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Redding, California - September 12, 2024

Electric Vehicle Charging Stations Market to Reach $209.8 Billion by 2031

Electric Vehicle Charging Stations Market Size, Share, Forecast, & Trends Analysis by Charging Type (Level 1, Level 2, DC Fast Charging) Connection Type (Pantograph, Connector, Wireless) Component (Hardware, Software, Services) Mounting Type (Wall, Pedestal, Ceiling) Vehicle Type, End User - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Electric Vehicle Charging Stations Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the electric vehicle charging stations market is expected to reach $209.8 billion by 2031, at a CAGR of 29.7% from 2024 to 2031.

Government initiatives to promote EV adoption and the development of associated infrastructure, rising demand for EV fast-charging infrastructure, increased implementation of vehicle-to-grid charging stations, and increased EV deployment by shared mobility operators are factors driving the growth of the electric vehicle charging stations market. However, market growth is restrained by the high installation cost of EV charging stations.

In addition, the growing adoption of electric mobility in emerging nations and the increased deployment of charging stations by major multinational corporations provide considerable potential opportunities for market players. The market faces substantial challenges, including high electricity tariffs in developing nations. However, the rise of renewable energy-powered electric vehicle charging stations, the proliferation of connected vehicles, and the emergence of charging-as-a-service (CaaS) are prominent market trends in the electric vehicle charging stations market. Wireless EV charging stations, V2G electric vehicle charging stations, and the rising deployment of smart cities are prominent technology trends in the electric vehicle charging stations market.

Key Players:

The electric vehicle charging stations market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the electric vehicle charging stations market are ChargePoint Holdings, Inc. (U.S.), Tesla, Inc. (U.S.), BP p.l.c. (U.K.), EVgo Inc. (U.S.), Shell Plc (U.K.), Électricité De France (France), EVBox Group (Netherlands), Electrify America LLC (U.S.), AddÉnergie Technologies, Inc. (Canada), Connected Kerb Limited (U.K.), Hangzhou AoNeng Power Supply Equipment Co. LTD. (China), Webasto Group (Germany), EV Charging Installers of America LLC (U.S.), Wanbang Xingxing Charging Technology Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG (Germany), and Blink Charging Co. (U.S.).

The electric vehicle charging stations market is segmented component (hardware [electric vehicle supply equipment (EVSE), electrical distribution systems, cable management systems], software [charging station management systems (CSMS), interoperability solutions, open charge point protocol (OCPP), smartphone applications], services [maintenance services, system integration and installation services]); charging type (Level 1, Level 2, DC fast charging); by connection type (pantograph, connectors, wireless charging [static wireless EV charging, dynamic wireless EV charging]); by mounting type (wall mount, pedestal mount, ceiling mount); by vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, two-wheelers & scooters); by end user (commercial EV charging stations, [commercial public EV charging stations, {on-road charging stations, parking space stations, destination charging stations}], commercial private EV charging stations [fleet charging, captive charging], residential EV charging stations). The report evaluates industry competitors and analyzes the market at the regional and country levels.

By component, in 2024, the hardware segment is expected to account for the largest share of 58.8% of the electric vehicle charging stations market. This segment's large share of the market is due to rising EV adoption, increased deployment of EV charging stations, and increased government activities aimed at electrifying public bus fleets and deploying charging infrastructure. Hardware for commercial and household electric vehicle charging is user-friendly, quick to install, safe, and capable of providing higher voltages than given by home or office surroundings.

By charging type, in 2024, the Level 2 segment is expected to account for the largest share of the electric vehicle charging stations market. In terms of volume, in 2024, the Level 2 segment is expected to account for the largest share of 90.1% of the market. This segment's significant share is due to the growing use of Level 2 EV chargers for residential and commercial applications, their ability to support longer driving ranges by providing a larger charge than Level 1 chargers, and government incentives and regulations encouraging the installation of Level 2 chargers.

