The Electric Vehicle Charging Market is expected to reach US $41.16 billion by 2029, thanks to growth in the Level 2 segment. The report analyzes Electric Vehicle Charging market dynamics by region, charging level, plugs, and charger type.
Electric Vehicle Charging Market Overview:The Electric Vehicle Charging Market was valued at US $7.77 Bn. in 2022, and it is expected to reach US $41.16 Bn. by 2029 with a CAGR of 26.88% during the forecast period. An electric vehicle charger (EV charger) is a piece of equipment that provides electrical power for charging plug-in electric vehicles such as neighborhood electric vehicles, hybrids, lorries, buses, and other vehicles. To know about the Research Methodology :- Request Free Sample Report Although electric vehicles batteries can only be charged with DC power, most feature an inbuilt AC-to-DC converter that allows them to be connected to a typical domestic AC electrical socket. Low-cost, low-power public charging stations, dubbed "AC charging stations," also deliver AC power. To allow for higher-power charging, which demands considerably larger AC-to-DC converters, the converter is incorporated into the charging station rather than the car, and the station delivers already-converted DC power to the vehicle directly, bypassing the vehicle's onboard converter. "DC charging stations" are what they are called. The majority of completely electric vehicle types can run on both AC and DC power. Charging stations are fully equipped with connectors that comply with a range of standards. Multiple connectors are typically seen on DC charging stations, allowing them to power a wide range of automobiles. Typically, public charging stations can be found in retail shopping complexes, or on the street, government buildings, and other parking locations. 2022 is considered a base year however 2022's numbers are on the real output of the companies in the market. Special attention is given to 2022 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Global Electric Vehicle Charging Market Dynamics:
Low-Cost Charging of Electric Vehicles:The rising price of petroleum products is one of the most critical factors driving the electric vehicle charging sector. The consumers in the emerging economies are already being affected by rising prices of gasoline. Electrical vehicles are likely to minimize the cost of operation for these vehicles. Manufacturers are anticipated to manufacture electric vehicles with higher battery life and a larger range. Another key driver driving the sector is the decreasing cost of electric vehicles (EVs) thanks to lower battery costs, which may result in increased demand for EVs and EV charging stations. For example, In the United States, electricity expenses in California vary, but the average is around US $0.18 per kilowatt-hour (kWh). Charging an electric car with a 40-kWh battery and a 150-mile range, such as the Nissan LEAF, would cost roughly US $7 at the considered price. Meanwhile, at US $3.70 a gallon, a 25-mpg gas vehicle would cost about US $22 to fill up with enough petrol to drive about 150 miles. Thus, the key benefit of driving an electric vehicle is cost savings.
Compatibility of Charger:Except for Tesla, the development of level two chargers has been a rather coordinated process, with other manufacturers using the same charge port architecture. Different automobile manufacturers implement three different types of DC fast chargers: the SAE Combined Charging System (CCS), which is used by most automobile manufacturers CHAdeMO, which is used by Nissan and Mitsubishi, and the Tesla Supercharger, which is used by Tesla (only available to Tesla drivers). This lack of vehicle compatibility differs from universal car access to petrol stations, and it may be a stumbling block to widespread adoption of electric vehicles, limiting market growth for electric vehicle charging.
Cost of Electric Vehicles:Electric vehicles have higher prices than gasoline-powered vehicles, because of the more expensive materials and procedures involved in the production of batteries. Although these costs have decreased dramatically over the previous decade, the average price for a new electric vehicle remains between US $30000 and US $40,000. Electric vehicles, on the other hand, are expected to save a lot of money on gas over 15 years. According to research by the National Renewable Energy Laboratory (NREL) and the Idaho National Laboratory, electric vehicles might save consumers anywhere from US $4,500 to US $12,000. Even with the long-term savings, electric vehicles must be cheap at the point of purchase to compete with gasoline-powered automobiles.
