According to the research experts of Strategic Market Research, the Electric Vehicle Charging Stations market was worth USD 9.47 billion in 2020 and is likely to reach a landmark of nearly $142.46 billion in 2030 with a robust CAGR of 31.14 %. Let us make you well acquainted with some of the crucial statistics related to the market.New York, United States
New York, United States, May 26, 2022 (GLOBE NEWSWIRE) -- The term 'Electric vehicle charging station' refers to a public or private parking space served by battery charging station equipment. The primary purpose of the Electric vehicle charging station is to transfer the electric energy by inductive or conductive means to a battery or any other energy storage device within an electric vehicle. By Point of Charge, the "DC (Super Charging)" market segment led the market with the highest share of around 72.12 % in 2020. Moreover, on a regional basis, Asia-Pacific had the largest proportion of the entire market, with a robust CAGR in the year 2020.
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The segmentation outline of the latest report published by Strategic Market Research on the Electric Vehicle Charging Station Market is as follows:
Based on Point of Charge:
Based on Mode of Charging:
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31.14%
ABB, ChargePoint Inc., Siemens, Engie, Schneider Electric, Tesla, EVgo, Alfen, AeroVironment, Blink Charging
OnPoint of Charge, Charging Level, Mode of Charging, Applications, IoT Connectivity, and Regions
Lack of Electric Vehicle Charging Stations
Electric-Vehicle Smart Charging, Rising Sales of Electric Vehicles and Government Funding
The Global Electric Vehicle Charging Station market is predicted to reach a market value of USD 142.46 billion by 2030 from USD 9.47 billion in 2020, at a CAGR of 31.14 % during the forecasted period. The perennial growth of the rising EV sales all over the globe and the increase in the demand for EV charging stations worldwide are the key reasons augmenting the overall growth of the market. As per the IEA, after a decade of rapid progress, in the year 2020 finally, the global EV stock hit the 10 million mark, which is a around 43% increase since the year 2019. Moreover, the BEVs (Battery electric vehicles) had accounted for 2/3 rd of the new electric car registrations & almost 2/3 rd part of the stock market in 2020. Furthermore, apart from the growth of EVs across the globe, the rise in the investments made by the automakers towards the advancement of the electric vehicle charging infrastructures also plays a vital role in enhancing the growth of the market.
Based on the point of Charge, the "DC (Super Charging)" market segment led the market with the largest share of around 72.12 % in 2020.
By Point of Charge, the "DC (Super Charging)" market segment dominated the market with the highest share of around 72.12 % in 2020. The DC charging can feed the power directly to the vehicle's battery, and it does not require any onboard charger for the conversion process, which in turn increases the total number of EV sales across the globe. All of these factors are responsible for the rapid growth of this segment. According to a survey, EVs made up 8.3 % of total light passenger vehicle sales in 2021, which is a hefty increase from 4.2 % of all sales in 2020.
By Charging Level, the “Level 3” market segment possessed the largest share of the total market.
In terms of Charging Level, the "Level 3" market segment dominated the entire EV Charging Station market in 2020. The Level 3 type of charging, also known as DC fast charging, is the fastest way to charge an EV in just a few minutes. Level 3 charging is faster and provides more power, making it the ideal charging type for electric vehicles. This is a key factor responsible for driving the overall growth of this segment. According to the California Energy Commission, the EV chargers are divided into levels 1, Level 2 and direct current (DC) fast charging. One distinction between these three levels is the input voltage; Level 1 utilises 110/120 volts, Level 2 utilises 208/240 volts, and DC fast chargers utilise in between 200 and 600 volts.
By Mode of Charging, the Plug-in Charging System market segment held the largest share of the market
Based on Mode of Charging, the "Plug-in Charging System" market segment held the biggest share of the total market at around 78.12 % in 2020. The Plug-in Charging System enables an individual to control the current & voltage level at which the battery must be charged, thus taking proper care of the battery's life span. The battery's charger either provides constant voltage or constant current charging, both of which are much easier to operate, which propels the growth of this segment.
By Application, the ‘Public Chargers’ market segment had the highest share of the EV Charging Station market
In terms of Application, the "Public Chargers" market segment accounted for the largest share of the market at around 84.13% and is anticipated to continue to dominate significantly throughout the forecasted period of 2020-2030. The wide availability of public EV charging stations plays a crucial role in purchasing EVs worldwide. Public charging systems are mostly available on roads and are viewed as a key criterion when buying an electric vehicle. This is expected to boost the growth of the revenue of this segment. As per the data published at evadoption, as of December 31, 2020, there were an overall 96,536 public charging ports – including Level 1, Level 2, and DC fast chargers.
The 'Smart Connected Charging Stations' led to the maximum proportion of total EV Charging Station Market share based on IoT Connectivity.
