Global Electric Vehicle Charging Station Market to Have Over 16.83 Million Charging Stations by 2028

SkyQuest Technology Consulting Pvt.  Ltd.

SkyQuest Technology Consulting Pvt. Ltd.

The global electric charging station market size was valued at $18.1 billion in 2021, and is expected to reach a value of $120.6 billion by 2028, at a CAGR of 31.12% during the forecast period (2022– 2028).

Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — There is a rapid expansion of charging station infrastructure around the world. electric vehicle charging station market in the past few years. As of November 2022, there will be more than 2.3 million charging stations worldwide. The number is expected to exceed 16.83 million by the end of 2028. This rapid expansion is largely due to two factors: the growing popularity of electric vehicles and the growing proliferation of DC fast charging technology. DC fast-charging is one of the most efficient ways to charge an electric vehicle. In 2021, more than 6.9 million EVs will be sold worldwide, nearly a 100% increase compared to 2020. We expect that this number will likely reach 34% of the global vehicle fleet by 2028, which is expected to cover more than 54 % by 2035.

According to SkyQuest’s analysis of the global electric charging station market, more than 80% of public chargers are located close to where people live and work, making it easier for people to access it easily. While the rapid expansion of vehicle electric charging station infrastructure represents an important step forward in combating climate change, there are some challenges that need to be addressed. For example, there are not enough stations in rural areas and some areas do not have any public chargers. Additionally, public chargers tend to be concentrated in urban areas only.

The growth of the electric vehicle charging station market is driven by several factors: increasing consumer demand for environmentally friendly transportation; improving consumer comfort with electrified cars; expanding applications for EVs such as taxis and ride-sharing services; and aggressive marketing efforts from major automakers. Accordingly, major carmakers are leading the development of EVs and EVCS. These companies invest in R&D to improve usability and functionality for their EVs. Toyota has developed an app that enables users to control various aspects of their EVs remotely. Nissan, Tesla, and Tata Motors have developed a mobile app that maps nearby charging stations so drivers can easily find them.

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SkyQuest Analysis of the Global Electric Vehicle Charging Station Market Suggests the Road Isn’t as Smooth as We Think

The global electric charging station market report found that plug-in electric vehicles are rapidly gaining share of the global vehicle fleet, accounting for 43% of all new car sold in Europe and Asia Pacific with charging capability in January 2022. as a result, the demand for residential and commercial EV charging stations is expected to increase significantly in the next few years. The 2021 CES show in Las Vegas is reported to be marked by strong interest from automakers in the demonstrated IoT-based solutions that can help them further reduce the use of battery capacity and improve fleet management for EVs.

One of the main reasons behind this growth is the expectation that more plug-in hybrid vehicles (PHV) will be available in the future. By 2035, half of all sales of new light-duty PHVs are expected to be electric. By 2040, SkyQuest expects that 71% of all new light-duty PHV sales will be electric.

The global electric vehicle charging station market is dominated by three main providers: tier 1 charging provider (Tesla Inc., Volkswagen AG, Daimler AG), tier 2 charging provider (Mastercard Incorporated, American Express Company), and tier 3 charging provider (ChargePoint). Corporation). The leading providers are expected to maintain their lead until 2028 as they invest in faster chargers and develop their own EV infrastructure.

However, we expect the need for public EVCS networks like ChargePoint’s Juice Net network to decline by 2030 as private fleets continue to install their own EV chargers. End users are more likely to acquire personal electricity storage devices for fleet use because public stations often charge lower prices than home plug-in stations.

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A challenge facing the electric charging station market is that there is still no common standard for installation and use. This means that there are many charging systems available for different brands and models of EVs. Manufacturers are starting to solve this issue by developing proprietary charging solutions for their own models.

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Rapid Expansion of the Network of Fast Charging Stations in the Global Electric Vehicle Charging Station Market

As the electric vehicle market continues to grow, so does the demand for DC charging stations. SkyQuest predicts that the global market for DC chargers will exceed USD 195 billion in 2028 from 68 billion in 2021. This rapid growth is driven in part by government mandates and incentives, as well as demand of consumers for eco-friendly vehicles.

One of the main reasons for this growth is the increase in the number of electric cars in the market. In 2018, there were over 1 million electric cars on the road worldwide, and this number will reach 17.1 million units by the end of 2021. This growth is aided by fast charging technology, which can easily recharge an electric car battery to 100% capacity within 30 minutes.

In addition to fast charging stations, there is also a growing demand for DC chargers with higher power capacity in the global electric charging station market. The current crop of DC chargers can provide from 15kW to 350 kW of power, but future models are expected to have larger capacities. This extra power allows drivers to charge their batteries faster, which is important given how long it takes an electric car battery to recharge from a standard outlet (usually about eight hours).

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DC chargers are becoming more popular due to their many advantages over traditional AC chargers. For example, DC chargers are not affected by wind or weather conditions and they are also faster than AC chargers. Moreover, it is perfect for rural areas where there are few or no AC outlets available.

The global market for DC fast chargers is dominated by three companies in the global electric vehicle charging station market: Tesla (with more than half of the market), BMW Group (with almost a third of the market ) and Nissan (with about a tenth of the market share). the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.

The main areas where DC fast chargers will be deployed are major metropolitan areas such as London, Los Angeles and New York City. By 2021, more than 600,000 DC fast chargers will be available in the global electric charging station market. Of these, there are nearly 91,000 DC fast chargers installed in the US alone.

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Top Players Around the World Electric Vehicle Charging Station Market

  • ABB (Switzerland)

  • BP Chargemaster (UK)

  • BYD (China)

  • ChargePoint Inc. (US)

  • Eaton (Ireland)

  • EVBox (Netherlands)

  • Schneider Electric. (France)

  • Seimens AG. (Germany)

  • Shell International BV (Netherlands)

  • Tesla Inc. (US)

  • Webasto Group (Germany)

  • Tata Power (India)

  • Delta Electronics (India)

  • Amara Raja (India)

  • Magenta Group (India)

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