Electric Vehicle Charging Outlet Units to reach 18.81 billion, Globally

UnivDatos Market Insights released a report titled “Electric Vehicle Charging Outlets Market by Emphasis on Deployment Type (Public & Private Chargers), Charger Type (Slow & Fast Chargers), Level of Charging (Level 1, Level 2 & Level 3 Chargers) and Mode of Charging (Plug-in & Wireless Chargers) and Regions - Current Analysis and Forecast (2019-2025).” Global Electric Vehicle Charging Outlets Market is expected to grow at a CAGR of 25% from 2018-2025 to reach 18.81 billion units by 2025.

Market Opportunities and Drivers

According to the latest report by the International Energy Agency (IEA), the electric car sales topped 2.1 million across the world in 2019, reflecting a growth of 40% on a YoY basis. Over the last few years, the automobile industry has witnessed a sea change in the attitudes of consumers and governments towards electric vehicles. With growing consumer demand for electric vehicles, auto manufacturers and governments are pursuing various electric strategies with varying degrees of success including required infrastructures, fuel economy standards, direct subsidies, tax rebates, zero-emission vehicles policy, among others. Developing a reliable charging infrastructure network is commonly seen as a crucial prerequisite for a large-scale electromobility transition. These facilities would not only provide drivers with more charging options but would also encourage visibility and confidence-building for prospective owners of electric vehicles. As per the estimates, the industry could require around 40 million chargers across China, Europe, and the United States based on charging profiles and available technologies.

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Covid-19 Impact on Electric Vehicle Charging Outlets Market

As per the IEA statement, electric car sales have declined nearly 15% from January to April 2020 over the last year. Unlikely other sectors, the electric vehicle charging sector has had a minimal impact of the pandemic as the governments have announced several stimulation packages supporting the development of a network of electric vehicle charging stations to infrastructure rehabilitation. For instance: the Indian government (NITI Aayog) and Rocky Mountain Institute have prepared a report - ‘Towards a Clean Energy Economy: Post-COVID-19 Opportunities in India's Energy and Mobility Sectors’ to revive electric vehicle industry and lower the supply-chain disruptions across the required infrastructure.

Global Electric Vehicle Charging Outlets Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Deployment Type, the market is primarily bifurcated into

• Public
• Private

Public charging outlets dominated the deployment segment of the global electric vehicle charging outlets market and will is expected to grow at a CAGR of 26.1% during the analyzed period.

By Charger Type, the market is primarily segmented into

• Slow
• Fast

Amongst charger type, slow chargers accounted for the largest share and is expected to maintain its dominance during the forecast period 2019-2025. However, with advancements in technology and government supports, fast chargers are expected to grow at the highest CAGR of 37.1% during the forecast period.

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By Level of Charging, the market is primarily fragmented into

• Level 1
• Level 2
• Level 3

In 2019, level 2 charging dominated the electric vehicle charging outlets market and is expected that by 2025, it will hold nearly 75% of the market share. The primary reason driving the level 2 charging segment is growing adoption of it across various locations including home, residential complexes, commercial places, parking, and other such places

By Mode of Charging, the market is primarily segmented into

• Plug-in
• Wireless

Amongst charging mode, plug-in charging accounted for the largest share and is expected to maintain its dominance during the forecast period 2019-2025. However, wireless charging outlets are expected to grow at a CAGR of 10.2% during the forecast period.

Electric Vehicle Charging Outlets Market Geographical Segmentation Includes:

• North America (the United States, Canada, and Rest of North America)
• Europe (Germany, France, United Kingdom, Netherlands, Norway, Sweden, Portugal, and Rest of Europe)
• Asia-Pacific (China, Japan, India, Korea, Singapore, and Rest of Asia-Pacific)
• Rest of World (Brazil, South Africa, Chile, UAE, and Rest of World)

Based on the estimation, Asia-Pacific dominated the electric vehicle charging outlets market with nearly 75% of the charging outlets in 2019, followed by Europe and North America. China accounts for nearly 50% of electric cars on the road, these vehicles required adequate charging infrastructure to ply on, which supplements the growth of electric vehicle charging outlets market growth in the region.

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The major players targeting the market includes

• BYD Company Ltd
• ChargePoint Inc.
• Eaton Corp.
• EV BOX
• Evgo
• Fortum OYJ
• General Electric Company
• Schneider Electric SE
• Tesla Inc.
• The New Motion

The competitive landscape has been provided pointing out the position of the key market players in the market along with the market share that is held by major players. These players are constantly working on expanding the market reach through M&A’s along with partnerships.