Finance and Ownership of Charging Stations:Installing electric car charging stations is costly, public station equipment costs can range from US $2,500 for a level two charger to US $35,800 for a DC fast charger. Installation fees and "soft costs," such as navigating the permitting procedure, utility interconnection, and regulations, are not included in these pricing ranges. The question of who pays for the installation of these stations arises as a result of these costs. Energy and car corporations, as well as managers of garages and parking lots, shopping centers, and retailers looking to attract EV customers, are the primary funders of charging station installation. For example, In the United States, Volkswagen's Electrify America initiative and Tesla's station implementation are the two largest charging station programs. Each corporation has invested roughly US $2 billion in the initiative. EVgo, a startup that installs DC fast chargers, is working on a project that is being sponsored by state government grants, venture capital, and environmental programs.
Segment Analysis:Based on Charging Level, the electric vehicle charging market is segmented as, Level 1, Level 2, and Level 3. During the forecast period, the Level 2 segment is likely to be dominating. This might be related to governments around the world placing a greater emphasis on public and semi-public charging stations for overnight charging, and consumers changing to using Level 2 chargers as private charging stations at their homes, and the growth of Level 1 charging may be the slowest. Level 2 charging is much faster, but it needs the installation of a charging station. A dedicated 240-volt or 208-volt electrical circuit, similar to that required for a clothes dryer or electric range, is required for charging station installation. Many public and workplace charging stations, as well as many houses, use Level 2. Because it uses the same connector as Level 1 charging, any electric vehicle can connect to any Level 2 charger. Based on Plugs, the electric vehicle charging market is segmented as follows, Combined Charging System (CCS), CHAdeMO, and Tesla. The Combined Charging System (CCS) is an electric vehicle charging standard. It can deliver up to 350 kilowatts of power using the Combo 1 and Combo 2 connectors. These two connectors are IEC 62196 Type 2 and Type 1 connectors with two extra direct currents (DC) contacts for high-power DC fast charging. Detailed information about each segment is covered in the MMR’s report. Based on Charger Type, the electric vehicle charging market is segmented as follows, AC charger, and DC charger. Since DC chargers are faster than AC chargers, they are the most popular chargers among consumers. The DC charging station is 50 times faster than a standard household outlet. The DC charging station can charge almost all-electric vehicles, including e-trucks, and e-buses. The DC charger converts the grid's AC electricity into DC power and then charges the electric vehicle. Detailed information about each segment is covered in the MMR’s report.
Regional Insights:During the forecast period, the Asia Pacific market is likely to dominate the global electric vehicle charging market in terms of revenue and volume. The growth of the market is driven by the large-scale growth of EV charging networks in China, the growing demand for affordable electric vehicles for routine use, and governments encouraging and adopting favorable policies for electric vehicles. The spread of modern technologies to increase electricity in China is being driven by the country's fast-developing economy. China invested around US $2.4 billion in improving the charging infrastructure in the country till 2022. The governments of Korea and Japan have also announced plans to dramatically increase the number of electric vehicle charging stations in their respective countries over the forecast period. The Indian government has also announced plans to install 69,000 electric vehicle charging stations around the country as part of its first phase of EV infrastructure expansion, with a demand of 4 lakh charging stations expected by 2029. The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global market dynamics, structure by analyzing the market segments and projecting the global market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global market makes the report investor's guide.
Electric Vehicle Charging Market Scope: Inquire before buying
Electric Vehicle Charging Market Report Coverage Details Base Year: 2022 Forecast Period: 2023-2029 Historical Data: 2018 to 2022 Market Size in 2022: US $ 7.77 Bn. Forecast Period 2023 to 2029 CAGR: 26.88% Market Size in 2029: US $ 41.16 Bn. Segments Covered: by Charging Level Level 1 Level 2 Level 3 by Plugs Combined Charging System (CCS) CHAdeMO Tesla by Charger Type AC Charger DC Charger
Electric Vehicle Charging Market, by RegionNorth America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest)
Key Players are:1.Charge Point 2.Shell 3.Blink Charging 4.BYD 5.Tesla 6.Tata Power 7.Hitachi ABB Power 8.AeroVironment Inc. 9.Chargemaster plc 10.General Electric 11.Siemens AG 12.Eaton Corporation 13.Robert Bosch GmbH 14.EVgo Services 15.Schneider Electric 16.Mojo Mobility 17.Others
Frequently Asked Questions:1. What is the forecast period considered for the Electric Vehicle Charging market report? Ans. The forecast period for the global electric vehicle charging market is 2023-2029. 2. Which key factors are expected to hinder the growth of the electric vehicle charging market? Ans. The high cost of installation of an electric charging station and the high cost of electric vehicles are key factors expected to hinder the market growth during the forecast period. 3. What is the compound annual growth rate (CAGR) of the Electric Vehicle Charging market for the next 6 years? Ans. The global electric vehicle charging market is expected to grow at a CAGR of 26.88% during the forecast period (2023-2029). 4. What are the key factors driving the growth of the Electric Vehicle Charging market? Ans. The cost savings factor by using the electric vehicle compared to gasoline-powered vehicles and supporting government policies related to the adoption of electric vehicles across the globe are the key factors expected to drive the growth of the market during the forecast period. 5. Which are the worldwide major key players covered for the Electric Vehicle Charging market report? Ans. Charge Point, Shell, Blink Charging, BYD, Tesla, Tata Power, Hitachi ABB Power, AeroVironment Inc., Chargemaster plc, General Electric, Siemens AG, Eaton Corporation, Robert Bosch GmbH, EVgo Services, Schneider Electric, Mojo Mobility, and Others.
