The Electric Vehicle Charging Station Market is forecast to reach $5.6 billion by 2026, growing at a CAGR of 5.0% from 2021 to 2026. EV charging services consist of electric vehicle charging station to recharge the electric vehicles. The rising demand for electric vehicles is significantly boosting the demand for EV charging services. The significant implementation of the stringent emission norms globally is set to boost the demand for electric vehicles, thereby contributing to the Electric Vehicle Charging Station Market. The need for smart connectivity in passenger vehicles, especially among electric vehicles is boosting the demand for electric vehicle supply equipment including for EV charging stations.
Electric Vehicle Charging Station Market Segment Analysis - By Installation Type
Commercial is analysed to hold highest share in 2020 with 76.1% and is set to grow at highest rate during the forecast period 2021-2026 majorly attributed to the growing public EV charging stations. The government of India announced to increase the Electric Vehicle usage to 30% by 2030, hence the exponentially growing charging infrastructure across the country is set to contribute to the market. Indian government announced the initiatives such as developing a national EV policy, the FAME II scheme, which includes a subsidy for setting up of 2,636 public electric vehicle charging stations across the country.
EV Charging Station Market Segment Analysis - By Vehicle Type
The EV Charging Station Market is segmented into Plug-in hybrid electric vehicles (PHEV), Battery electric vehicles (BEV) by vehicle type. The BEV segment is expected to witness the highest growth of around 8.6% during the forecast period 2021 – 2026. Leading automotive companies such as Tesla, BMW, and Nissan are now offering wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf, thereby driving the demand for wireless EV charging market. OEMs are focused on BEVs for curbing rising pollution due to strict government regulations. Increasing sales of BEV and funding from government is expected to drive the overall demand.
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Electric Vehicle Charging Station Market Segment Analysis - By Geography
APAC is the fastest growing market in 2020 at 8.1% CAGR. The large growth is majorly attributed to the presence of large production bases in China and India and improving governmental subsidies. In 2019, the Government of India announced its plan to provide subsidies to set up 5,000 electric charging stations in cities and highways of India. The main aim of the subsidy program is promoting India’s plan to shift 40% fleet to battery operated vehicles. In January 2020, EESL and BHEL announced partnership to build the EV charging station all over India. The development of plug-in vehicles in France is seen as a symbolic step towards achieving national goals in the direction of more environmentally friendly transport. An investment plan to support public infrastructure was also announced by the Government.
Electric Vehicle Charging Station Market Drivers
Increasing sales of the Electric Vehicles
The development of electric vehicle charging stations for electric vehicles has gained significant momentum over the past decade. Adoption of charging station services for electric vehicles help in reducing the pollution in large population centers, increase customer loyalty, and attract new customers, thereby driving the market growth. According to International Energy Agency (IEA), the number of battery electric vehicles have been increased from 1.19 million units to 3.29 million units during 2016-2018 period at global level. Growing adoption of EV charging stations with increasing usage of electric vehicles set to fuel the market growth.
Rise in number of convenience charging stations in both developed and developing economies
The rapidly evolving electric vehicle (EV) market is driving innovation in EV technology and associated infrastructure. Electric vehicles offer multiple advantages such as reduced fuel consumption and decreased emissions from tailpipes, which significantly boost their demand across the globe. This in turn is expected to escalate the need for charging stations for electric vehicles, thereby driving the market growth. Charging stations are being rapidly developed as a part of government initiative programs and EV manufacturers are being involved in the development of charging spots in the parking locations. EV manufacturers are focusing on the establishment of charging stations for electric cars to enhance the sales of electric vehicles.
Electric Vehicle Charging Station Market Challenges
Infrastructure Limitations for Charging Stations
High cost and infrastructure limitation is the major hurdle that hampers the electric vehicle charging infrastructure market growth. The cost of establishing charging infrastructure is quite high. This hampers the market growth. Charging cars require fixed space and an individual for maintenance the charger and space. This cost becomes the major issue as it makes the station finance unviable. The government of various countries has imposed certain restrictions on the per unit price that can be charged to the customer. This has been hampering the condition for charger owners.
Electric Vehicle Charging Station Market Landscape
Acquisitions, partnerships and R&D activities are key strategies adopted by players in the EV Charging Station market. EV Charging Station market is expected to be dominated by major companies such as Aerovironment, Blink Charging Co., Chargepoint Inc., Chargemaster PLC., Delphi Automotive plc., Mojo Mobility Inc., among others.
Acquisitions/Technology Launches/Partnerships
In January 2019, Enel X installed and activated the first charging station on the Italian motorway network at Q8 Rho Sud service area. After the Enel X and Q8 agreement has been signed, drivers can travel with their electric cars between Turin and Milan without having to exit the motorway to recharge their vehicles.
In May 2019, Panasonic announced the launch of smart EV charging service in India providing charging stations, swap stations, board charges and so on.
Key Takeaways
Commercial type are analysed to grow a highest rate during the forecast period 2021-2026 owing to the high investments in the installation of the public EV charging stations.
APAC is analysed to dominate the market owing to the growing investments in R&D of the Electric Vehicle Charging Station alongside the growing adoption of the Electric vehicles.
The rising sales of the electric vehicles is set to be a key driving factor for the EV Charging station market.
Related Reports :
A. Wireless Ev Charging Market
https://www.industryarc.com/Research/Wireless-Ev-Charging-Market-Research-501125
B. Electric Vehicle Chargers Market
https://www.industryarc.com/Research/Electric-Vehicle-Chargers-Market-Research-502036
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