According to a study undertaken by Astute Analytica, the Global Electric Vehicle Charging Station Market is registering a growth at a CAGR of 29% during the forecast period from 2022-2050. The revenue of the EV charging station market is estimated to rise from US$ 29.25 Bn in 2021 to US$ 33,284 Bn by the end of 2050. In terms of volume, the market is registering a CAGR of 27.4% over the projection period. With the increasing trend of EV adoption across the globe, the governments as well as the EV manufacturers are focusing on investing in EV charging infrastructure. Electric vehicles require compact EV charging solutions that ensure faster and on-demand charging and robust connectivity to support electric vehicles’ current and future needs.
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The growing impetus of the market is attributed to factors such as growing concerns related to carbon emissions, increasing trend of electric vehicle adoption and government regulations and tax exemptions for promoting the use of EVs. The production of gas-powered vehicles is expected to decrease prominently over the next decade as gas is not a renewable source of energy and doesn’t promote sustainable development. However, electric vehicles are fuel-efficient and low emission vehicles as compared to gas-powered vehicles. Moreover, governments of several countries promote the adoption of electric vehicle, which in turn is expected to propel market growth. Countries such as the U.S., France, Germany, and China have implemented stringent government laws and regulations regarding vehicular emission, under which it is mandatory for the automobile manufacturers to use advanced technologies that help to combat high-emission levels emitted by vehicles. They have promoted the growth in this segment by offering incentives, imposing tax rebates, and preferential policies, among others. For instance, in India, state of Maharashtra declared its EV policy in 2021. This policy provides incentives of US$ 65.53 (Rs. 5,000) per kilowatt-hour of battery capacity to all types of electric vehicles buyers. Moreover, several European governments have made long term pledges with compliance targets within a specific timeframe such as ZEV (Zero-Emission Vehicles) mandates and the phase out of internal combustion engine vehicle sales, which is expected to accelerate market growth. However, the high cost associated with setting up EV infrastructure and the emergence of hydrogen cell vehicles is hindering market growth.
Slow chargers dominate the Global Electric Vehicle Charging Station Market in 2021
Based on charger type, the market is bifurcated into slow charging and fast charging types. The slow charging type holds the highest share in the Global Electric Vehicle Charging Station Market in 2021. Slow chargers are preferred over fast chargers because slow charging ensure high EV battery life, as slow charging means less heat generation and less damage to the batteries. However, the fast-charging type records the highest CAGR over the forecast period 2022-2050.
DC charging method holds the highest share in the electric vehicle charging station market in 2021
In terms of charging method, the market is divided into AC charging and DC charging. The DC charging method dominates the market in 2021 and registers the highest CAGR over the forecast period. DC fast charging is essential for high mileage/long-distance driving and large fleets. The quick turnaround enables drivers to recharge during their day or on a small break as opposed to being plugged in overnight, or for many hours, for a full charge.
Private charging stations dominate the market in 2021
Based on charging station type, the market is segmented into public, semi-public, and private. Among these, the private station type holds the highest share in the electric vehicle charging station market in 2021 and are estimated to continue their dominance over the projection period. Private charging stations offer more reliable charging services as compared to a public station. For instance, as of 2021, Tesla reported 3,476 supercharging stations. The semi-public segment holds the highest CAGR over the forecast period.
Residential application hods the highest share in the electric vehicle charging station market in 2021
In terms of application, the market is divided into residential and commercial applications. The residential segment dominates the Global Electric Vehicle Charging Station Market in 2021. EV Charging solution vendors provide easy to install EV chargers for individual houses, housing societies, and residential buildings. Home chargers are well integrated with proper safety features for people and electric vehicles. These chargers are compact, lightweight, have attached AC input cables and DC output cables, and provide flexibility to be used as portable chargers or to be wall mounted.
Asia Pacific is the highest shareholder region in the Global Electric Vehicle Charging Station Market
Asia Pacific dominates the Global Electric Vehicle Charging Station Market in 2021 and is projected to continue its dominance over the forecast period. China accounts for the major share in the Asia Pacific region. Global Electric Vehicle Charging Station Market in 2021. Further, governments of countries such as India, Japan, and Nepal are also promoting the adoption of electric vehicles through various policies and regulations.
The following are the different segments of the Global Electric Vehicle Charging Station Market:
By Connector Protocol segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charger Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
- Slow Charging
- Fast Charging
By Charging Method segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Charging Station Type segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
By Application segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
- Office Spaces
- Fleet Stations
- Public Transport
- Private Transport
- Other Public Spaces
- Single Unit House
- Multi Dwelling Unit (Apartment Buildings)
By Region segment of the Global Electric Vehicle Charging Station Market is sub-segmented into:
- North America
- The UK
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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