Electric Vehicle Charging Station Market Trend & Regional Analysis 2022-2030
According to the report, the global EV charging station market size may attain a valuation of over USD 119 billion by 2030.
The rapid technological innovation and investment in electric vehicle businesses will strengthen the EV charging station industry forecast, especially in developing economies, cites the report. As per data from Colliers and Indospace, the EV segment in India is projected to record investments worth USD 12.6 billion across the automotive value chain in the next 5 years. Furthermore, the availability of surplus human resources and raw materials, along with macroeconomic indicators, will boost the development of electric vehicle charging stations.
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With regards to the current, the industry is divided into AC and DC. In recent years, charging station network providers, such as Ionity, have focused on the design of DC Fast Chargers. This EV charging technology was developed to allow users to charge their vehicles faster than the standard AC chargers. According to the Office of Energy Efficiency and Renewable Energy, nearly 16% of 70,000 charging stations across the U.S. are DC fast chargers. This rising popularity will contribute to market expansion from the DC segment, which is set to exhibit a growth rate of over 29% through 2030, cites the report.
Increase in registration of EVs to expand industry size from the private segment
In terms of the charging site, the report bifurcates the industry into public and private segments. Due to the rising acceptance of e-mobility, the private segment registered revenue worth over USD 1.9 billion in 2021. According to the International Energy Agency, the number of registered EVs is projected to rise from nearly 10 million in 2021 to 145 million by 2030. As EVs become more common worldwide, the bulk of the charging is expected to take place at home, thereby contributing to the popularity of private, home EV charging stations.
Stringent emission norms to shape the North American EV charging station market
Regionally, the North America EV charging station industry recorded a revenue of over USD 450 million in 2021. The rapid implementation of stringent norms associated with vehicle emissions will create a strong outlook for the regional market. Government bodies have also introduced EV charging schemes. In December 2021, U.S. President Joe Biden released an EV Charging Action plan, which outlined the steps being taken to support the deployment of EV chargers. The Bipartisan Infrastructure Law also included USD 5 billion in funding to build a nationwide charging network, leading to regional industry development.
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Development of advanced EV charging solutions to foster industry trends
The competitive landscape of the EV charging station market is inclusive of Blink Charging Co., Volta Industries, Inc., Hyundai Motor Company, E.ON SE, BMW Group, ChargePoint, Inc., and Eaton. These companies are leveraging advanced technologies and emphasizing business expansions to retain their foothold in the market. For example, in April 2021, E.ON SE launched ‘Next Drive’, a tariff-based and app bundle solution for EVs, which are charged in residential spaces. The solution was built to optimize EV charging to reduce carbon footprints and save costs by scheduling vehicle charging during off times.