1. Global Electric Vehicle Charging Market: Research Methodology 2. Global Electric Vehicle Charging Market: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Electric Vehicle Charging Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Electric Vehicle Charging Market: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Electric Vehicle Charging Market Segmentation 4.1. Global Electric Vehicle Charging Market, by Charging Level (2022-2029) • Level 1 • Level 2 • Level 3 4.2. Global Electric Vehicle Charging Market, by Plugs (2022-2029) • Combined Charging System (CCS) • CHAdeMO • Tesla 4.3. Global Electric Vehicle Charging Market, by Charger Type (2022-2029) • AC Charger • DC Charger 5. North America Electric Vehicle Charging Market (2022-2029) 5.1. North America Electric Vehicle Charging Market, by Charging Level (2022-2029) • Level 1 • Level 2 • Level 3 5.2. North America Electric Vehicle Charging Market, by Plugs (2022-2029) • Combined Charging System (CCS) • CHAdeMO • Tesla 5.3. North America Electric Vehicle Charging Market, by Charger Type (2022-2029) • AC Charger • DC Charger 5.4. North America Electric Vehicle Charging Market, by Country (2022-2029) • United States • Canada • Mexico 6. European Electric Vehicle Charging Market (2022-2029) 6.1. European Electric Vehicle Charging Market, by Charging Level (2022-2029) 6.2. European Electric Vehicle Charging Market, by Plugs (2022-2029) 6.3. European Electric Vehicle Charging Market, by Charger Type (2022-2029) 6.4. European Electric Vehicle Charging Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Electric Vehicle Charging Market (2022-2029) 7.1. Asia Pacific Electric Vehicle Charging Market, by Charging Level (2022-2029) 7.2. Asia Pacific Electric Vehicle Charging Market, by Plugs (2022-2029) 7.3. Asia Pacific Electric Vehicle Charging Market, by Charger Type (2022-2029) 7.4. Asia Pacific Electric Vehicle Charging Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Electric Vehicle Charging Market (2022-2029) 8.1. The Middle East and Africa Electric Vehicle Charging Market, by Charging Level (2022-2029) 8.2. The Middle East and Africa Electric Vehicle Charging Market, by Plugs (2022-2029) 8.3. The Middle East and Africa Electric Vehicle Charging Market, by Charger Type (2022-2029) 8.4. The Middle East and Africa Electric Vehicle Charging Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Electric Vehicle Charging Market (2022-2029) 9.1. Latin America Electric Vehicle Charging Market, by Charging Level (2022-2029) 9.2. Latin America Electric Vehicle Charging Market, by Plugs (2022-2029) 9.3. Latin America Electric Vehicle Charging Market, by Charger Type (2022-2029) 9.4. Latin America Electric Vehicle Charging Market, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Charge Point 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Shell 10.3. Blink Charging 10.4. BYD 10.5. Tesla 10.6. Tata Power 10.7. Hitachi ABB Power 10.8. AeroVironment Inc. 10.9. Chargemaster plc 10.10. General Electric 10.11. Siemens AG 10.12. Eaton Corporation 10.13. Robert Bosch GmbH 10.14. EVgo Services 10.15. Schneider Electric 10.16. Mojo Mobility 10.17. Others