Electric Vehicle (EV) Charging Service Market: Global Industry Analysis and Forecast (2022-2029)

Electric Vehicle (EV) Charging Service Market is expected to reach US$ 53.73 Bn by 2029, at a CAGR of 20.14% during the forecast period.

The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.

As the number of electric vehicle consumers keeps increasing, companies will have the opportunity to lift their sales and revenue not only by selling electric vehicles but also by providing Electric vehicle charging services to the users. Electric vehicles require recharging in-between for long-distance routes due to their low-energy density batteries, hence a strong network of EV charging service providers is necessary for the growth of the industry. Although this market is less developed in emerging countries, it is a promising market with future prospects.

The report has covered, demand drivers by region, pricing by region, and profit margins of key players operating in this industry. A brief analysis of restraints and challenges in the market is also covered with examples by region. It also has covered the analysis of key player’s growth strategies, micro and macro analysis of markets, key developments, and key trends in the market.To know about the Research Methodology :- Request Free Sample Report
Electric Vehicle (EV) Charging Service Market Dynamics
The increasing adoption of electric vehicles is driving the EV charging service market

The fast increase in electric vehicle users is the main driver of the EV charging service market. In the year 2021, sales of electric vehicles grew more than two million units globally. Developments in lithium-ion batteries have improved the performance of electric vehicles and their applicability in the commercial sector. This improved applicability is further expected to accelerate the market growth.

Stringent norms and regulations enforced by governments across the world regarding emission control from the automotive are expected to drive the market during the forecast period. For an instance, Euro VI norm implemented by the European Commission to reduce the carbon emission from the heavy-duty vehicle have left a positive influence on the electric vehicle industry in Europe.

The growing population and fast depletion of natural reservoirs are expected to drive the demand of the EV charging service market during the forecast period. Fall in cost per kWh battery capacity of an electric vehicle is also expected to propel the growth of the market during the forecast period. As per the United States Department of Energy, the rate per kWh battery capacity of the electric trucks fell from USD 500 in 2013 to USD 200 in 2021 and with increasing technological advancements, it is expected to decrease further during the forecast period. Generous government funding and subsidies are anticipated to propel the market during the forecast period.

The high Installation cost of the EV charging stations is the main restraining factor for the market

Electric vehicles are costly as compared to traditional vehicles due to the lack of mass production and the high cost of a battery. In addition to this, EV charging stations require unique infrastructure hence installation cost of EV charging service is high. The availability of household chargers is also expected to hinder the demand of the EV charging service market.

Mass deployment of EV charging infrastructure will bring new opportunities for the market

Mass deployment of EV charging stations will bring new opportunities to run the equipment cost-effectively and efficiently. Technological advancement in the electric automotive industry is anticipated to create new opportunities for the market during the forecast period. Growing electric vehicle manufacturers across the globe is expected to create lucrative opportunities for the EV charging service market.

DC Charger segment is expected to command the largest market share of 20.14% by 2029

DC's chargers are faster as compared to AC chargers; hence they are highly preferred charging stations by the users. The DC charging station is more than 50 times faster than the normal domestic socket. Almost all-electric vehicles including E-Buses and E-Trucks can be charged with the DC charging station. AC charging stations are 7 to 10 times more affordable as compared to DC charging stations. DC charging stations converts AC power supply from the grid into DC power supply and further charges the electric vehicle. The AC charger segment is further subdivided into Level-1 and Level-2 chargers. The DC charger segment is further subdivided into Level-3 and Level-4 chargers.

11 kW to 50 kW segment is expected to command the largest market share of 20.14% by 2029

Several electric vehicles are capable of charging in this range; hence it is the highly preferred segment for the EV charging service market. The 11kW-50kW segment is expected to experience growth of 20.14% CAGR during the forecast period, thanks to the high demand of the segment. There are few EVs that are capable of 50kW-100kW charging, hence this segment is also expected to experience significant growth during the forecast period. Very few vehicles are capable of more than 100kW charging range, only a few Tesla models are capable of this segment.

APAC is expected to command the largest market share of 20.14% by 2029

Asia Pacific is leading the EV charging service market and is expected to continue its dominance during the forecast period with a growth of 20.14% CAGR. Countries like China, Japan, and South Korea are the hub for the EV charging service market. Asia pacific commanded more than 58% of the revenue of the EV market in 2021. The government of China has announced to invest in the deployment of EV charging service infrastructure to meet future targets.

In addition to this, China announced a New Energy Vehicle mandate to ban vehicles with internal combustion engines. Government regulations in emerging countries regarding emission control from automotive are also expected to drive the market in the region during the forecast period. Government support and subsidies will further accelerate the market growth in the region.

