Electric Vehicle Charging Station Industry Poised for Exponential Growth in the Period 2023-2030

 Electric Vehicle Charging Station Industry | Forecast 2030

Grand View Research’s electric vehicle charging station sector database is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

The global electric vehicle charging station industry generated over USD 24.26 billion in 2022 and is expected to grow at a CAGR of 25.5% from 2023 to 2030. The EV charging station market is segmented into various types, such as charger type, vehicle type, connector type, and power source type. The enormous market growth is mostly attributable to the expansion of public and private sector efforts to persuade individuals to switch to electric vehicles (EVs). The use of electric vehicles has been encouraged by several government initiatives, which have also raised consumer awareness of their advantages. The need for electric vehicle charging stations is therefore anticipated to increase dramatically. In addition, according to the International Energy Agency (IEA), in 2022, the electric car market witnessed exponential growth, with sales exceeding 10 million. China accounted for the largest market share, with around 60% of global electric car sales. On the other hand, in 2022, in Europe and the U.S., electric car sales grew by more than 15% and 55%, respectively.

 

Access the Global Electric Vehicle Charging Station Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies

 

Governments across the globe are focusing on investing in the charging infrastructure and technologies that are supporting the transition to clean and zero-emission electric vehicles. The increasing adoption of electric vehicles, owing to benefits such as lower costs for fuel, energy efficiency, and vehicle maintenance, is expected to create growth opportunities for the electric vehicle charging station market over the forecast period. Moreover, factors such as rising concerns over carbon emissions and government regulations and tax exemptions are further expected to promote the adoption of electric vehicles, which bodes well for the market’s growth. Furthermore, the increasing popularity of the mobility-as-a-service (MaaS) model is also expected to lead to surged adoption of electric vehicles.

 

Electric Vehicle (EV) Charging Infrastructure Market Insights

The global electric vehicle (EV) charging infrastructure market size was valued at USD 25.83 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 25.4% from 2024 to 2030. Growing concerns over carbon emissions and growing adoption of electric vehicles (EVs) across the globe are major factors behind the growth of the electric vehicle charging infrastructure market. Government regulations and tax exemptions further promote the adoption of EVs, thus driving the demand for EV charging infrastructure solutions.

In addition, factors such as rapid technological advancements in battery technology and decreasing cost of lithium-ion battery are expected to contribute to the growth of the market during the forecast period. In recent years, EVs have gained significant popularity, notably driven by increasing environmental awareness and a focus on sustainability.

As the adoption of EVs continues to expand, governments globally are implementing regulations aimed at supporting industry growth, thereby contributing to the EV charging infrastructure market. For instance, the US Federal Government provides a tax credit of up to USD 7,500 for qualifying EVs. In addition, in Canada, the government aims to achieve a target where all light-duty vehicles sold are zero-emission by 2040. Such government initiatives to promote EV adoption are expected to boost market growth.

Developments in battery and charging technology are poised to transform the global automotive sector. Enhanced battery technology has extended the travel range of electric vehicles per charge, while new chargers can now recharge batteries at faster rates, attracting greater consumer interest in electric vehicles. This surge in demand is fueling the need for electric vehicle charging stations. Additionally, the increasing focus on autonomous and shared mobility is expected to drive further adoption of electric vehicles, positively impacting the market for electric vehicle charging infrastructure.

 

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Micro-mobility Charging Infrastructure Market Insights

The global micro-mobility charging infrastructure market size was valued at USD 4.58 billion in 2022 and is anticipated to expand at a compound annual growth rate (CAGR) of 25.9% from 2023 to 2030. Increasing adoption of micro-mobility vehicles such as e-scooters and e-bikes to help reduce pollution and congestion, especially in crowded cities, is a major factor driving the market growth. Micro-mobility is a better alternative to public transportation for countries worldwide, focusing on solving the transportation bottlenecks and rising concerns about emissions from vehicles running on gasoline or diesel. Moreover, government subsidies and tax incentives aimed at encouraging the adoption of micro-mobility vehicles are further expected to create more growth opportunities for the market.

Rising applications of micro-mobility vehicles in the transportation and commercial sectors present the need for a strong network of micro-mobility charging stations. In response to the rising demand, micro-mobility vehicle manufacturers are also focusing on offering charging networks across the globe. For instance, in November 2020, TIER, a German e-scooter startup, raised USD 250 million in a Series C funding round from SoftBank Vision Fund 2 to expand its presence in European cities. Such developments bode well for the growth of the micro-mobility charging infrastructure market over the forecast period.

 

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Leading players across the globe are offering innovative services to expand their presence in the increasingly competitive market. For instance, in December 2020, Ola Electric Mobility Pvt Ltd announced the launch of its electric charging stations, known as the Ola Hypercharger Network, for its range of e-scooters worldwide. The company has planned to develop 5,000 charging points across 100 cities in India to provide seamless charging for its e-scooters.

The demand for wireless charging stations for e-scooters and e-bikes has increased significantly in recent years. Several players are developing innovative products to enhance operational functionality and reduce the charging time of chargers. For instance, in May 2021, LG Electronics launched wireless charging stations in Bucheon, Seoul, in partnership with Olulo, Inc.’s Kicking, a local e-scooter sharing service provider, to provide a better experience for e-scooter users.

 

Competitive Landscape

The key market players have developed novel concepts and ideas and upgraded the current set of products to sustain the intense competition in the market. The players have adopted new product development as their key developmental strategy to cater to the increasing demand from end-users. The electric vehicle charging infrastructure market and micro mobility charging infrastructure market can be described as moderately fragmented markets characterized by the presence of various prominent players driving competition by pursuing various strategies aimed at long-term sustenance. These strategies include geographical expansion, product innovation, a strong focus on R&D activities, strategic partnership agreements, and joint ventures.

 

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