EV Charging Station Market worth $12.1 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 2, 2024 /PRNewswire/ — EV Charging Station Market is projected to grow from USD 7.3 billion in 2024 to USD 12.1 billion by 2030, at a CAGR of 8.8%, according to a new report by MarketsandMarkets™. Factors such as rising EV sales worldwide will increase demand for EV charging stations, government policies and subsidies to support faster setup of EV charging stations, limited driving range boosting need for extensive charging infrastructure, reducing price of EVs in global market will boost EV sales and EVCS demand. These factors propel the development and expansion of EV charging stations, facilitating the widespread adoption of electric vehicles and the establishment of a sustainable transportation ecosystem.

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Browse in-depth TOC on “EV Charging Station Market“.

335 – Tables

125 – Figures

395 – Pages

EV Charging Station Market Scope:

Report Coverage	Details
Market Size	USD 12.1 billion by 2030
Growth Rate	CAGR of 8.8%
Largest Market	China
Market Dynamics	Drivers, Restraints, Opportunities & Challenges
Forecast Period	2024-2030
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application, Level of Charging, Charging Point, Charging Infrastructure, Operation, DC Fast Charging, Charge Point Operator, Connection Phase, Service, Installation and Region
Geographies Covered	China, Asia Pacific, Europe, North America, Middle East and Rest Of the World
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Use of V2G-enabled EV charging stations for electric vehicles
Key Market Drivers	Government policies and subsidies to support faster setup of EV charging stations

Shift in NACS Standards in the US Expected to Accelerate Demand for Tesla Superchargers.

The adoption of the North American Charging Standard (NACS) in the United States is set to accelerate demand for Tesla Superchargers. These chargers are designed to work with various electrical systems and feature automatic support for both AC and DC charging. They can add up to 200 miles of range in just 15 minutes, making them highly efficient. With over 55,000 Supercharging points globally and rapidly expanding networks, Tesla is enhancing accessibility, including a pilot program in the Netherlands open to non-Tesla vehicles. Tesla adjusts pricing periodically to support network growth, and urban installations are strategically located for convenience. It also offers 400 kWh of free Supercharger credit annually to Model S and Model X owners. While most electric vehicle manufacturers in North America currently use the SAE J1772 connector, Tesla has transitioned to open standards like NACS, with major manufacturers planning to adopt unified connectors in the future. Charging providers are integrating NACS options into their offerings, and leading automakers like Volkswagen, GM, and Ford in the US have partnered with Tesla to enable compatibility with NACS-enabled vehicles in the US.

Increasing Demand for DC Ultra-Fast 2 Chargers Expected with Rising Need for Fast-Charging Solutions.

The increase in demand of EV charging solutions has persisted due to the imperative of reducing charging durations. Ultra-fast charging has been developed to address this demand, requiring EVs equipped with batteries capable of handling ultra-fast 2 charging, operating within optimal temperature ranges. This method can fully charge an EV within approximately 5-10 minutes. Leading companies involved in ultra-fast charging installations include ABB, Delta, Tritium, and EVBox. ABB introduced the world’s first 360 kW charger in 2022. Likewise, in February 2024, Chaevi (South Korea) unveiled its latest 400 kW Tesla NACS-compatible DC fast charger, equipped with dual ports for simultaneous charging, supporting CCSI and/or NACS connector configurations. Leading Charging Point Manufacturers (CPMs) have begun deploying 400 kW chargers since late 2023; Mercedes-Benz, for instance, installed its initial 400 kW chargers in the US in October 2023. Similarly, Vital EV Solutions installed the UK’s premier 400 kW DC ultra-fast 2 chargers. Initially utilized primarily for commercial vehicle rapid charging, ultra-fast 2 charging has found application in passenger cars as well. Various countries are already planning the deployment of these charging stations along highways. In the UK, EON Energy (Germany) and GRIDSERVE (UK) have erected such charging stations along highways. Siemens (Germany) and ARAL (Germany) have deployed charging stations across Germany. Fastned has also installed these chargers across the UK, Germany, and France. IONITY (Germany) has established similar charging points across Europe. Tritium (US), Electrify America (US), and ABB (Switzerland) have also erected Ultra-fast level 2 chargers in the US.

Increasing Demand for Fixed EV Chargers to Drive Market.

Fixed chargers, also known as charging stations, are stationary infrastructure essential for electric vehicles (EVs). Placed in public areas, highways, malls, and offices, they require EV owners to bring their vehicles for charging. Despite higher initial costs compared to portable chargers due to infrastructure needs, fixed chargers offer faster charging rates. Governments collaborate with OEMs to deploy fixed chargers, supported by subsidies and incentives to promote EV adoption and reduce carbon emissions. Fixed chargers provide economic benefits and quicker charging rates, driving market growth amid the transition to electric vehicles. China is expected to be the largest as well as the fastest growing in fixed charger segment, by installation type. South Korea, Germany, Netherlands, France, US etc. are among the other leading countries in the fixed charger segment. In Europe and Asia Pacific, governments of leading EV-using countries granted incentives for the adoption of EV vehicles and the installation of EV chargers, which is expected to increase the demand for fixed chargers.

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Key Market Players:

The major players in EV Charging Station Companies include ABB (Switzerland), BYD (China), ChargePoint (US), Tesla (US), Siemens (Germany), among others.

Recent Developments

In January 2024, MAN Truck & Bus and ABB signed a cooperation agreement to tackle the electrification challenges Europe’s trucking fleet faced. The agreement focused on accelerating the progress of megawatt charging stations, investigating innovative electric vehicle integrations, and creating software solutions tailored for electric trucks.
In February 2024, Raizen Power and BYD formed a strategic partnership to accelerate sustainable electric mobility in Brazil. The initiative aims to significantly expand the public network of electric chargers, providing 100% clean and renewable energy and enhancing the recharging experience for users. Raízen Power, aiming for a 25% market share in Brazil’s electromobility sector, will install approximately 600 new DC charge points, contributing an additional 18 MW of installed power for nationwide EV recharging.
In January 2024, BP partnered with Geotab to offer an integrated software solution for managing EV fleets. The partnership combines bp pulse’s charge management software, Omega, with Geotab’s telematics data, providing fleet operators with a unified platform. This integrated solution, available through the Geotab Marketplace, enables optimization of EV charging operations based on factors such as lower-cost energy and vehicle availability. The combination of Omega’s fleet optimization capabilities and Geotab’s comprehensive telematics data offers fleet operators’ insights into both charging infrastructure health and vehicle location.
In December 2023, ENGIE, CEVA Logistics, and SANEF partnered in the European Clean Transport Network (ECTN) Alliance. CEVA establishes relay stations at its Avignon, Lyon, Dijon, and Lille agencies and a control tower based in Valenciennes to oversee flows, monitor travel times, and track energy consumption. ENGIE is responsible for installing and operating electric charging stations. SANEF hosted a relay station at the Sommesous service area for testing purposes, representing a prototype of future terminals along highways or near major long-distance freight routes.
In December 2023, BP and Iberdrola entered into a joint venture aimed to create an extensive fast and ultra-fast public charging network for electric vehicles (EVs) in Spain and Portugal. bp has planned to invest USD 1.08 billion, aiming to install 11,700 charging points by 2030. It commenced operations with over 300 charging points and aims to have nearly 5,000 in Spain and Portugal by 2025.

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