Global Electric Vehicle Charging Station Market Will Grow With The CAGR Of More Than 30% By 2027

[Martin Issac]

An electric vehicle charging station also known as electric vehicle supply equipment (EVSE) is equipment that connects an electric vehicle (EV) to a source of electricity to recharge electric cars. Electric vehicle charging station market is growing as rapidly alongside the electric vehicle market. By application type charging station is divided into two parts i.e. public and private charging stations. Charging stations at private places and public destinations may help bolster market acceptance.
Charging equipment for plug-in electric vehicle is classified by the rate at which the batteries are charged. Charging times vary based on how depleted the charging station is, charging station types, how much energy charging station holds, and the type of charging equipments. According to the report title “Global Electric Vehicle Charging Station Market Outlook, 2027” publish by Bonafide Research, charging station market is expected to grow at CAGR of more than 30% in value market size by the end of forecast period. By charger type market is segregated into two main type i.e. slow chargers and fast chargers. Slow charger is leading with more than 88% of value market share. Correspondingly, fast charger is the fastest growing segment in value market share and expected to capture higher market share in forecast period.

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There are mainly three levels of electric vehicle charging i.e. Level 1, Level 2, and Level 3 charging. Level 1 and Level 2 charging is generally alternating current (AC) charging which are also known as slow chargers. Level 3 charging is broken into Direct Current Fast Charging (DCFC) and various others fast charging such as Tesla Supercharging, Terra 360 and CHAdeMO charging. Higher the level of charging, faster the charging process, as more power is delivered to the vehicle. According to the report, Level 1 charging segment is leading with more than 71% of volume market share. Follow by Level 2 charging and then Level 3 charging. By application type of charging market is segregated into public and private charging. Public charging infrastructure is vital to supporting existing electric vehicles while encouraging future adoption. Public charging infrastructure has continued apace over the past year on the back of significant investment from the governments and various private sectors. Adoption of charging station in private places is rapidly increasing as growth in sales of electric vehicle. According to the report, private segment having the market share of more than 65% volume market share correspondent to public segment having lowest market share, however, public segment is likely to capture higher market share in forecast period.

There are various factors responsible for year on year growth of electric vehicle charging market globally, such as increasing in sales of electric vehicle, environment awareness among people and various government incentives towards clean energy. By region Asia-Pacific is leading the market with highest installation of charging station globally. The reason behind this is adaptation of electric vehicle in china. By volume share, Asia-pacific is leading with more than 45% market share, follow by Europe. By country, china is leading with more than 50% of value and volume market share.
The electric vehicle (EV) segment is still taking tentative steps towards mainstream proliferation in the global context. The electric vehicle and charging station industry had faced many challenges in pandemic situation globally. Sales of electric vehicle significantly affected in COVID-19 situation along with the wider automotive industry. The lockdown has shown immediate impacts on the supporting industry of EV charging services, and the related supply chain for charging station deployment. However, governments across the globe think of ways to reemerge from this pandemic with an economy that is stronger and more resilient than it was before, EVs and charging station continue to get a significant amount of attention.

Major Companies present in the market:
ChargePoint Holdings, Inc., Shell, Tesla Inc., BP, ABB, RWE, Siemens, Efacec, BLINK CHARGING co. , Eaton Corporation plc, SCHNEIDER ELECTRIC, WEBASTO GROUP, Leviton Manufacturing Co. Inc., Phihong USA Corp., EV Safe Charge Inc., Tata Power.