EV Charging Station Market Report: CAGR is Projected to 25.8%

EV Charging Station Market Summary

According to the new market research report “Global EV Charging Station Market Report 2023-2029”, published by QYResearch, the global EV Charging Station market size is projected to reach USD 30.96 billion by 2029, at a CAGR of 25.8% during the forecast period.

• Global EV Charging Station MarketSize(US$ Million), 2018-2029

Based on or includes research from QYResearch: Global EV Charging Station Market Report 2023-2029.

An EV Charging Station, also called electric vehicle charger, electric recharging point, charging point, charge point, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure that supplies electric energy for the recharging of plug-in electric vehicles—including electric cars, neighborhood electric vehicles and plug-in hybrids.

For charging at home or work, some EVs have onboard converters that can plug into a standard electrical outlet or a high-capacity appliance outlet. Others either require or can use a charging station that provides electrical conversion, monitoring, or safety functionality. These stations are also needed when traveling, and many support faster charging at higher voltages and currents than are available from residential EVSEs. Public charging stations are typically on-street facilities provided by electric utility companies or located at retail shopping centers, restaurants and parking places, operated by a range of private companies.

• EV Charging Station,Global Market Size, The TopFive Players Hold 38.0% of Overall Market

Based on or includes research from QYResearch: Global EV Charging Station Market Report 2023-2029.

This report profiles key players of EV Charging Station such as BYD, ABB. In 2022, the global top five EV Charging Station players account for 38.0% of market share in terms of revenue. Above figure shows the key players ranked by revenue in EV Charging Station.

• EV Charging Station,Global Market Size, Split by Product Segment

Based on or includes research from QYResearch: Global EV Charging Station Market Report 2023-2029.

In terms of product type, DC Charging Pile is the largest segment, hold a share of 55.0%

• EV Charging Station,Global Market Size, Split by ApplicationSegment

Based on or includes research from QYResearch: Global EV Charging Station Market Report 2023-2029.

In terms of product application, Public Charging is the largest application, hold a share of 65.7%.

• EV Charging Station,Global Market Size, Split by Region

Based on or includes research from QYResearch: Global EV Charging Station Market Report 2023-2029.

Market Drivers:

Global EV sales continued strong. A total of 10.5 million new BEVs and PHEVs were delivered during 2022, an increase of +55 % compared to 2021. China and Europe emerged as the main drivers of strong growth in global EV sales. In 2022, the production and sales of new energy vehicles in China reach 7.0 million and 6.8 million respectively, a year-on-year increase of 96.9% and 93.4%, with a market share of 25.6%. The production and sales of new energy vehicles have ranked first in the world for eight consecutive years. Among them, the sales volume of pure electric vehicles was 5.365 million, a year-on-year increase of 81.6%. In 2022, sales of pure electric vehicles in Europe will increase by 29% year-on-year to 1.58 million.

Restraint:

One of the primary restraints is the uneven distribution of charging infrastructure. In many regions, there is still a lack of widespread and convenient charging stations, especially in rural areas. This range anxiety can deter potential EV buyers. Although EV charging technology has improved, charging times are generally longer compared to refueling a conventional gasoline vehicle. This inconvenience can be a deterrent for consumers with busy schedules or long commutes. The installation and maintenance costs of EV charging equipment can be substantial. Businesses and homeowners may hesitate to invest in charging stations due to these upfront expenses, even with potential long-term savings on fuel. Urban residents often lack access to private parking spaces or garages where home charging can be easily installed. This limitation can discourage city dwellers from adopting electric vehicles.

Opportunity:

Many governments around the world are offering incentives to promote the adoption of electric vehicles. These incentives often include subsidies for EV charging infrastructure installation and favorable regulations, such as emission reduction targets and restrictions on internal combustion engine vehicles, which drive the demand for EV charging equipment. Growing concern about environmental issues, particularly air pollution and climate change, has led to increased interest in electric vehicles. As more consumers and businesses prioritize eco-friendly transportation options, the demand for EVs and their associated charging equipment rises. Improvements in battery technology have resulted in longer driving ranges and faster charging times for electric vehicles. As EVs become more practical and convenient for daily use, the need for efficient and widely available charging infrastructure grows. The growth of the EV market is not limited to one region; it is a global phenomenon. Expanding markets in countries with supportive policies and infrastructure development efforts create opportunities for EV charging equipment manufacturers and service providers.

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