Electric Vehicle Charging Station Market Overview
The global electric vehicle charging station market was valued at USD 5.03 billion in 2020 and is expected to register a value of USD 36.87 billion by 2026, with a CAGR of 44.44%. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. The EV market is witnessing significant growth due to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation. The major factors driving the demand for EV charging stations are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles.
The Asia Pacific accounted for the largest share in the electric vehicle charging station market
In Asia-Pacific, China is the largest market for electric cars and buses, and it sold 872 thousand units of New Energy Vehicles (both passenger and commercial vehicles) for the first nine months in 2019, exhibiting a growth rate of 20.8%. The government of China has extended the incentives relating to the purchase of new energy vehicles (NEVs) till 2022. The electric vehicle market in Japan has been experiencing tremendous growth, and the Japanese government aims to transform all the new cars, sold in the country, into electric or hybrid vehicles, and to reduce the emissions of carbon dioxide and other greenhouse gasses, by about 80% per vehicle, by 2050.
Key Highlights of the Market
- Electric cars are expected to account for 15% of the overall vehicle sales by the end of 2025.
- The electric vehicle charging station market is fairly consolidated. The market is led by few companies, such as The State Grid Corporation of China, ABB, Siemens, Qingdao Tgood Electric Co., Ltd, and Tesla Inc.
- The electric vehicle charging station market is dominated by The State Grid Corporation of China followed by ABB. The SGCC company has integrated over 1 million charging stations covering 273 cities from 29 provinces.
- In Europe, the spike in electric vehicle sales is due to the increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emissions vehicles.
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List of Key Players in the Electric Vehicle Charging Station Market
- ChargePoint Inc.
- Schneider Electric SE
- Siemens AG
- Tesla Motors Inc.
- Evbox (ENGIE)
- Leviton Manufacturing Co. Inc.
- SemaConnect Inc.
- The Newmotion BV (Acquired by Shell)
- Evgo (Acquired by L.S. Power)
- EV Solutions (Webasto)
- BP Pulse
- Qingdao Tgood Electric Co. Ltd
- Star Charge
- The State Grid Corporation of China (SGCC)
Mordor Intelligence has segmented the global electric vehicle charging station market on the basis of Vehicle, Charging, Application type, and Geography:
- Vehicle Type (Market Size & Forecast (2018-2026) in USD billion)
- Passenger Vehicle
- Commercial Vehicle
- Charger Type (Market Size & Forecast (2018-2026) in USD billion)
- AC Charging Station
- DC Charging Station
- Application Type (Market Size & Forecast (2018-2026) in USD billion)
- Geography (Market Size & Forecast (2018-2026) in USD billion)
- North America
- United States
- Rest of North America
- United Kingdom
- Nordic Countries
- Rest of Europe
- Rest of Asia-Pacific
- Rest of the World
- Middle-East and Africa
- South America
Related Reports & Links
- Electric Commercial Vehicle Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
- Electric Motors for Electric Vehicle Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)
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