Global Electric Vehicle Charging Station Market to Have Over 16.83 Million Charging Stations by 2028 | Over 600,000 DC chargers are Already Present in the World
Global electric vehicle charging station market size was valued at USD 18.1 Billion in 2021, and it is expected to reach a value of USD 120.6 Billion by 2028, at a CAGR of 31.12% over the forecast period (2022–2028).
Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — There has been a rapid expansion of charging station infrastructure in the global electric vehicle charging station market over the past several years. As of November 2022, there are just over 2.3 million charging stations worldwide. The number is expected to surpass 16.83 million by the end of 2028. This rapid expansion is largely due to two factors: the increasing popularity of electric vehicles and the increasing proliferation of DC fast charging technology. DC fast-charging is one of the most efficient ways to charge an electric vehicle. In 2021, over 6.9 million EVs were sold around the globe, around 100% growth as compared to 2020. We expect this number is likely to account for around 34% of the global vehicle fleet by 2028, which is further expected to cover over 54% by 2035.
As per SkyQuest analysis of the global electric vehicle charging station market, over 80% of the public chargers are located close to where people live and work, which makes it easy for people to access them conveniently. While the rapid expansion of electric vehicle charging station infrastructure represents an important step forward in combating climate change, there are still some challenges that need to be addressed. For example, there are not enough stations available in rural areas and some areas don’t have any public chargers at all. Additionally, public chargers tend to be concentrated in urban areas only.
The growth of the electric vehicle charging station market is being driven by several factors: increasing consumer demand for environmentally friendly transportation; improvements in consumer comfort with electrified cars; expanding applications for EVs such as taxis and ride-sharing services; and aggressive marketing efforts from major carmakers. In line with this, major carmakers are leading the way in the development of EVs and EVCS. These companies are investing in R&D to improve usability and functionality for their EVs. Toyota has developed an app that enables users to control various aspects of their EVs remotely. Nissan, Tesla, and Tata Motors have developed a mobile app that maps out nearby charging stations so drivers can find them easily.
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SkyQuest Analysis of Global Electric Vehicle Charging Station Market Suggests the Road is Not as Smooth as We Thought
The report on global electric vehicle charging station market finds that plug-in electric vehicles are rapidly gaining share in the global car fleet, with 43% of all new cars sold in Europe and Asia Pacific equipped with charging capability as of January 2022. As a result, the demand for both residential and commercial EV charging stations is expected to grow significantly over the next few years. The 2021 CES show in Las Vegas was reportedly marked by strong interest from automakers in showcased IoT-based solutions that could help them further reduce battery capacity utilization and improve fleet management for EVs.
One of the key factors driving this growth is the expectation that more plug-in hybrid vehicles (PHV) will be available in the future. By 2035, half of all sales of new light-duty PHVs are expected to be electrified. By 2040, SkyQuest expects 71% of all new light-duty PHVs sales to be electrified.
The global electric vehicle charging station market is dominated by three main providers: tier 1 charging provider (Tesla Inc., Volkswagen AG, Daimler AG), tier 2 charging provider (Mastercard Incorporated, American Express Company), and tier 3 charging provider (ChargePoint Corporation). The leading providers are expected to maintain their leads through 2028 as they invest in faster chargers and develop their own EV infrastructure.
However, we expect demand for public EVCS networks such as ChargePoint’s Juice Net network will decline by 2030 as private fleets continue to install their own EV chargers instead. End users will increasingly source personal electricity storage devices for fleet use since public stations usually charge at rates lower than home plug stations.
One challenge facing the electric vehicle charging station market is that there is not yet a common standard for installation and use. This means that there are multiple charging systems available across different brands and models of EVs. Manufacturers are beginning to address this issue by developing proprietary charging solutions for their own models.
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Rapidly Expanding Network of Fast Charging Stations in Global Electric Vehicle Charging Station Market
As the electric car market continues to grow, so does the demand for DC charging stations. SkyQuest predicts that the global market for DC chargers will exceed USD 195 billion by 2028 from 68 billion in 2021. This rapid growth is being driven in part by government mandates and incentives, as well as consumer demand for eco-friendly vehicles.
One of the key factors driving this growth is the increasing number of electric cars on the market. In 2018, there were over 1 million electric cars on the road worldwide, and this number is reached 17.1 million units by the end of 2021. This growth is being assisted by fast charging technology, which can quickly recharge an electric car battery to 100% capacity within 30 minutes.
In addition to fast charging stations, there is also a growing demand for DC chargers with higher power capacity in the global electric vehicle charging station market. The current crop of DC chargers can provide from 15kW to 350 kW of power, but future models are expected to have greater capacities. This increased power allows drivers to charge their batteries more quickly, which is important given how long it takes an electric car battery to recharge from a standard outlet (usually around eight hours).
DC chargers are becoming increasingly popular due to their many advantages over traditional AC chargers. For example, DC chargers are not affected by wind or weather conditions and they’re also much faster than AC chargers. In addition, they’re perfect for rural areas where there are few or no AC outlets available.
The global market for DC fast chargers is dominated by three companies in the global electric vehicle charging station market: Tesla (with over half of the market), BMW Group (with around a third of the market) and Nissan (with around a tenth of the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.
The key areas where DC fast chargers will be deployed are in major metropolitan areas such as London, Los Angeles and New York City. In 2021, more than 600,000 DC fast charger were available in the global electric vehicle charging station market. Out of which, there were nearly 91,000 DC fast chargers installed in the US only.
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Top Players in Global Electric Vehicle Charging Station Market
- ABB (Switzerland)
- BP Chargemaster (UK)
- BYD (China)
- ChargePoint Inc. (US)
- Eaton (Ireland)
- EVBox (Netherlands)
- Schneider Electric. (France)
- Seimens AG. (Germany)
- Shell International BV (Netherlands)
- Tesla Inc. (US)
- Webasto Group (Germany)
- Tata Power (India)
- Delta Electronics (India)
- Amara Raja (India)
- Magenta Group (India)
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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