EV Charging as a Service Market Size

Electric Vehicle Charging as a Service Market Future Prospects

The electric vehicle charging as a service market will generate an estimated revenue of USD 47.2 billion in 2024, and it is projected to grow at a CAGR of 18.3% from 2024 to 2030, reaching USD 129.5 billion by 2030 due to the rising demand for vehicles.

The rapid growth in the demand for EV charging services is fueled by advancements in EV technology, increasing efficiency, and rising battery capacity. This has boosted consumer demand, making the development of charging infrastructure crucial.

As per the International Energy Agency (IEA), the battery demand for vehicles in China grew by 70%, while electric car sales increased by 80% in 2022 relative to 2021.

Moreover, with major players, such as Tesla, Volkswagen, and ChargePoint, heavily investing in new service models, the market is experiencing significant profit growth.

Additionally, the need to reduce the carbon footprint and the increasing focus on sustainability propel market growth. Moreover, governments are implementing financial incentives, undertaking infrastructure development, and supporting R&D to encourage the usage of EVs.