The global electric vehicle charging station market size was valued at 18.1 billion USD in 2021, and is expected to reach a value of 120.6 billion USD by 2028, at a CAGR of 31.12% during the forecast period (2022-2028).
Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — There is a rapid expansion of charging station infrastructure globally. electric vehicle charging station market in the past few years. As of November 2022, there are more than 2.3 million charging stations worldwide. The number is expected to exceed 16.83 million by the end of 2028. This rapid expansion is mainly due to two factors: the increasing popularity of electric vehicles and the increasing diffusion of DC fast charging technology. DC fast charging is one of the most efficient ways to charge an electric vehicle. In 2021, more than 6.9 million EVs were sold worldwide, a growth of around 100% compared to 2020. We expect this number to account for 34% of the global vehicle fleet by 2028, which is expected to reach over 54. 2035 percent.
According to SkyQuest’s analysis of the global electric vehicle charging station market, 80% of public chargers are located near where people live and work, making it easy for people to access them. While the rapid expansion of electric vehicle charging station infrastructure represents an important step forward in the fight against climate change, there are still some issues that need to be addressed. For example, there are not enough stations available in rural areas and in some areas there are no public chargers at all. In addition, public transport is concentrated only in urban areas.
The growth of the electric vehicle charging station market is driven by several factors: increasing consumer demand for environmentally friendly transportation; improving customer convenience with electric cars; Expanding applications for EVs such as taxis and ride-sharing services; and aggressive marketing efforts from major car manufacturers. Accordingly, major car manufacturers are leading the way in the development of EVs and EVCS. These companies are investing in R&D to improve usability and functionality for their EVs. Toyota has created an app that allows users to control various aspects of their EVs remotely. Nissan, Tesla, and Tata Motors have developed a mobile app that displays maps of nearby charging stations so drivers can easily find them.
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SkyQuest Analysis Of Global Electric Vehicle Charging Station Market Suggests The Road Isn’t As Smooth As We Think
The report on the global electric vehicle charging station market states that plug-in electric vehicles are rapidly gaining share in the global car fleet, with 43% of all new cars sold in Europe and Asia Pacific since January 2022 depending on charging capacity. As a result, the demand for residential and commercial EV charging stations is expected to grow significantly over the next few years. The 2021 CES show in Las Vegas is reported to be fueled by increased interest from automakers in IoT-based solutions that can help them further reduce battery capacity usage and improve fleet management. marked to improve EVs.
One of the key factors driving this growth is the expectation that more plug-in hybrid vehicles (PHVs) will be available in the future. By 2035, half of all new light PHV sales are expected to be electric. By 2040, SkyQuest expects 71% of all new light PHV sales to be electrified.
The global electric vehicle charging station market is dominated by three major providers: tier 1 charging provider (Tesla Inc., Volkswagen AG, Daimler AG), tier 2 charging provider (Mastercard Incorporated, American Express Corporation), and level 3 charging provider (ChargePoint). Dayre). Leading providers are expected to maintain their lead through 2028 as they invest in faster chargers and develop their EV infrastructure.
However, we expect demand for public EVCS networks such as ChargePoint’s Juice Net network to decline by 2030 as private fleets install their own EV chargers instead. End-users will increasingly provide personal electrical storage devices for fleet use as public charging stations often charge lower rates than domestic plug-in stations.
A problem facing the electric vehicle charging station market is that there is still no common standard for installation and use. This means that there are many charging systems available among different makes and models of EVs. Manufacturers are starting to solve this problem by developing proprietary charging solutions for their models.
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Rapidly Expanding Network of Fast Charging Stations in Global Electric Vehicle Charging Station Market
As the electric car market continues to grow, so does the demand for DC charging stations. SkyQuest predicts that the global market for DC chargers will exceed USD 195 billion by 2028 from USD 68 billion in 2021.
One of the main factors driving this growth is the increasing number of electric cars on the market. In 2018, there were more than 1 million electric cars on the road worldwide, and this number will reach 17.1 million units by the end of 2021. capacity within 30 minutes.
In addition to fast charging stations, there is also a demand for DC chargers with higher power capacity in the global electric vehicle charging station market. The current crop of DC chargers can provide power from 15kW to 350kW, but future models are expected to have larger capacities. This extra power allows drivers to charge their batteries faster, which is important given how long an electric car battery takes from a standard outlet (usually around eight hours).
DC chargers are becoming increasingly popular due to their many advantages over traditional AC chargers. For example, DC chargers are not affected by wind or weather conditions and they are much faster than AC chargers. Moreover, they are perfect for rural areas where there are few or no AC outlets.
The global market for DC fast chargers is dominated by three companies in the global electric vehicle charging station market: Tesla (with half of the market), BMW Group (with around a third of the market) and Nissan (with around a tenth of the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.
The main areas where DC fast chargers will be deployed are in major metropolitan areas such as London, Los Angeles and New York City. By 2021, more than 600,000 DC fast chargers were available in the global electric vehicle charging station market. Of those, almost 91,000 DC fast chargers have been installed in the United States alone.
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Top Players in the World Electric Vehicle Charging Station Market
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ABB (Switzerland)
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BP Chargemaster (UK)
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BYD (China)
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ChargePoint Inc. (USA)
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Eaton (Ireland)
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EVBox (Netherlands)
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Schneider Electric. (France)
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Seimes AG. (Germany)
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Shell International BV (Netherlands)
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Tesla Inc. (USA)
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Webasto Group (Germany)
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Tata Power (India)
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Delta Electronics (India)
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Amara Raja (India)
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Magenta Group (India)
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