Valued at $1.6 billion in 2015, the global electric vehicle (EV) charging stations market is projected to reach $29.7 billion by 2022, at a CAGR of 51.7% between 2016 and 2022.
Among all the regions, Asia-Pacific (APAC) is expected to witness the fastest growth during the forecast period. It would mainly be due to the growing inclination of governments toward increasing the number of electric vehicles on roads, which has been propelling the growth of the EV charging stations market in the APAC region.
Dynamics of Electric Vehicle Charging Stations Market
The key trend being observed in the EV charging stations market is rising product launches and technical upgradations. For instance, there were four product launches in 2015, by ClipperCreek and ChargePoint. ClipperCreek launched HCS-30, a 24-ampere level-2 EV charging station in September; HCS-50, a 40-ampere charging station for electric vehicle in July; and LCS-20P, a level-2 charging station in March. ChargePoint launched its home EV charging station in September 2015.
The increasing number of EVs worldwide is a major growth driver for the EV charging stations market. With the growing concern of the public and government over environmental pollution, electric vehicle sales have surged in the recent past. Features such as low maintenance and operating costs are further encouraging an increasing number of consumers to purchase EVs. This is, in turn, is fueling the demand for charging stations, globally.
The growing market for electric vehicles in APAC presents a huge growth opportunity for the players in the EV charging stations market, owing to the rising concern of governments about environmental pollution. China is the forerunner in the EV market of APAC, while other major economies, such as Japan, Australia, South Korea, and India, are also increasing the number of EVs on their roads. Owing to the increasing number of EVs in China, the government recently announced a funding of $16 billion for the installation of EV charging stations.
Segmentation Analysis of Electric Vehicle Charging Stations Market
When segmented on the basis of product, the EV charging stations market was dominated by the category of alternating current (AC) charging stations, in 2015. It was mainly due to their early installation and wide acceptance rate in major countries, including China, in the past few years.
In terms of the location of EV charging stations, the private charging station category is expected to possess the larger share, in unit terms, in 2022. It is mainly attributed to the higher number of private charging stations deployed in China, which accounts for a major share in the EV charging stations market.
Geographical Analysis of Electric Vehicle Charging Stations Market
Globally, APAC was the largest market for EV charging stations during the historical period (2012–2015) and is expected to maintain the trend during the forecast period. This dominating market share is driven by the surge in the sales of electric vehicles in the region, mainly in China. Furthermore, the technical expertise of Japan in the battery and charging technology and the increasing inclination of governments toward increasing the number of new-energy vehicles on roads are further propelling the growth of the EV charging stations market in APAC.
Competitive Landscape of Electric Vehicle Charging Stations Market
The global EV charging stations market is witnessing a rapidly growing number of new players providing different types of charging technology to the electric vehicle manufacturers. Some of the leading players in the industry are ClipperCreek Inc., AeroVironment Inc., General Electric Company, Chargepoint Inc., Schneider Electric SE, ABB Group, Tesla Inc., Chargemaster PLC, Leviton Manufacturing Co. Inc., and Efacec Electric Mobility S.A.
Recent Strategic Developments of Electric Vehicle Charging Stations Market
In September 2015, ClipperCreek unveiled a 24-ampere level-2 electric vehicle charging station; the HCS-30. It is capable of charging most EVs in around 4 hours; the company has priced the product at $565.
Moreover, in January 2016, ABB, another leading EV charging stations market player, delivered 10 fast chargers to Green Energy Centre, one of the world’s largest fast electric vehicle charging parks, located in Bergen, Norway. The park will be able to charge up to 21 electric cars at the same time. The fast chargers provided by the company include six Terra 51s and four Terra 53 Cs.
Key Questions Answered in the Report
What is the current scenario of the global EV charging stations market?
What are the historical and present size of the categories within the market segments and their future potential?
What are the major catalysts for the market and their expected impact during the short, medium, and long terms?
What are the evolving opportunities for the players in the market?
Which are the key regions from the investment perspective?
What is the market share of different key players?
What are the key strategies being adopted by the major players to expand their market share?