Electric Vehicle Charging Station Market - Growth, Trends, and Forecasts (2020-2025)

The Electric Vehicle Charging Station Market is Segmented by Vehicle Type (Passenger Vehicles, Commercial Vehicles), Type of Charger (AC Charging Station, DC Charging Station), Application Type (Public, Private), and Geography.

Market Snapshot

Study Period:

2019-2025

Base Year:

2019

Fastest Growing Market:

Europe

Largest Market:

Asia Pacific

CAGR:

36.49 %

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Market Overview

The electric vehicle charging station market is expected to record a CAGR of 36.49% during the forecast period, 2020-2025. The electric vehicles (EV) market is witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.

  • Growing adoption and sales of electric vehicles and the enactment of laws and subsidies for promoting the adoption of EVs and declining cost of batteries are some of the major factors propelling the growth of the market.
  • More than 90% of 1.6 million charging point installations that took place in 2018, globally, were for private use. The total number of charging points present worldwide was approximately 5.2 million, an overall increment of 44% since last year.
  • In 2019, the global deliveries for plug-in vehicles (BEVs, PHEVs, Light trucks, and light commercial vehicles in the United States, Europe, and Asia) reached 1.13 million units during the first half of the year, which is 46% more than the first half of 2018.
    • This rise in sales is the result of the enactment of stringent emission norms by governments and environmental agencies to control exhaust emission levels and lucrative incentives to promote the usage of zero-emission vehicles. For instance, in the United States, every new EV purchased is entitled to receive federal Internal Revenue Service (IRS) tax credit of USD 2,500 to 7,500.
  • Among the regions, Europe is expected to witness the fastest growth rate in terms of deployment of the number of charging stations compared to other regions.

Scope of the Report

An electric vehicle charging station, also known as EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for the recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids.

The electric vehicles charging station market is segmented by type of charger, application type, and geography.

Vehicle Type
Passenger Vehicles
Commercial Vehicles
Type of Charger
AC Charging Station
DC Charging Station
Application Type
Public
Private
Geography
North America
United States
Rest of North America
Europe
Germany
United Kingdom
France
NORDIC Countries
Rest of Europe
Asia-Pacific
China
Japan
India
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Growing Sales of Electric Vehicles

The electric vehicle market has witnessed rapid growth in recent years.

  • In 2018, the global fleet of electric cars crossed the 5 million mark compared to nearly 3.1 million units in 2017.
  • This spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles. Improvement in battery capacity is also a prominent reason for the growth of the electric vehicles market.
  • European Union set the target of 37.5% reduction of CO2 emission for passenger cars by 2030 compared to 2021.
  • Tesla sold 158,925 units of Model 3 alone in 2019. Tesla has also installed 15911 superchargers at 1804 supercharging stations across the world.

As a result of the reasons mentioned above, automakers are continually working and focusing on increasing their expenditure on R&D of electric vehicles, which, in turn, is aiding the OEMs to market electric vehicles in the future.

Governments across the world are pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.

  • For instance, France and the United Kingdom have given automakers a deadline to go fully electric by 2040.
  • European Union set the target of 37.5% reduction of CO2 emission for passenger cars by 2030 compared to 2021.
  • China, which sold half a million EVs in 2016, has set out its roadmap to make its transportation electric by 2030.
  • Germany, home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.

Thus, the rising trend of electrification of vehicles is expected to propel the demand for electric vehicle charging stations.

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China is leading the Electric Vehicle Charging Station Market

Geographically, China is leading the electric vehicle charging station market, followed by Europe. China is the largest market for electric cars and buses across the world, and it sold 872 thousand units of New Energy Vehicles (both passenger and commercial vehicles) for the first nine months in 2019, exhibiting a growth rate of 20.8%.   

With the rise in EV sales and demand in the country, the need for fast charging stations has increased to support the rising EVs in the country. China has the most prominent infrastructure for EV charging in the world, with 976,000 charging units (June 2019). On average, there is a monthly addition of 11,025 charging units. Some of the major companies in China involved in the production and installation of charging points are Qindao Teld New Energy, State Grid Corporation Of China, Star Charge, and AnYo Charging.

China’s fleet of electric buses accounts for more than 98% of total electric buses running worldwide. China has a fleet of more than 425,000 electric buses. This high adoption is to the robust municipal framework that many provinces in China have adopted. More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong. As of December 2018, nearly 16,000 electric buses were operating in Shenzhen, one of the Chinese megacities. Beijing is all set to achieve its goal to put 10000 electric buses on the road by 2020. Guangzhou ordered 4810 electric buses from the electric bus manufacturer, BYD.

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Competitive Landscape

Some of the major players in the electric vehicle charging station market are EVgo, ABB, ChargePoint Inc. Siemens AG, Tesla Motors Inc., and SemaConnect Inc.

In 2019, Volkswagen developed a robot charging technology through V2X communication, in which robots move in the parking lots and charging spaces and connect or disconnect the vehicle that requested charging.

LS Power acquired EVgo from Vision Ridge Partners through an agreement signed in December 2019. LS Power is one of the largest power and energy infrastructure owner in the United States, while EVgo is the US's largest electric vehicle fast charging network. EVgo is expected to receive huge capital investment that can expand its already vast charging network.

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Table Of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vehicle Type

      1. 5.1.1 Passenger Vehicles

      2. 5.1.2 Commercial Vehicles

    2. 5.2 Type of Charger

      1. 5.2.1 AC Charging Station

      2. 5.2.2 DC Charging Station

    3. 5.3 Application Type

      1. 5.3.1 Public

      2. 5.3.2 Private

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 NORDIC Countries

        5. 5.4.2.5 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. 5.4.4.1 South America

        2. 5.4.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 ABB

      2. 6.2.2 ChargePoint Inc.

      3. 6.2.3 Schneider Electric SE

      4. 6.2.4 Siemens AG

      5. 6.2.5 Tesla Motors Inc.

      6. 6.2.6 AeroVironment Inc.

      7. 6.2.7 Leviton Manufacturing Co. Inc.

      8. 6.2.8 SemaConnect Inc.

      9. 6.2.9 The Newmotion BV

      10. 6.2.10 Efacec

      11. 6.2.11 EVgo

      12. 6.2.12 Alfen

  7. *List Not Exhaustive
  8. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

** Subject to Availability

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