CHICAGO, March 29,
2023 /PRNewswire/ -- EV Charging
Station Market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of
45.0% from 2022 to 2027, according to a new report by
MarketsandMarkets™. Factors such as rising EV sales worldwide,
along with government support and policies for mass EV adoption,
are positively driving the growth of the EV charging station
market. Furthermore, the reduction in EV prices over the years and
decreasing EV battery prices are expected to drive further
growth.
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Browse in-depth TOC on "EV Charging Station Market"
300 - Tables
118 - Figures
410 -
Pages
EV Charging Station Market Scope:
Report
Coverage
|
Details
|
Market Size
|
USD 76.9 billion by
2027
|
Growth Rate
|
45.0% of
CAGR
|
Largest
Market
|
Asia Pacific
|
Market
Dynamics
|
Drivers, Restraints,
Opportunities & Challenges
|
Forecast
Period
|
2022-2027
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Charging Point Type,
Level Of Charging, Installation Type, Charging Infrastructure Type,
Application, DC Fast Charging Type, Connectivity, Electric Bus
Charging Type, Charging Service Type, Operation, Connection phase
and Region
|
Geographies
Covered
|
Asia Pacific, Europe,
and the Americas
|
Report
Highlights
|
Updated financial
information/Company Evaluation Quadrant
|
Key Market
Opportunities
|
Plans for smart city
deployment
|
Key Market
Drivers
|
Increase in EV sales
Worldwide
|
Three Phase chargers are expected to grow at the highest rate
by volume during the forecast period
The demand for three-phase EV chargers is expected to increase
significantly as more people switch to electric vehicles. This
growth will be driven by a combination of government initiatives
promoting the adoption of electric vehicles and improvements in EV
technology, making them more accessible and affordable for
consumers. With this growth, the need for charging infrastructure
will continue to rise, and three-phase EV chargers will play a
critical role in meeting this demand. The primary advantage of
three-phase chargers over one-phase chargers is their speed and
safety systems like Overload protection, Short-Circuit protection,
Thermal protection and others. With their ability to provide
maximum charging power, three-phase chargers can charge an electric
vehicle several times faster than one-phase chargers.
Fixed Chargers segment held the largest market share in the
EV Charging station market
Fixed chargers, also known as charging stations or points, are
EV chargers that need infrastructure and cannot be moved as
required. These charging stations can be placed in public places,
highways, malls, and offices. EV drivers need to bring their
electric vehicles to the charging station to charge vehicles. A
fixed charger is more expensive than a portable one because it
needs infrastructure. However, a fixed charger generates more power
than a portable charger, requiring less time to charge
vehicles.
"North America will have a
significant growth rate during the forecast period."
North America is home to
developed countries like the US and Canada, which serve as regional hubs for
renowned OEMs that produce quality and high-performance vehicles.
Tesla and GM are among the OEMs that focus on developing faster,
cleaner, and high-performance electric vehicles with charging
facilities. Tesla alone has over 1,400 superchargers locations in
the US region as of November 2022.
The demand for CCS is expected to increase in the North American
market, and top charging providers prefer CCS chargers to
collaborate with top OEMs. Tesla also plans to provide CCS ports in
its new superchargers. The new US regulations for setting up
500,000 public charging stations by 2030 and the government's
incentives will speed up the demand for EV charging stations in the
country. Canada is also expected
to witness a growing demand for charging stations, given its new
EVCS startup environment and an increasing number of EVs in the
country. However, these North American countries may face
grid-related problems and need to update their power generation
capacities as the demand for EVs and EV charging stations increases
in the coming years.
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Key Market Players:
The EV charging station market is dominated by major charging
providers, including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US),
and BYD (China). They develop
products and provide service offerings for the electric vehicle
charging ecosystem. They have initiated partnerships to develop
their EV charging technology and provide finished products and
charging services to their respective customers for the electric
vehicle charging station market.
Recent Developments:
- In January 2023, ABB E-mobility
revealed its innovative Terra Home
charging solution at CES 2023, the world's foremost technology
event held in Las Vegas. It is set
to be available for purchase around mid-2023. With its unique
design, Terra Home empowers users to
optimize their renewable energy usage, ultimately reducing their
carbon impact.
- In November 2022, ABB formed a
strategic alliance with Tallarna Ltd. to expand its user-friendly
energy management technologies offerings. The solution leverages
AI-powered data analytics to make it easier to undertake
decarbonization projects for large real estate portfolios and
energy infrastructure. The platform provides a one-stop-shop for
customers, showcasing energy optimization options, performance
insurance, and third-party financing options.
- In October 2022, Chargepoint
launched the CP6000 charger. This comprehensive charging solution
caters to the needs of European businesses and fleets, providing
them with the tools they need to transition to electric mobility.
It combines station hardware, network software, and customer
support to offer a seamless experience. The CP6000 is designed to
be scalable, flexible, reliable, and provide a superior driver
experience, capable of charging 1 or 3-phase power with an
adjustable output ranging from 3.7 to 22kw per port.
- In October 2022, Eaton expanded
its contract with the General Services Administration (GSA) to
cover electric vehicle supply equipment (EVSE) and related
services. This move is crucial in achieving the US goal of reaching
net-zero emissions by 2050 and advancing the development of EV
charging infrastructure.
- In May 2022, Tata Power entered into a strategic partnership
with Hyundai to build a robust EV charging network and accelerate
the adoption of EVs across India
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