The global sale of EV charging stations is estimated to be worth USD 26,874.4 million in 2024 and is anticipated to reach a value of USD 143,000.0 million by 2034, recording a CAGR of 18.2% over the forecast period between 2024 and 2034. The revenue generated by EV Charging Station in 2023 was USD 22,903.8 million. This projected growth indicates a value growth of nearly 6.2X from the current value over the study period.
After a rapid expansion in 2022, EV sales were down in developing regions, up to nearly 14 million in 2023. Infrastructure developments are still struggling to match vehicle sales.
Despite this, charging station industry will remain strong owing to the development of fast DC charging infrastructure as OEMs increase their involvement. Furthermore, incorporating V2G (vehicle to grid) in EV charging is expected to offer lucrative growth opportunities for new players during the forecast period.
| Attributes | Description |
|---|---|
| Estimated Value (2024E) | USD 26,874.4 million |
| Projected Size (2034F) | USD 143,000.0 million |
| Value-based CAGR (2024 to 2034) | 18.2% |
Implementation of new policies such as tax rebates, subsidies, and grants by government agencies to increase sales of EVs is anticipated to push demand. Countries like China, Japan, India, and South Korea have ambitious targets and incentives to accelerate the adoption of electric mobility and expansion of charging infrastructure networks.
For instance, China’s New Energy Vehicle Credit System and its subsidy programs have led to an increase in investments in EV charging infrastructure, leading to rapid installations of charging stations. Similarly, METI (Ministry of Economy, Trade and Industry of Japan) has a set target to install up to 3 million charging ports by 2035 under the ‘Development of EV Charging Infrastructure’ program.
Also, the Indian government is planning to reduce goods and services tax on EVs from 12% to 5%. Similarly, the government of South Korea has announced a tax exemption of around USD 900 million and subsidies for buyers of electric and fuel cell vehicles.
Thus, an increase in government support for developments and sales of electric mobility in terms of tax exemption, tax credits, incentives, and subsidies will propel the adoption of EVs, driving the growth of charging stations during the forecast period.
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The table below presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and the current year (2024).
This analysis reveals crucial shifts in performance and indicates growth patterns, thereby providing stakeholders with a better vision of the growth trajectory over the year. The first half of the year, or H1, spans from January to June. The second half, i.e., H2, includes the months from July to December.
While there was a slight fluctuation in growth rate between 2023 and 2024, the overall demand remained positive, demonstrating consistent growth as manufacturers were able to capitalize on opportunities despite economic fluctuations.
The figures included in the table below show the growth of the sector for each half-year between 2023 and 2024.
| Particular | Value CAGR |
|---|---|
| H1 (2023) | 18.5% (2023 to 2033) |
| H2 (2023) | 17.9% (2023 to 2033) |
| H1 (2024) | 18.6% (2024 to 2034) |
| H2 (2024) | 18.1% (2024 to 2034) |
During 2023 H1, the industry experienced a strong growth rate of 18.5% and a marginally lower growth rate of 17.9% in 2023 H2, indicating low growth momentum in 2023.
Moving to the subsequent period, from H1 of 2023 to 2024. Growth will remain strong at 18.1% in 2024 H2 as compared to 2023 H2 with an increase of 20 BPS, indicating stability and providing stakeholders confidence on the market’s growth trajectory. Industry experienced substantial growth reflecting rising demand for charging infrastructure owing to increased EV sales and government subsidies boosting the demand.
OEMs entering the charging station market, transforming the EV landscape
Access to reliable fast charging stations is one of the biggest hurdles for many developed countries while trying to boost adoption of electric mobility. Tesla’s supercharger network is one of the largest globally and continues to expand in regions like Europe.
BMW, GM, Kia, Honda, Mercedez-Benz, Hyundai, and Stellantis are partnering to develop a new public charging network across North America. This unmanned venture promises to bring up to 30,000 new high speed charging stations on highways and urban areas by 2030.
Notably, the new charging infrastructure will be compatible with vehicles manufactured by all partner companies. These stations will integrate the Plug and Charge standard, which offers more secure and convenient charging at compatible stations.
