Electrical Vehicle Charging Station Market: Segmented By Charging Level (Level 1, Level 2 & Level 3); By Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO and Tesla Supercharger); By Application (Commercial, and Residential) and Region - Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030
[170+ Pages Research Report] Electrical Vehicle Charging Station to surpass USD 248.26 billion by 2030 from USD 30.13 billion in 2020 at a CAGR of 23.48% in the coming years, i.e., 2021-30.
An electric vehicle charging station is equipment that links an electric vehicle to a power source to recharge electric cars, neighborhood electric vehicles, and plug-in hybrids. Some charging stations have advanced features like smart metering, cellular connectivity, and network connectivity, while others are more simple. Charging stations offer connectors that adhere to a variety of standards. Chargers are fitted with multiple adaptors for popular direct current rapid charging, such as Combined Charging System (CCS), CHAdeMO, and AC fast charging. Fees for using electric vehicle charging stations differ from monthly or yearly flat rates to per-kWh to hourly rates. Charging stations are normally free and are usually subsidized by the local government.
Global Electrical Vehicle Charging Station Market is expected to project a notable CAGR of 23.48% in 2030.
Another significant driving factor for the growth of the market is the potential market of offering charging services to EV fleet operators. It aids in lowering the cost of handling and procuring charging services. In addition, the rising demand for energy-efficient commuting, governments supporting electric vehicles is fueling the market growth.
Level 2 segment to grow with the highest CAGR during 2020-30
Global Electrical Vehicle Charging Station Market is segmented by Charging Level into Level 1, Level 2 & Level 3. Level 2 is expected to grow with the highest CAGR during the forecast period due to governments around the world placing a greater focus on public and semi-public charging stations for overnight charging, and people moving to using Level 2 chargers as private charging stations at their homes, as the growth of Level 1 charging could be the slowest.
Commercial segment to grow with the highest CAGR during 2020-30
Global Electrical Vehicle Charging Station is divided by application into Commercial, and Residential. Commercial segment is expected to grow with the highest CAGR during the forecast period due to the growing demand for charging infrastructure at commercial sites such as public parking lots, shopping centers, and airports.
Less operating cost
The rising price of petroleum products is one of the most significant factors driving the Electric Vehicle Charging Station market. The increased price of petrol is already affecting consumers in emerging nations. Electrical vehicles can minimize the cost of operation for these vehicles. Manufacturers are expected to produce electric vehicles with longer battery life and longer range. Another major factor driving the market growth is the decreasing cost of electric vehicles (EVs) due to lower battery costs, which may result in increased demand for EVs and EV charging stations.
Mounting government subsidies and funding
In order to increase the adoption rate of electric vehicles, governments in various countries are providing incentives, subsidies, and funding for charging station infrastructure construction. According to the United States Department of Energy, the District of Columbia offers a tax credit of up to 50% of the cost of charging infrastructure purchases and installation. The maximum credit per public charging station is $10,000. Furthermore, in Canada, a range of provincial and municipal projects for the implementation of electric vehicle charging infrastructure have been launched, and the federal government's participation in this area is increasing.
High Initial Cost
The high initial cost of Level 3 fast chargers and ultra-fast chargers is the main impediment to the growth of the Electric Vehicle Charging Station Market. People are accustomed to charging their fossil fuel vehicles in 5-7 minutes, while level 1 and level 2 chargers can take anywhere from 6 to 16 hours to fully charge. As a result, there is a market demand for quick chargers that can charge electric vehicles in less than 30 minutes. The initial cost of a Level 3 charger, on the other hand, can be very high. This serves as a deterrent to those considering making the switch to electric vehicles, as long-term charging can interfere with most people's already hectic schedules.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Electrical Vehicle Charging Station Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Global Electrical Vehicle Charging Station in Asia Pacific held the largest market share of XX.X% in the year 2020. The rapid expansion of EV charging networks in China, rising demand for affordable electric vehicles for everyday use, and government support for electric vehicles are expected to drive the Asia Pacific market. The electrification of China is being pushed forward by the country's rapidly expanding economy. The governments of Japan and Korea have also announced plans to greatly increase the number of electric vehicle charging stations in their respective countries in the coming years. With a demand of 4 lakh charging stations, the Indian government has announced plans to construct 69,000 electric vehicle charging stations across the country as part of its first phase of EV infrastructure expansion.
Global Electrical Vehicle Charging Station Market is further segmented by region into:
Electrical Vehicle Charging Station Market Segments:
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