By IoT Connectivity, the "Smart Connected Charging Stations" market segment dominated the global EV Charging Station in 2020. Smart charging enables the charging station owners to remotely manage, monitor, and restrict devices' usage for energy consumption and optimization. All these crucial factors are enhancing the overall market growth of this segment.
Asia-Pacific held the largest portion of the EV Charging Station Market share.
By Region, the "Asia-Pacific" segment dominated the market with the fastest growing CAGR throughout the forecasted period. It is due to the governments of the emerging economies like India, China, and Japan investing a hefty sum of amount in the EV industry, thereby boosting the overall growth of the EVs charging station market in the APAC region. Also, the governmental bodies are planning to introduce various crucial initiatives to attract the major OEMs to produce charging infrastructure in the domestic markets. On the other hand, Europe held the second-largest market share in 2020.
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Global EV Charging StationMarket: Recent Developments
On November 1, 2021, TESLA successfully inaugurated its brand-new version of the GEN 2 WALL CONNECTOR, coupled with the J1772 connector. Unlike the previous charging stations, this EV charging station is compatible with all forms of electric vehicles that are widely available in North America. This initiative taken by TESLA fuels the overall growth of the electric vehicle charging market globally.
On October 26, 2021, Amazon Web Services & ABB successfully introduced a fleet management tool for facilitating the entire operation of public EV charging stations. The "Panion EV charge planning" will assist the manufacturers in managing their power more adequately and efficiently.
In September 2021, ABB introduced Terra 360, the fastest EV charging station, capable of charging EVs in less than 15 minutes and offers a range of 100 km in less than 3 mins. ABB exclusively introduced this for public charging stations, and it has the full potential to simultaneously charge up to 4 EVs.
The vital report on “Collaborative Robots Market” Insights & Forecast 2030 published by Strategic Market Research explains a detailed understanding of the crucial market insights. The market was valued at 609 million in 2020, and it's forecasted to reach a landmark of up to $1671million by 2027 with a total CAGR value of 15.2%. The high return on Investment of cobots as compared to the traditional industrial robotic system is the primary driver of the Collaborative Robots Market. Some of the significant players in the Collaborative Robots Market include Techman Robot, YASKAWA, KUKA, ABB, FANUC, Universal Robots, Rethink Robotics, Doosan Robotics, F&P Robotics, Precise Automation, MIP Robotics, Denso Corporation, Wyzo, Elite Robot, andNeura Robotics.
The vital report on “Power Tools Market” Insights & Forecast 2030 published by Strategic Market Research deciphers a complete idea about the significant market insights. The market was valued at 33.9 billion in 2020, and it's likely to expedite up to $56 Billion by 2027 with a promising CAGR of 5.13%. The rise in the demand for power tools in the manufacturing and automotive industries, the rise in the adoption of cordless tools providing no external power source with easy mobility, and the rise of the funds by the worldwide governments for power tools market research and the growing usage of tools and accessories are the key drivers that are fueling the total growth of the market.The most vital players in the Global Power Tools Market are Hilti Corporation, Makita Corporation, Stanley Black & Decker, Emerson Electric, Co, Ingersoll-Rand PLC, Robert Bosch, Techtronic Industries, and Koki Holdings Co., Ltd.
The vital report on “Automotive Wiring Harness Market” Insights & Forecast 2030 published by Strategic Market Research exaggerates a well-developed idea regarding the different market insights. The market was valued at $46.82 billion in 2020, and it's anticipated to grow up to 74.46 billion by 2030 with a CAGR of 4.75%. The surge indemand for electronic devices and the continuous rise in the demand for electric vehicles (EVs) in the developing regions worldwide are the key amplifiers that are propelling the market growth. Key firms operating in the market are Aptiv PLC, Yazaki Corporation, Furukawa Electric Co., Ltd, Lear Corporation, Fujikura Ltd, NexansAutoelectricGmbh, SamvardhanaMotherson Group, Leoni AG, Sumitomo Electric Industries, Ltd, and Yura Corporation.
The vital report on “Wireless Charging Market” Insights & Forecast 2030 published by Strategic Market Research encompasses a pellucid understanding of the various market insights. The market was valued at 4.47 billion in 2020, and it's poised to grow up to $34.65 billion by 2030 with an overall CAGR of 22.73%. The key drivers of this Wireless Charging Market are the continuous rise in the adoption of wireless technology in the consumer electronics industry and the development of various wireless technological products by global manufacturers. Some of the key players are Qualcomm Incorporated, Samsung Electronics Co. Ltd, Texas Instruments, Powermat Technologies Ltd, WiTricity Corporation, Integrated Device Technology Inc, Energizer Holdings Inc, Sony Corporation, Fulton Innovation LLC, Energizer Holdings, Inc, Evatran Group, Murata Manufacturing Co. Ltd, Leggett & Platt, Momentum Wireless Power, Ossia Inc, Zens, Powercast Corp, and Elix Wireless.
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