Electric Vehicle Charging Stations Market Report 2024

The electric vehicle charging stations market size has grown exponentially in recent years. It will grow from $7.74 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth observed in the historical period can be credited to the rise in government investments, a decline in the cost of electric vehicle (EV) batteries, and an increasing demand for electric vehicles.

The electric vehicle charging stations market size is expected to see exponential growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The anticipated growth in the forecast period can be ascribed to the increase in fuel rates, the growing preference for overnight home charging due to cost advantages, the rapid expansion of e-commerce, and the implementation of restrictions on the sales of petrol and diesel vehicles. Major trends expected in the forecast period involve emphasizing charging-as-a-service offerings to reach a broader customer base and provide increased flexibility, introducing doorstep EV charging to enhance private charging convenience, prioritizing EV roaming for efficient on-demand service delivery, and concentrating on sustainable battery management systems.

The surge in tax incentives and subsidies provided to local automakers for electric vehicle (EV) production is fostering the demand for the EV charging station market. These incentives and subsidies are motivating automakers to manufacture more electric vehicles, consequently driving the demand for EV charging stations. Notably, China's subsidy policy resulted in a 53% increase in the production and sale of electric vehicles in the country. The sales of electric vehicles in China were nearly four times higher than those in the USA, with the growth attributed significantly to the subsidy policies and tax incentives implemented by the Chinese government.

The growing demand for electric vehicles (EVs) is anticipated to fuel the expansion of the electric vehicle (EV) charging stations market in the future. Electric vehicles, powered by one or more electric motors utilizing stored electricity in batteries, rely on electric vehicle (EV) charging stations for recharging. These stations, also known as EV chargers or charging infrastructure, are specialized facilities or devices designed to charge electric vehicles, including electric cars, plug-in hybrid vehicles (PHEVs), and other electrically powered vehicles. As an example, in July 2023, the International Energy Agency reported that electric vehicle sales reached 10 million in 2022, with a projected increase to 14 million sales in 2023. Thus, the escalating demand for electric vehicles (EVs) is steering the growth of the electric vehicle (EV) charging station market.

Companies within the industry are increasingly offering ultra-fast charging capabilities using direct current (DC) to optimize performance and provide ultra-fast charging. Direct current (DC) ultra-fast charging technologies are employed in electric vehicle charging stations to deliver current to electric vehicles. DC fast charging, also known as level 3 charging, can charge up to 80% of an electric vehicle's battery within 20 minutes. Stations equipped with ultra-fast technology supply high-power DC, up to 120 kW, directly into the vehicle's battery without requiring passage through an onboard AC/DC converter. This eliminates the need for conversion from AC to DC during the AC charging process. In 2022, Tesla, an American automotive and energy company, unveiled the design for its supercharger V4 as part of its plans for a new station. Greenlots, an electric transportation company, aims to deploy nine DC fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger in Massachusetts, USA, and has plans to invest $500 million to equip 484 locations with 2000 DC fast chargers.

Leading companies in the electric vehicle (EV) charging stations sector are prioritizing the development of innovative technologies, such as Charge Cloud, to offer reliable services to customers. Charge Cloud, utilized by electric vehicle (EV) charging station operators, serves as an end-to-end solution for managing and operating EV charging networks. For example, in July 2023, TecSo ChargeZone Ltd., an India-based electric vehicle (EV) charging infrastructure company, introduced Charge Cloud, an operating system for EV charging networks. This Software-as-a-Service (SAAS) solution acts as a unified management platform for charge spots, remote management, real-time dashboards, and Management Information System (MIS) reporting.

In August 2021, ChargePoint Inc., a US-based electric vehicle infrastructure company, acquired ViriCiti BV for $88 million (€75 million) in cash. The acquisition of ViriCiti will provide ChargePoint with access to a more extensive software feature set, including battery health monitoring, vehicle operations data, and enhanced vehicle telematics possibilities, complementing ChargePoint's core offerings of charger management and vehicle charger scheduling. ViriCiti BV is a Netherlands-based company that offers electric vehicle charging solutions.

Major companies operating in the electric vehicle charging stations market report are Henry Schein Inc., Envista Holdings Corporation, Straumann Group, DENTSPLY Sirona, Dentium Co Ltd., Teld New Energy Co Ltd., IONITY, ChargePoint, Inc., EV Connect Inc., Blink Charging Co., Wanbang Xingxing Charging Technology Co., Ltd., Hangzhou Aoneng Power Supply Equipment Co., Ltd., Magenta Power Private Limited, Midgard Electric, Delta Electronics, Inc., XPeng Inc., TGood, Tata Motors Limited, Siemens AG, Schneider electric, Eaton, SemaConnect, ECOtality, Engie, Leviton Manufacturing Co., Inc., Webasto Group, TotalEnergies, Electra, AVT & Co, CityDock, Elektromobilita, ČEZ Group, GreenWay, PKN ORLEN, Tauron Polska, Revnet, PGE Polska Grupa Energetyczna S.A., Ekoenergetyka - Polska S.A., Phihong USA Corporation, EV Safe Charge Inc., Tesla, AeroViroment, Inc., Wi Tricity Corporation, Mojo Mobility, Inc., Enel X, Driivz Ltd., EVBox, Tritium, Wallbox Chargers, S.L., Metro Africa Xpress, Inc., GridCars (Pty) Ltd., Jaguar.

An electric vehicle charging station is a piece of equipment designed to connect an electric vehicle to an electricity source for recharging, ensuring the continuous operation of the vehicle. Notably, these stations are considered environmentally friendly as they do not emit pollutants.

Electric vehicle charging stations come in two primary installations home charging systems and commercial charging systems. Home chargers typically utilize 230V/15A single-phase plugs, providing an output power of up to 2.5 KW. Various connector types are used, including CHAdeMO, CCS, GB/T, Tesla Supercharger, among others, and they support different charging modes such as plug-in charging systems and wireless charging systems. The charging stations themselves are categorized as AC charging stations and DC charging stations.

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

Asia-Pacific was the largest region in the electric vehicle charging station market in 2023. North America was the second-largest region in the electric vehicle charging station market report. The regions covered in the electric vehicle charging stations 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 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The electric vehicle charging station market consists of revenues earned by entities by providing services such as aerial maps, getting updates on charging, and recommendations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

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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