Electric vehicle charging stations are defined as a site where one or more EVSEs are installed. These sites can be residential, non-residential, or commercial. Electrical energy is supplied through special connectors that conform to the variety of electric charging connector standards for the recharging of plug-in electric vehicles?including electric cars, electric buses, and special-purpose electric vehicles.
Electric Vehicle Charging Stations Market is expected to project a notable CAGR of 33.35% in 2031
Electric Vehicle Charging Stations Market to surpass USD 291.01 billion by 2031 from USD 16.37 billion in 2021 at a CAGR of 33.35% in the coming years, i.e., 2022-31. Government initiatives to promote the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, rising prevalence of range anxiety, and increased deployment of EVs by shared mobility operators are all contributing to the overall growth of the electric vehicle charging stations market.
Electric Vehicle Charging Stations Market: Segments
segment to grow with the highest CAGR during 2021-31
Electric Vehicle Charging Stations Market is segmented by Connection Type into pantograph, connectors, and wireless charging. The connectors segment held the largest market share in 2021 and is anticipated to register the highest growth over the forecast period. The large share of this segment is mainly attributed to government initiatives to expand the DC fast-charging station infrastructure and increasing investment by stakeholders of electric mobility in emerging economies for developing EV charging infrastructure.
Passenger Cars segment to grow with the highest CAGR during 2021-31
Electric Vehicle Charging Stations Market is segmented by Vehicle Type into Passenger Cars, Heavy Commercial Vehicles, Light Commercial Vehicles, Two-wheelers & Scooters. Over the projection period, the Passenger Cars sector is expected to increase at the fastest rate. The segment’s growth is attributed to the favorable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.
Electric Vehicle Charging Stations Market: Key Players
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Tata Consultancy Services Limited
Electric Vehicle Charging Stations Market: Regions
Electric Vehicle Charging Stations market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. Electric Vehicle Charging Stations market in Asia Pacific held the largest market share in the year 2020. In the Electric Vehicle Charging Stations market, Asia Pacific is expected to have the highest market size. The large share of this region is mainly attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicles.
By Charging Level
DC Fast Charging
By Vehicle type
Heavy Commercial Vehicles
Light Commercial Vehicles
Two-wheelers & Scooters
By Connection type
Wireless EV charging
By DC fast charging
By Mounting type
Electric Vehicle Charging Stations Market Dynamics
Electric Vehicle Charging Stations Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints