation type, accounting for 77.8% or $4.20 billion of the total in 2022. Going forward, the commercial charging system segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by installation type, at a CAGR of 33.83% during 2022-2027.

The electric vehicle charging station market is segmented by connector type into CHAdeMO, CCS, GB/T, Tesla Supercharger and other connector types. The tesla supercharger market was the largest segment of the electric vehicle charging station market segmented by connector type, accounting for 33.8% or $1.82 billion of the total in 2022. Going forward, the CCS segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by connector type, at a CAGR of 35.64% during 2022-2027.

The electric vehicle charging station market is segmented by mode of charging into plug in charging system and wireless charging system. The plug in charging system market was the largest segment of the electric vehicle charging station market segmented by mode of charging, accounting for 95.0% or $5.13 billion of the total in 2022. Going forward, the plug in charging system segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by mode of charging at a CAGR of 31.26% during 2022-2027.

The electric vehicle charging station market is segmented by charging station into AC charging station and DC charging station. The AC charging station market was the largest segment of the electric vehicle charging station market segmented by charging station, accounting for 79.3% or $4.28 billion of the total in 2022. Going forward, the AC charging station segment is expected to be the fastest growing segment in the electric vehicle charging station market segmented by charging station, at a CAGR of 31.57% during 2022-2027.

Asia Pacific was the largest region in the electric vehicle charging station market, accounting for 59.2% or $3.19 billion of the total in 2022. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the electric vehicle charging station market will be Asia Pacific and South America where growth will be at CAGRs of 31.2% and 27.2% respectively. These will be followed by Middle East and North America where the markets are expected to grow at CAGRs of 27.1% and 24.6% respectively.

The global electric vehicle charging stations market is fragmented, with large number of players operating in the market. The top ten competitors in the market made up to 13.9% of the total market in 2022. The market fragmentation can be attributed to the presence of large number of players in different geographies. Shell plc was the largest competitor with 5.0% share of the market, followed by BP plc with 3.0%, TELD NEW ENERGY Co. Ltd with 2.2%, Electrify America with 1.4%, Evgo with 0.8%, POD Point with 0.5%, ChargePoint, Inc. with 0.4%, IONITY with 0.3%, Blink Charging Co. with 0.1% and EV Connect Inc with 0.1%.

The top opportunities in the electric vehicle charging station market segmented by installation type will arise in the commercial charging system segment, which will gain $13.46 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by connector type will arise in the tesla supercharger segment, which will gain $6.35 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by charging station will arise in the AC charging station segment, which will gain $12.60 billion of global annual sales by 2027. The top opportunities in the electric vehicle charging station market segmented by mode of charging will arise in the plug in charging system segment, which will gain $14.85 billion of global annual sales by 2027. The electric vehicle charging station market size will gain the most in China at $5.05 billion.

Market-trend-based strategies for the electric vehicle charging station market include focus on subscription-based charging solutions for commercial fleets, launch of new technologies with a focus on high-speed DC (direct current), focus on doorstep EV charging services to revolutionize convenience and accessibility, deployment of EV charging roaming (e-roaming) for user-friendly charging experience, focus on strategic mergers and acquisitions and advancements in sustainable and smart battery management technologies.

Player-adopted strategies in the electric vehicle charging station market include focus on business expansions and service expansion, focus on strengthening business operations through the launch of new brands and to create effective market investment opportunities.

To take advantage of the opportunities, the analyst recommends the electric vehicle charging station companies to focus on high-speed DC (direct current) charging stations, focus on advancements in sustainable and smart battery management technologies, focus on subscription-based charging solutions for commercial fleets, focus on doorstep EV charging services for improved convenience and accessibility, focus on fast-growing installation types, focus on plug-in charging systems, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and target EV fleet operators.