EV Charging Station Market Developments, Comprehensive Analysis, Industry Revenue Figures, Outlook, and Study of Top Players until 2029 | ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China)

EV Charging Station Market by Application, Level of Charging, Charging Point, Charging Infrastructure, Operation, Electric Bus Charging, DC Fast Charging, Connectivity, Connection Phase, Service, Installation and Region - Global Forecast to 2027

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The electric vehicle charging station market is dominated by major EV charging players, include ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China).

"The reduction in EV prices will boost the demand for electric vehicle charging stations in the Market."

The global 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. EVs have been reducing in price over the years with decreasing EV battery prices. The price of EV batteries was as high as USD 1,100 per kW in the 2010s, which is reducing each following year. This led to a decreasing cost of EVs around the world. Nowadays, affordable EVs are available in many countries around the world. A breakeven point is expected, where EV price will be equivalent to ICE vehicles. According to various EV respondents, this may happen around 2027. The EV market will grow much faster and replace the demand for ICE vehicles. Thus, the growing demand for EVs will lead to increased demand for charging stations.

"The Level 1 Ultrafast DC segment is expected to account for the largest share in 2027."

Faster charging stations were developed to cater to High Power Charging Station (HPCS) demand. Since 2018, ABB, Delta, etc., have developed Level 1 Ultra Fast DC (150-349 kW) for the market. These chargers found a fast-growing demand in China, US, and Europe. With charging speeds of a full charge in around 10-20 mins, these chargers started replacing demand for other fast and slow DC chargers. These chargers have gained prominence with companies such as IONITY (Germany), ABB (Switzerland), Schneider Electric (France), Delta (US), Siemens (Germany), Tritium (Australia), Bosch (Germany), BTC, and Hyundai (South Korea).

"The AC charger segment is expected to account for the largest market share in 2022."

AC chargers are commonly used for home charging and in semi-public and private charging stations. In semi-public charging, AC normal charging stations can be found in workplaces, public parking lots, or shopping centers, and they require payment or membership to access. These charging stations offer a convenient way for EV drivers to top up their batteries while carrying out daily activities and promote EV adoption. AC normal charging is often the primary method for private charging, allowing EV owners to charge their vehicles overnight and have a full battery in the morning.

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The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the EV charging station market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; Contracts, partnerships, agreements, new product & service launches, mergers and acquisitions, and recent EV charging station market developments. This report covers the competitive analysis of upcoming startups in the EV charging station market ecosystem.

Research Coverage:

This research report categorizes EV charging station market by level of charging (level 1, level 2, and level 3), application (private, semi-public, and public), based on charging point type [AC (normal charging), DC (super charging), and inductive charging], charging infrastructure type (CCS, CHAdeMO, normal chargers, Tesla superchargers, GB/T Fast, and Type 2), electric bus charging type (off-board top-down pantographs, on-board bottom-up pantographs, and charging via connectors), charging service type (EV charging services and battery swapping services), connectivity (non-connected charging stations and smart connected charging stations), DC fast charging type [Slow DC (349 kW), installation type (portable chargers and fixed chargers), operation (mode 1, mode 2, mode 3, and mode 4), connection phase (single phase and three phase), and Region (China, Asia Pacific, Europe, North America, Middle East and Rest of the World).

This release was published on openPR.