The USA government has planned to invest USD7.5 billion in EV charging infrastructure to reach a goal of 500,000 charging stations nationwide. The joint venture leans into this initiative. It will leverage funding from the National Electric Vehicle Infrastructure (NEVI) plan as well as other private and public sources.
Wireless charging technology revolutionizing urban EV infrastructure
Increasing adoption of autonomous charging robots and wireless charging technology across developing regions is projected to bolster the EV charging station demand. Wireless power transfer (WPT) or inductive technology might deliver high convenience to EV owners.
This wireless charging using inductive technology eliminates the need for physical connections and improves owner’s convenience of EV charging. Major competitors include WiTriCity, Momentum Dynamics, ChargePoint, and Plugless.
Rising adoption of EVs in Asia Pacific is anticipated to propel the demand for new charging infrastructure. Autonomous charging robots' ability to improve charging station functions by connecting EVs to charging points automatically might drive sales. Such charging robots also send real-time notifications to the user when the charging is complete.
Autonomous robots and wireless charging technologies could further lower the requirement for extensive infrastructure and cabling upgrades at charging stations. Their cost-effectiveness is anticipated to push government bodies and companies across Asia Pacific to invest in EV charging station expansion plans.
Renewable energy powering the future of EV charging stations
Charging station operators strategically integrate on-site wind and solar power systems as primary energy sources for EV charging. This sustainable approach is set to ensure uninterrupted operations while remaining connected to the grid. When EV charging demand aligns with the capacity of these renewable energy sources, these stations become entirely self-reliant.
Excess energy generated during periods of low demand can be fed back into the grid for credits or stored for future use. During high-demand periods, additional power required for charging can seamlessly be drawn from the grid. This dynamic strategy can optimize resource utilization, minimize operational costs, and stabilize the grid.
Consequently, charging stations will likely enhance their environmental credentials and financial sustainability by efficiently managing energy generation, consumption, and distribution.
Government policies and investments support expanding charging network
The Alternative Fuel Infrastructure Directive (AFID) policy was initially conceived by the European Union (EU) but adopted widely beyond its borders. It advocates deploying public electric vehicle (EV) charging stations with a recommended 1 kilowatt (KW) capacity per vehicle.
The policy shift is expected to push the replacement of slow, low-capacity chargers with high-capacity alternatives, significantly reducing EV charging times. Moreover, introducing faster charging points might enhance accessibility, increasing engagement and potential revenue for charging station operators.
For instance, in India, FAME II has offered financial support and set targets to build charging infrastructure, i.e., chargers to be installed at every 25 km along highways. In March, the ministry of heavy industries announced financial aid for the development of charging networks across the country.
The USA government has announced around USD 50 million to subsidize projects aiming to expand convenient charging in line with its target of reaching 900,000 chargers by 2030 and 1.7 million by 2035. Thus, government policies and subsidies worldwide are driving the expansion of high-capacity EV charging infrastructure with enhanced accessibility.
Principal Consultant
The EV charging station recorded a CAGR of 16% during the historical period between 2019 and 2023. The growth outlook of these charging stations was positive, as the industry reached a value of USD 22,903.8 million in 2023 from USD 3,861.4 million in 2019.
In 2022, more than 600,000 public slow charging points were installed, of which 360,000 were in China. At the end of 2023, China installed more than half of the global stock of public slow chargers. Europe ranks second with 460,000 total slow chargers, registering a 50% growth from the previous year. The Netherland leads in Europe with 117,000 slow chargers, followed by France and Germany with 74,000 and 64,000 in 2022, respectively.
The number of fast charges increased globally by 330,000 in 2022, with China holding more than 90% of the total share. Currently, China accounts for a total of 760,000 fast chargers, whereas, more than 70% of the stock is situated only in 10 provinces. The deployment of fast chargers shows China’s goal for rapid EV deployment.
Europe’s overall stock for fast chargers was over 70,000 at the end of 2022. An overall 55% increase was registered as compared to 2021. Germany has more than 12,000 fast chargers, whereas France and Norway have nearly 9,700 and 9,000-unit stocks of fast chargers, respectively.
