Electric vehicles, including hybrids, electric automobiles, and shared electric vehicles, are powered by EVSE (electric vehicle charging stations). Software, an energy controller, a network operations center, a facility meter, and a power conversion system linked to the electrical grid operate the charging stations.

The market for electric vehicle charging station in 2021 was worth USD 12.41 billion, and by 2030 it will reach USD 142.36 billion, growing at a 31.14% CAGR during the forecast period.

The primary factor stimulating market growth is the push toward reducing carbon emissions and the transition to cleaner energy sources. Governments and private companies are rapidly investing in infrastructure to support the increasing demand for EVs, with many countries setting ambitious targets for phasing out gasoline and diesel-powered vehicles.

Market Dynamics

Drivers

Financial aid, incentives, and subsidies from a number of different governments support the creation and growth of EV charging infrastructure. The sales of new energy vehicles like PHEVs and BEVs depend on this. Governments are encouraging the usage of EVs in response to growing worries about environmental degradation and the depletion of traditional energy sources. 

Sales of BEVs and PHEVs are significantly influenced by strict laws on vehicle emissions that are designed to minimize emissions of carbon dioxide, nitrous oxide, and other hydrocarbons. For instance, the German government boosted financing for household EV charging station subsidies by USD 962 million in November 2021 to support environmentally friendly e-cars. The biggest market for EVs is China, which also gives substantial incentives for the construction of EV charging stations.

Restraints

The necessity to standardize EV charging stations has increasingly grown due to factors including the increase in demand for the EV market and its variances in the charging loads. The growth of the electric vehicle charging sector is hampered by the fact that some EV charging stations can only work with a specific kind or range of voltage.

Opportunity 

The growing popularity & adoption of electric vehicles has highlighted the need for the construction of a charging infrastructure. Leading electric car markets are investing extensively in infrastructure for charging electric vehicles and R&D to create quicker and more efficient charging techniques. 

Market Segmentation

By Charging Station 

With the biggest revenue share in 2021, DC charging stations ruled the entire market. The largest share is due to DC charging stations' quick charging capability and competitive cost. The DC charging station instantly charges the battery by converting the electricity before it enters the converter in the automobile.

The DC charging station transforms the power before it enters the car's converter, immediately charging the battery. The growing use of technologies like Near-field Communication (NFC) and Radio Frequency Identification (RFID) in highway charging stations is another factor boosting the development of the DC charging business.

By Application

In 2021, public charging stations accounted for a significant portion of income since they are more economical for manufacturers. Additionally, they are open to the public and offer enough parking space.

In contrast, private charging stations are typically located in homes or offices and are exclusively open to their owners or a few people. Because of this, OEMs and other utilities are concentrating on developing public charging stations. Thus, the market expansion is driven by the substantial advantages of the public type over the private type.

Regional Overview 

In 2021, Asia Pacific ruled the global market for electric vehicle charging stations. This is mostly because of the rising investments made in the construction of charging infrastructure by the governments of China, South Korea, Japan, and other Asian nations. For instance, China declared in April 2020 that it would invest USD 1.43 billion in 2020 to keep the lead in the EV adoption race. Similar to Singapore, India, Korea, and Japan, these countries are likewise investing in the infrastructure needed to promote the adoption of EV in their areas.

The electric vehicle charging station market is expanding moderately in Europe and North America. This is mostly because of the government's ambitions in North America and Europe to promote using electric vehicles and reduce carbon emissions. 

Key Players 

· Engie

· ChargePoint Inc.

· ABB

· Tesla

· EVgo

· Siemens

· Schneider Electric

· AeroVironment

· Alfen

· Blink Charging

The market for electric vehicle charging station in 2021 was worth USD 12.41 billion, and by 2030 it will reach USD 142.36 billion, growing at a 31.14% CAGR during the forecast period. The electric vehicle charging stations market is growing due to the rising demand for fast-charging electric vehicle infrastructure and an increase in EV deployment by shared mobility operators.

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