Business news

Electric Vehicle Charging Stations Market Trends – Decreased Prices of Lithium-Ion Batteries

By Biswas Debanjan

Posted on January 18, 2022

Electric Vehicle Charging Stations Market Trends

The surging need for a significant drop in pollution levels, coupled with the growing investments by the government in charging infrastructure development, bolster the Electric Vehicle Charging Stations market growth.

The global electric vehicle charging stations market is expected to be valued at USD 49.53 Billion in 2027 from USD 3.64 Billion in 2019, registering a CAGR of 38.5% through the forecast period. The global market growth is mainly attributed to the rising government investments in electric vehicle (EV) charging infrastructure, boom in production and sales of electric and hybrid vehicles, technological advancements in EV charging equipment, and the reduced prices of lithium-ion batteries.

Governments worldwide have been focused on developing the EV charging infrastructure and formulated various regulations mandating the installation of charging stations in residential and commercial buildings. For instance, Eaton Corp. joined forces with the leading car rental service provider, Green Motion, in January 2020 to develop integrated electric vehicle chargers in buildings with energy storage features. Numerous automakers globally, such as BMW Group, Volkswagen Group, and General Motors, have made profound investments in the development of the Car2X technology for EV charging infrastructure. Moreover, several countries like the U.S., India, the Netherlands, and France, have launched certain campaigns to fast-track the adoption of electric vehicles. Hence, such factors are indispensable to the growth of the global electric vehicle charging stations market.

Furthermore, the continual development of fast-charging stations for EVs, escalating demand for portable EV chargers, deepening focus on green energy resources, and the emergence of Smartcar API and advanced EV charging networks have further propelled the global market growth. However, rising overhaul costs, the high initial investments in installation, and high maintenance expenses are the significant factors that could potentially limit the global market growth.

Grab Your Free Sample PDF Copy Now

Key Highlights of the Report:

The CCS (Combined Charging System) charging infrastructure sub-segment dominates the global electric vehicle charging stations market in terms of revenue share. CCC is a universal charging standard for EVs and covers three-phase AC, single-phase AC, and DC high-speed charging.
Based on the charging level, the level 2 (208 V-240 V) sub-segment leads the global electric vehicle charging stations market, with the largest market share. The level 2 charging stations usually require single or three-phase AC power and can be used as residential EV charging equipment.
The Asia Pacific electric vehicle charging stations market is the leading regional market, accounting for the highest revenue share. Considerable investments in charging infrastructure development, especially in countries, including Japan, China, and South Korea, have bolstered the regional market development. The expanding EV charging infrastructure across the region and the amplifying demand for electric vehicles have further boosted this market’s growth.
Leading market competitors include Tesla Inc., Chargepoint, Inc., ABB Ltd., Electrify America LLC., EVGO Services LLC, OPConnect, Inc., SemaConnect Network, BP Chargemaster, EV Connect, and Greenlots.
In November 2020, eBikeGo, the leading electric mobility platform in India, announced its plans to install up to 3,000 EV charging stations across five Indian cities, including New Delhi, Chennai, Bengaluru, Mumbai, and Hyderabad, by February 2021. The company said the IoT-enabled charging stations would be highly compatible with electric two-wheelers.

For the purpose of this study, Emergen Research has segmented the global electric vehicle charging stations market based on charging infrastructure type, charging level, vehicle type, installation type, application, and region:

By Charging Infrastructure Type (Revenue, USD Billion; 2017-2027)