Electric Vehicle Charging Stations Market Projected to reach 30.41 Billion USD by 2023
Electric vehicles (EVs) are slowly gaining traction because of increasing greenhouse emission and strict pollution control standards enforced by environmental agencies. The boost in the adoption of EVs has created a favorable growth landscape for the electric vehicle charging stations (EVCS) market as well. The growing popularity and acceptance of EVs has resulted in increased installation of electric vehicle charging stations in the recent past. The global electric vehicle charging stations market is expected to be valued at USD 30.41 billion by 2023, growing at a CAGR of 41.8% between 2018 and 2023. Key factors driving the growth of the electric vehicle charging stations market include government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs. Vehicle-to-Gird (V2G) EV charging stations and charging stations powered by solar panels are the key opportunities for the players in the electric vehicle charging stations market.
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The market for DC charging stations is expected to grow at a higher CAGR between 2018 and 2023. DC charging or level 3 charging station delivers a maximum power of 240 kW, supplying a high current of up to 400 A at a voltage of up to 600 V DC. Level 3 is a highly powered charging option, with the potential to fully recharge an EV in less than 30 min. In a DC fast charging system, the AC/DC conversion occurs in the charging equipment rather than in a vehicle's AC/DC converter, so that the power entering the vehicle is already in DC. Developing public charging infrastructure is expected to drive the growth of the DC charging stations market. Furthermore, automakers are planning to invest in DC fast charging network to support their launch of long-range BEVs.
The market for commercial installation of EV charging stations is expected to grow at the highest CAGR between 2018 and 2023. The growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the commercial installation of charging stations.
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The electric vehicle charging stations market in APAC is expected to grow at the highest CAGR during the forecast period. The growth in APAC is mainly driven by China. China’s domestic production under the initiative "Made in China 2025" has encouraged local EV manufacturers to launch new models. Moreover, commitments from Chinese and Indian governments to ban petrol and diesel vehicles by 2030 are expected to boost the EV market in the region.
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