Electric Vehicle Charging Stations Market - Industry Analysis, size, Share and Upcoming Trends (2018-2024)

Research report presented by UnivDatos, 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 Geographical analysis (key regions and countries).

Electric vehicle charging outlet is the infrastructural element that provides energy for recharging the electric vehicle (EV). The installation of charging outlet is continuously growing and is expected to grow exponentially in the coming decade. Increasing sales of EV, government regulations on greenhouse gases, government incentives and tax rebates on charging outlet installations are attributed to be the major drivers for the market growth. At the global level, almost all the countries have their own futuristic models for electric vehicle and charging installations. Such optimistic view towards the market is anticipated to fuel the market in the coming years. However high cost associated with the equipment and its installation is enormously hampering the market growth of Electric vehicle charging outlet. The impact of this restraint is expected to be high during the forecast period (2018-2025). Meanwhile, countries such as India, Brazil, and South Korea among others, which are developing rapidly on the technological front, are anticipated to be the key growth areas in this industry.

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“Rise in support by the governmental bodies and the ease in usage of the public charging outlets are propelling the growth of the public electric vehicle charging outlets market”

Electric vehicle charging outlets market is segmented on the basis of deployment type i.e. public or private (home, commercial building, shopping malls, private parking spaces etc.) charging outlets. Among these two types of charging outlets, public charging outlets dominated the market in 2017 and is expected to maintain its dominance during the forecasted period. In the coming years, both the segments are anticipated to grow, however the public application is expected to growth at a higher pace than the private applications. Factors such as rise in support by the governmental bodies and the ease in usage of the public charging outlets are propelling the growth of the public electric vehicle charging outlets market. Based on efficiency of charging the Public and private charging outlets are bifurcated into slow and fast chargers. Low cost of the equipment and its installation are the primary factors behind the major share of slow chargers. However fast chargers take less time compared to slow chargers to completely charge the electric vehicle.

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“Low installation and equipment cost of level 2 charger help them to gain more momentum compared to level 3 chargers in the market”

The market is further segmented based on the level of charging including Level 1 (0-120 Volt, 15 Amps), Level 2 (121-240 volts, 30 Amps), Level 3 (241 volts & above, 100 Amps). Level 1 and Level 2 chargers are slow chargers, wherein Level 3 are the DC fast chargers. Level 2 chargers dominated the market as these chargers are deployed in both home and public placed such as commercial building, shopping malls, private parking spaces etc. In addition, low cost of installing level 2 charger also help the market to gain more momentum compared to level 3 chargers. On the basis of mode of charging, the market is segmented into plug in and wireless chargers. In 2017, plug in chargers dominated to market with more than 90% share, followed by wireless. However, wireless chargers are expected to witness highest CAGR growth during the forecasted period.

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“Owing to the tremendous sale of EVs in China, Asia Pacific held the largest share in Electric Vehicle Charging Stations Market”

Electric Vehicle Charging Outlets market is further segmented across several geographical regions to provide a better picture of the industry. This segment includes regions such as North America, Europe, Asia Pacific, and rest of the world. These regions are further analysed on the country level to understand the penetration of electric vehicle and charging infrastructure in the country. Owing to the tremendous sale of EVs in China, Asia Pacific held the largest share in electric vehicle charging outlets market. In addition, China is registered as the maximum revenue generator in 2017, the country also planned to deploy 5 million EVs on road by 2020. Hence the growing number of EVs in Asia Pacific is driving the market for charging outlets in the region.

Some of the key players profiled in the global electric vehicle charging outlets market report are BYD Company Ltd, ChargePoint Inc., Eaton Corporation, EV BOX, Evgo, Fortum, General Electric Company, Schneider Electric SE, Tesla Inc. and The New Motion. These players are adopting several market strategies, such as merger, acquisition, and collaboration, among others to strengthen their foothold in the industry.

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