Electric Vehicle Charging Station Market

Market Leader - Electric Vehicle Charging Station Market

The global electric vehicle charging station market size is projected to grow from 2,354 thousand units in 2022 to 14,623 thousand units by 2027, at a CAGR of 44.1%. Factors such as rising sales of EVs around the world, along with the growing demand for zero emission transport will boost the demand for the electric vehicle charging station market. The market for EV charging stations is expected to be led by Government incentives and regulations along with OEM support for the shift to zero emission transport and sales of their EVs.

The growth of the market is influenced by the rising demand zero emission transport along with huge R&D investments from major players in EVCS technology, government focus on providing charging stations among others. Developments in technologies like portable charging stations, bi-directional charging, smart charging with load management, usage based analytics and automated payment along with development of ultra-fast charging technology will create new opportunities for this market. The electric vehicle charging station market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US) and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the electric vehicle charging station market. 

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ABB operates in the power generation, transmission and distribution, heavy electric equipment manufacture, industrial automation, and robotics sectors. The company entered into the Electric Equipment business by the end of 1990. The company has a wide range of electric vehicle charging stations and charging solutions and is among the top few companies in the world in the electric vehicle charging segment. The company is one of the world’s largest manufacturers and providers of EV charging stations, with more than 14,000 DC fast chargers and over 400,000 level 1 and level 2 chargers installed in over 80 countries around the world. It provides charging solutions for public, commercial, and fleet charging. It recently has developed a vehicle-to-grid-based charging solution, which it plans to roll out from around mid-2022. In September 2021, the company launched the world’s fastest EV charging station Terra 360, which can charge most EVs in less than 15 minutes. It can deliver 100 km range in less than 3 minutes. This is made for public charging stations and can simultaneously charge up to 4 EVs.

Shell’s main business is in the oil & gas segment and is also present in alternative energy segments such as wind power, solar power, and hydrogen. It offers a wide range of EV charging stations ranging from home charging, business/destination charging, and public charging through its NewMotion range of products and Greenlot range of services. Shell’s charging stations use connected IoT technology and can charge multiple EVs while keeping charging stable and reducing power wastage. It also provides charging solutions for fleet operators along with Greenlot charging services. The company has set a target to operate over 500,000 charge points by 2025. Currently, the company operates over 80,000 charge points for electric cars at homes, business, Shell retail sites, and destinations. In addition, the company currently offers access to over 300,000 additional charge points through their roaming networks. The company plans to rebrand its Newmotion and Greenlots to Shell Recharge Solutions in early 2022. In July 2021, the company launched a new version of its Home charging system with NewMotion Connect features.

Tesla is regarded among the world’s best-selling electric car manufacturers in the plug-in and battery electric vehicle segments. The company designs, develops, manufactures, and markets high-performance electric cars, battery energy storage equipment including EV charging stations, and solar panels. It has also built a significant network of charging stations. The company primarily operates in the Automotive and Energy Generation & Storage segments. Tesla sells cars directly to consumers through its website and a wide range of international stores and galleries, and does not have dealerships. The company has established charging stations in more than 40 countries such as Australia, Canada, US, UK, UAE, China, France, Germany, Italy, Russia, Japan, South Korea, etc. and claims to have installed more than 30,000 superchargers worldwide. It also sells solar energy products directly to consumers. In November 2021, the company announced plans to open its Supercharger network to other EVs to encourage the shift to EVs. This is expected to create a large demand for its supercharging segment, due to which Tesla is expected to rapidly increase its superchargers around the globe. Its entry into the Indian EV market will also lead to a fast growth in its supercharger network.

ChargePoint, BYD, Schneider Electric, Siemens, BP, Webasto, Engie, Eaton, SemaConnect are some of the other top companies in this market. For instance, In June 2021, ChargePoint introduced a highly competitive and comprehensive electric fleet charging portfolio. It uses ChargePoint’s AC and DC charging systems and optimizes costs, charging time, energy usage, and fuel cost of EV fleets. Similarly, in October 2021, Webasto launched Weabasto Next charging station with the Webasto charge connect system. It has a type 2 Europe standard plug and offers a charging capacity of 11-22 kW. Similarly, In January 2021, BYD launched and certified its new 150 kW DC Plug-in CCS Type 1 Charger. It was tested for international standards for safety and equipment life. This charger was mainly developed for electric buses and trucks. In January 2021, Siemens launched a new DC Fast Charger, SiCharge D, which claims to charge up to 300 kW dynamic charging power. This was designed for use in highways and shopping complexes. Other top EV charging station manufacturers and network providers also had notable developments in the past few years.

Related Reports:

Electric Vehicle Charging Station Market by Application (Public, Private), Level of Charging, Charging Point Type, Infrastructure, Service Type, Installation, Electric Bus Charging, DC Fast Charging, IOT Connectivity and Region - Global Forecast to 2027

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Report Code
AT 7099
RI Published ON
2/4/2022
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