With the clear goal of expanding public charging infrastructure, Europe sets a new proposal, Alternative Fuel Infrastructure Regulation (AFIR), aiming to install charging infrastructure across major transport routes in Europe. To support these initiatives, the European Commission and European Investment Bank agreed to avail over USD 1.8 billion for developing alternative fuel infrastructure, including fast EV charging solutions.
The USA installed 6,300 fast chargers in 2022, of which more than 75% were Tesla Superchargers. The total installation of fast chargers reached 28,000 at the end of 2022.
This deployment is expected to accelerate in the next 3 to 4 years with government approval of the National Electric Vehicle Infrastructure Formula Program (NEVI). All USA states, including Washington DC and Puerto Rico are participating in the program. The government has allocated funding of USD 885 million for 2023 to support the installation of chargers across 122,000 km of highway.
As a result of new national standards for federally funded EV chargers enforced by the US Federal Highway Administration, Tesla has announced it will open a portion of its US Supercharger (where Superchargers represent 60% of the total fast chargers in the USA) and Destination Charger networks to non-Tesla EVs.
The EV charging station market is expected to continue its growth during the forecast period due to the increased adoption of electric fleets and global transition towards sustainable transportation, owing to rising government spending in public charging infrastructure and advancements in EV technology. Collaboration between charging infrastructure providers and automakers is likely to fuel the market expansion.
Tier 1 companies comprise players capturing a significant share of 50% to 60% in the global market. These players are distinguished by their extensive expertise in manufacturing and system-integrating capabilities with a broad geographical reach. Prominent companies within Tier 1 include Tesla, ABB, BYD, Schneider Electric SE, Shell, Tritium, etc.
Tier 2 companies include mid-size players having presence in specific regions and highly influencing the local industry characterized by strong industry knowledge. Tier 2 players such as Delta Electronics, Siemens, and Webasto, among others, are projected to account for 30% to 40% of the overall industry.
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The section below covers the industry analysis for EV charging station growth potential in different countries. China and Japan are likely to remain leading market in the EV charging station market owing to their dominance in automotive sales.
| Countries | CAGR (2024 to 2034) |
|---|---|
| USA | 18.7% |
| UK | 18.2% |
| China | 17.3% |
| Japan | 19.0% |
| Germany | 17.7% |
China is expected to continue its dominance throughout the forecast period in EV sales, driven by the country’s strong commitment to electric mobility. The growth rate of China continues to rise, although the Chinese government has phased out subsidies for EV purchases and shifted its focus to improving the quality and coverage of its already impressive charging network.
Over the assessment period from 2023 to 2033, China is projected to expand at a CAGR of 17.8% and expected to result in a market size of USD 67 billion by the end of 2034.
China leads the charging station market, with more than 85% of the world's fast chargers and around 60% of slow chargers’ installations. China also achieved a market share of more than 35% in electric car sales, thus surpassing their policy ambition for 2025. China is shifting its focus towards improving its charging infrastructure network, targeting full coverage in cities and on national highways by 2030, as well as expanding its rural coverage.
The EV charging station market sales in Germany is estimated to reach USD 15,515.6 million in 2034, expanding at a CAGR of 17.7%.
According to the German Association for Automotive Industry (VDA), 699,943 new passenger plug-in electric cars have been registered in 2023. To support this growing number of EV sales in the country, the Ministry of Digital Affairs and Transport has announced to expand wireless public and private charging infrastructure networks to promote sustainable transportation with the use of renewable energy sources.
In June 2023, the German Transport Ministry announced it will provide subsidies of around USD 1.1 billion to expand household EV charging stations. Bayern, Nordrhein-Westfalen, and Baden- Württemberg are the leading states with higher numbers of electric vehicle charging infrastructures in Germany.
Along with Germany's robust automotive industry, factors like energy management, digital and smart charging solutions, and the growing charging service industry provide multiple opportunities for the growth of the market.
Japan is expected to reach a valuation of USD 1,093.8 million by 2034 in the EV charging station market and likely witness a decent CAGR of 19.0% during the assessment period. Japan is home to nearly 30,000 EV chargers, as Enechange Ltd. being the largest provider of EV chargers, has the monopoly in this arena.
