According to a market report, published by Sheer Analytics and Insights, The global electric vehicle charges market was valued at $7.9 billion in 2021 and it is expected to reach $120.2 billion at a CAGR of 26.1% between 2022 and 2032. The market for electric vehicle charging stations will see increased demand due to factors like expanding EV sales globally and rising demand for zero-emission transportation. Technologies including bi-directional charging, smart charging with load management, usage-based analytics, automated payment, portable charging stations, and ultra-fast charging will evolve, opening up new business prospects. The upcoming standardization of charging ports and government regulations by the world’s top economies has sped up the installation of electric vehicle charging stations. This standardization is anticipated to occur around 2025, with Tesla already offering ports for CCS and CHAdeMO having GB/T ports as of December 2021. These primary factors are driving the market growth and are also expected to accelerate the market during the forecast period.
The electric vehicle (EV) sector anticipates phenomenal growth in both developed and developing nations worldwide. The incidence of numerous respiratory and other ailments is rising among the world's population as a result of the increased reliance on biofuels, which has led to higher levels of air pollution. The primary drivers anticipated to propelling the growth of the worldwide EV charger market are the reduction of carbon emissions and the transition to clean, green energy. The global EV charger market is expanding as a result of rising consumer concern about vehicle carbon emissions, rising environmental awareness, rising living standards, and expanding use of cutting-edge technology.
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Furthermore, many businesses are attempting to improve Electric Vehicle Supply Equipment (EVSE) to make it easier to travel large distances. Manufacturers of electric vehicles like Tesla, Inc., and Nissan are concentrating on making their vehicles compatible with public charging infrastructure. The enormous market growth is mostly attributable to the expansion of public and private sector efforts to persuade people to convert to electric vehicles (EVs). The use of electric vehicles has been encouraged by several programs, which have also raised consumer awareness of their advantages. As a result, it is anticipated that there will be a large increase in demand for electric vehicle charging infrastructure.
Additionally, with growing environmental sustainability awareness and stricter government emission regulations for vehicles, there has been an increase in demand for electric vehicles. Governments are working with these corporations to roll out electric vehicle charging infrastructure while private companies concentrate on creating cutting-edge electric vehicle chargers and charging stations. Additionally, the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations has been made possible by technologies like Radio Frequency Identification (RFID) and Near-Field Communication (NFC). Hence, these major factors are expected to propel the market growth over the forecast period from 2022 to 2032.
On the other hand, several restraints are estimated to hamper market growth in the future. For instance, the need for the standardization of electric car charging stations has been highlighted by factors including the expansion of the electric vehicle market and variances in charging loads. Some EV charging stations might only work with a particular voltage. For instance, level 1 charging stations for AC devices offer a voltage of 120V AC, and level 2 charging stations offer a voltage of 208/240V AC. On the other side, DC charging stations use 480V AC to deliver quick charging.
According to the study, key players dominating the global electric vehicle charges market are ABB Ltd (Switzerland), Blink Charging (U.S), BMW (Germany), BP (U.K), BYD (China), ChargePoint (U.S), ENGIE (France), Eaton (Ireland), Groupe Renault (France), Hyundai (South Korea), Leviton (U.S), Shell Plc (U.K), Schneider Electric (France), Siemens (Germany), Tesla (U.S), Volta Charging (U.S), Webasto Group (Germany), among others.
The Global Electric Vehicle Charges Market – by Charger Type:
The Global Electric Vehicle Charges Market – by Application Type:
The Global Electric Vehicle Charges Market – by Regions:
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