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.
Opportunity: Use of V2G EV charging stations for electric vehicles
Vehicle-to-Grid (V2G) EV charging is a system that has a bi-directional electrical energy flow between plug-in EVs and the power grid. The V2G technology enables EVs to store unused power and discharge it to the grid. This can improve the electrical component’s performance and add value for EV owners. The introduction of this concept has eased electric vehicle charging operations and made EVs one of the most preferred modes of transportation. Thus, the entire charging station market plays a vital role in the connection of the grid to the electric vehicle to enable the vehicle’s charging.
Enel Energia S.p.A. installed 2 V2G electric car charging stations at the Genoa headquarters of the Italian Institute of Technology. The installation is a part of MOV-E, a corporate electric car sharing pilot project in collaboration with Nissan. Nissan provided two battery EVs (LEAF model) to the Italian Institute of Technology, as well as an app management platform, Glide. The agreement between Enel and Nissan signifies a change in the world of technology in terms of sustainable mobility. Thus, the V2G charging technology is a key opportunity for manufacturers as it is expected to transform the world of EVs and shape the future of EV charging. Although the V2G infrastructure is more valuable than smart charging, the initial cost for the installation of V2G charging stations is significantly high. The consistent and anticipated evolution of V2G technology is expected to offer opportunities for EV connector manufacturers to introduce advanced connectors to withstand electrical architecture.
The electric vehicle charging station market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US) and BYD (China).
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Smart Connected EV Charging Stations are estimated to account for rapid growth during the forecast period.
Smart connected charging stations or networked charging stations are individual units connected to a vast network of EVSEs and to a central management and payment system. They can be accessed remotely and have huge benefits over non-networked stations, including enabling their location to be known on various map applications, remote access by the driver, estimation of wait and charging times, better planning of a journey, centralized payment system where the driver can enable pre- and post-payment methods, and coupons and discounts. While non-connected charging stations will comprise most of the market in the short term, but with most EV charging station manufacturers and network providers coming up with smart charging devices for load management and other services, the demand for smart connected charging stations will be on the rise in the coming years. With automated billing and charger detection, IoT technology will be used extensively in public charging stations. Its penetration in home and business charging will also increase due to load management, charging behaviour, performance analysis, and other features coming into the EV charging station market.
Public chargers will be the fastest-growing segment during the forecast period
The availability of public EV charging plays an important role to purchase electric vehicles across the globe. Public charging and access to fast charging are viewed as key criteria when buying an electric vehicle. This is anticipated to bolster revenue growth for the public charging segment. The Asia Pacific region continues to install public chargers at a significant rate due to the rising number of EV users, especially in China, India, and South Korea. These countries have implemented policies to increase the usage of EVs by providing subsidies and reducing taxes. They also encourage the growth of EV manufacturers and related industries by providing grants or implementing preferential policies for EV-related companies to enable them to expand faster. A steady surge in economic growth, urbanization, travel demand, etc., coupled with increasing investments toward electric mobility to contribute to energy storage and environmental sustainability is anticipated to bolster the growth of the public charging station segment.
The North American public EV charging market has been driven by the US, which witnessed an increasing number of EV users, especially in 13 states, such as California, Maryland, etc., and the trend is expected to extend to other states, leading to the high growth of the public charging segment during the coming years. In the European region, the leading EV users include the UK, the Netherlands, Norway, France, and Germany. Other countries are also expected to increase the use of EVs during the coming years, subsequently leading to the growth of EV infrastructure.
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The level 3 segment is estimated to account for the fastest-growing market during the forecast period.
Level 3 charging is expected to be the fastest-growing segment by the level of charging during the forecast period. The Asia Pacific region currently has the highest number of level 3 EV charging stations due to the high growth of EV usage in countries such as China, Japan, and South Korea. It is also expected to be the region where level 3 charging stations are expected to grow the fastest. In this region, the fast plug and charge options are preferred to home charging or waiting long hours for vehicles to charge. China’s significant expansion in the EV infrastructure led to the highest growth of level 3 charging in the Asia Pacific region. In Europe, level 3 charging is led by countries such as the Netherlands, the UK, France, and Germany. These countries have collaborated with major automobile manufacturers and charging service providers to increase their EV charging networks. These measures make Europe the second-highest growing market for level 3 charging. The North American region is led by the US, which has also started implementing measures to increase EVs on roads. 13 US states, including California, Maryland, Oklahoma, and Washington, have been at the forefront of increasing EV usage in their states. While these states have well-developed level 3 charging networks, the rest of the US has yet to increase EV usage and infrastructure.
Recent Developments:
- In November 2021, Tesla launched its new version of Gen 2 wall connector with J1772 connector. Unlike its previous charging stations, this EV charging station is compatible with all kinds of EVs available in the North American market.
- In October 2021, Tesla launched and deployed its first Megacharger to charge its semi-electric truck. The concept was introduced in 2017 when Tesla launched its Semi.
- In October 2021, ABB and Amazon AWS launched a fleet management tool for public EV chargers. The cloud-based service called Panion EV charge planning will help operators manage power in a more efficient way.
- In September 2021, ABB 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 charge up to 4 EVs simultaneously.
- In July 2021, Shell launched a new version of its Home charging system with NewMotion Connect features.
- 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.
- 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.