Japan's government offers foremost subsidies to promote the sales of EVs with the aim of making them carbon neutral by 2050, which led to subsidizing the charging stations in the country, driving the market's growth during the forecast period.
The local government is boosting the sales of green fuel vehicles and to power all new vehicles with electricity, both electric and hybrid electric vehicles sold by 2035. This will enhance the demand for electric vehicle charging stations during the forecast period.
With this ambitious plan, the government has increased incentives for EV purchase and also began subsidizing charging infrastructure, aiming to reach 300,000 charging stations along expressways with an output of 90 kilowatts by 2030. For instance, a Japanese startup, Terra Motors, has unveiled plans to establish 1,000 fast charging stations exclusively for EVs in Tokyo within the next 18 months.
Amid growing environmental concerns and strong market potentials with attractive government incentives, Japan’s EV charging station market is set for major growth, offering ample opportunities for market players contributing to sustainability.
This section contains information about leading segments in the global market exhibiting highest value CAGR during the forecast period. By supplier type, private charging station segment is estimated to grow at a CAGR of 18.3% throughout the forecast period.
| Segment | Private Charging Station (Supplier Type) |
|---|---|
| Value CAGR (2024 to 2034) | 18.3% |
Based on supplier type, the private charging station segment dominates the market with a prominent market share of more than 97% and is expected to continue its dominance throughout the forecast period. Technological innovations are significantly contributing to the growth.
Faster charging speed, digital and smart charging, and integration with renewable make private charging stations more efficient and reliable. In addition, government incentives offering financial support encourage the installation of private EV chargers. These incentives reduce the upfront cost, making it more affordable for consumers to invest in private charging infrastructure, propelling industry growth.
| Segment | Residential Charging (Ownership Model) |
|---|---|
| Value CAGR (2024 to 2034) | 18.3% |
Residential charging station segments by ownership model hold more than 94% of total market share in 2023 and is projected to expand at a CAGR of 18.3% during the forecast period.
With the convenience of overnight charging at their own parking space, EV owners can take advantage of lower electricity prices while demand is relatively low. The share of EV sales in Norway is over 90%, whereas it stands at under 2% in Mexico. But the shares of home charging are 82% and 71%, respectively. Similarly, in India, around 55% of EV owners have access to home charging.
In 2023, the UK government reported that more than 93% of EV owners have access to home charging, and half of them are wireless, due to the UK being the first country to release smart charging point regulations and early adoption of EVs.
With reduced cost of installation, many countries offer tax rebates and incentives to encourage adoption of residential EV charging stations. For example, EV owners can avail 30% federal tax credit up to USD 1,000 for the installation of a home charger.
The EV charging station market is moderately fragmented, with key players holding around 40%-50% share in the market, along with the presence of many medium- and small-scale manufacturers. Key manufacturers are engaged in technological advancements focusing on improved features such as performance, safety, and cost-effectiveness.
Key battery manufacturers like Tesla, ABB, and Siemens are expanding their charging networks to meet the increasing demand by rising EV sales with enhanced charging speed, smart grid integration, and superior service quality at public stations.
Industry Updates
By Charging Station category is classified into AC Charging Station and DC Charging Station. AC charging station is further classified into 1kW to 11kW and 11kW to 43kW. DC charging station is further categorized by 20 kW to 50 kW, 50 kW to 150 kW, 150 kW to 250 kW, >250 kW.
By Ownership Model is categorized as Highway Charging, Destination Charging, Workplace Charging, Parking Lots, Fleet Charging Station, Residential Charging Station.
By Supply Type category includes OE Charging Station and Private Charging Station.
By Installation category includes Portable, Fixed
Leading regions included in the study are North America, Latin America, East Asia, South Asia Pacific, Western Europe, Eastern Europe and Middle East and Africa.
The EV Charging Station used grid services, behind the meter and off grid were valued at USD 22,903.8 million in 2023.
The demand for EV Charging Station is set to reach USD 26,874.4 million in 2024.
Rising EV adoption, government incentives and subsidies, technological innovations and renewable energy integration are anticipated to drive the demand during the forecast period.
The demand is projected to reach USD 143,000.0 million by 2034.
AC Charging Station is expected to Charging Station segment during the forecast period.
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EV Charging Station Market