North America and Europe are also anticipated to experience significant growth during the forecast period, thanks to the availability of a large EV charging station network across the region. The growing adoption of electric vehicles is expected to boost the demand of the market during the forecast period.

Countries like Norway, Germany, Luxembourg, and the UK have a large number of EVs hence these countries will fuel the growth of the market in the region. Governments of certain countries in APAC and Europe have announced the use of 40% EVs in the government sector. The growing popularity of fully automated electric vehicles is also expected to drive the demand of the market during the forecast period.
Covid-19 Impact on the Global Electric Vehicle (EV) Charging Service Market:
• The coronavirus pandemic has placed tremendous pressure on businesses and sectors across the globe. Governments from all countries have introduced a lock-up to detect the transmission of infectious diseases. The contribution of these regulations has created a negative impact on the Electric Vehicle industry.

• The coronavirus adversely impacted the EV charging installation and service sector. The interruption of export and import operations due to limitations on foreign flights would further restrict the market's development. The disruption caused by the lockdown would harm the market. Most of the industries are not functioning properly due to the influence of Covid-19 which has caused an adverse impact on the Global Electric Vehicle (EV) Charging Service Market.

The objective of the report is to present a comprehensive analysis of the Global Electric Vehicle (EV) Charging Service Market including all the stakeholders of the industry. The past and current status of the industry with 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 includes market leaders, followers, and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market has 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 Global Electric Vehicle (EV) Charging Service Market dynamics, structure by analyzing the market segments and projects the Global Electric Vehicle (EV) Charging Service Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Electric Vehicle (EV) Charging Service Market make the report investor’s guide.
Electric Vehicle (EV) Charging Service Market Key Players
Enel X deployed the first EV charging station on the Italian motorway network in 2021. In the same year, Arther Energy launched a charging infrastructure service in India. Traditional automotive companies are now shifting to electric vehicle technology and, they are also planning to invest in EV charging service infrastructure. EV companies like Tesla are increasing their global presence by deploying EV manufacturing and charging service infrastructures in emerging countries. The report covers details of key players, their investment, and business strategies.
 Electric Vehicle (EV) Charging Service Market Scope: Inquire before buying



Global Electric Vehicle (EV) Charging Service Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 12.38 Bn.


Forecast Period 2023 to 2029 CAGR:
20.14%
Market Size in 2029:
US $ 53.73 Bn.


 Segments Covered:
by Charging Station Type
• AC Charger
• DC Charger


by Power Output
• 11 kW to 50 kW
• 50 kW to 100 kW
• More than 100 kW


by  Level of Charging
• Level 1
• Level 2
• Level 3


by Installation Type
• Fixed
• Portable


by Application
• Private
• Semi-Public
• Public


by Connection Phase
• Single Phase
• Three Phase



Electric Vehicle (EV) Charging Service Market, by Region
• North 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 of ME&A)
• South America (Brazil, Argentina Rest of South America)
Electric Vehicle (EV) Charging Service Market, Key Players are:
• ABB
• EVgo Services LLC.
• ChargePoint, Inc.
• Blink Charging Co.
• Allego
• Schneider Electric
• Toshiba Corporation
• Wi Tricity Corporation
• Mojo Mobility Inc.
• AeroVironment, Inc.
• Robert Bosch GmbH
• General Electric
• Evatran Group
• Chargemaster plc
• Siemens AG
• Tesla.
• Shell
• BYD
• BP Chargemaster
• ClipperCreek, Inc.
• General Electric Company
• Eaton Corp.
• Leviton Manufacturing Co., Inc.
• Webasto SE

Frequently Asked Questions:

1. Which region has the largest share in Global Electric Vehicle (EV) Charging Service Market?
Ans: North America region held the highest share in 2021.

2. What is the growth rate of Global Electric Vehicle (EV) Charging Service Market?
Ans: The Global Electric Vehicle (EV) Charging Service Market is growing at a CAGR of 20.14% during forecasting period 2022-2029.

3. What is scope of the Global Electric Vehicle (EV) Charging Service market report?
Ans: Global Electric Vehicle (EV) Charging Service Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Electric Vehicle (EV) Charging Service market?
Ans: The important key players in the Global Electric Vehicle (EV) Charging Service Market are – ABB, EVgo Services LLC., ChargePoint, Inc., Blink Charging Co., Allego, Schneider Electric, Toshiba Corporation, Wi Tricity Corporation, Mojo Mobility Inc., AeroVironment, Inc., Robert Bosch GmbH, General Electric, Evatran Group, Chargemaster plc, Siemens AG, Tesla., Shell, BYD, BP Chargemaster, ClipperCreek, Inc., General Electric Company, Eaton Corp., Leviton Manufacturing Co., Inc., and Webasto SE

5. What is the study period of this market?
Ans: The Global Electric Vehicle (EV) Charging Service Market is studied from 2021 to 2029.