By connection type, in 2024, the connectors segment is expected to account for the largest share of 91.5% of the electric vehicle charging stations market. The growth of this segment is driven by several factors. There is an increasing emphasis on the development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles. Additionally, there is a rising demand for faster charging connectors that are compatible with high-power DC fast charging. The need for reliable connectors has also grown to minimize the risk of electrical faults, overheating, and other potential hazards. Moreover, evolving international standards and regulations are contributing to a more harmonized global charging infrastructure.

By mounting type, in 2024, the wall mount segment is expected to account for the largest share of 58.8% of the electric vehicle charging stations market. This segment's significant market share is due to the increasing adoption of Level 1 and Level 2 electric vehicle supply equipment (EVSE), as well as the growing demand for high-speed charging solutions that are compact, inexpensive, and scalable. Many workplace, residential, and commercial parking places now include perpendicular parking arrangements for employees, visitors, and customers, which is boosting the wall mount market. Wall mounts are an economical method for offering charging facilities in these types of parking situations.

By vehicle type, in 2024, the passenger cars segment is expected to account for the largest share of 90.5% of the electric vehicle charging stations market. This segment's major share of the market is attributed to the increased use of electric vehicles, environmental concerns, and emission laws, advances in EV battery technology, and the expansion of charging infrastructure networks. Electric passenger vehicles are becoming increasingly popular among consumers. Passenger vehicles are the most popular means of transportation. They provide safety, dependability, and comfort due to their lightweight and capacious designs. Automobile manufacturers are focusing on R&D to develop and produce electric passenger vehicles with lower emissions, greater design flexibility, higher speed-to-weight ratios, and longer travel ranges on a single charge.

Based on end use, in 2024, the commercial EV charging stations segment is expected to account for the larger share of 91.4% of the electric vehicle charging stations market. The significant market share of this segment is driven by several factors. Increasing adoption of electric vehicles in commercial fleets is motivated by the potential for cost savings and reduced emissions. Government regulations and incentives are also promoting the use of electric vehicles in these fleets. Additionally, infrastructure development for shared mobility services and the installation of commercial EV charging stations further support this growth, contributing to cost savings and emission reductions. Globally, various governments are offering incentives such as tax credits and reimbursements for installing commercial EV charging stations. For example, in August 2022, the District of Columbia introduced a tax credit of up to 50% of the equipment costs for purchasing and installing EV charging infrastructure through the National Electric Vehicle Infrastructure (NEVI) program. The maximum credit available is USD 10,000 per public charging station.

This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Norway, Sweden, Netherlands, Switzerland, Italy, Spain, Denmark, and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, New Zealand, India, Indonesia, Thailand, Vietnam, Singapore, Malaysia, and the Rest of Asia-Pacific), Latin America (Mexico, Brazil, Colombia, and Rest of Latin America), and the Middle East and Africa (UAE, Israel Saudi Arabia, South Africa, and Rest of the Middle East & Africa).

By geography, in 2024, Asia-Pacific is expected to account for the largest share of over 61.6% of the electric vehicle charging stations market. Asia-Pacific's significant market share is primarily driven by the increasing demand for electric vehicles in key markets such as China and Japan, coupled with rising government initiatives aimed at reducing greenhouse gas emissions. These efforts are expected to further boost electric vehicle adoption across the region. Countries including Singapore, China, South Korea, and India are actively pursuing initiatives to decrease greenhouse gas emissions through enhanced electric vehicle adoption. For instance, in April 2023, Autel U.S. Inc. expanded its EV charging infrastructure in Singapore, completing installations at locations such as Hup Hin, the National University of Singapore, and Gain City at Sungei Kadut Drive. These initiatives are crucial in supporting the growth of EV infrastructure and fostering greater adoption of electric vehicles in major countries across the region.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5078

Key Questions Answered in the Report-

Which are the high-growth market segments in terms of component, charging type, connection type, mounting type, vehicle type, and end user?
What is the historical market size for the electric vehicle charging stations market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the electric vehicle charging stations market?
Who are the major players in the electric vehicle charging stations market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the electric vehicle charging stations market?
What do major market players adopt growth strategies?
What are the key market trends, and which are the high-growth countries?
Who are the local emerging players in the electric vehicle charging stations market, and how do they compete with the other players?

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Redding, California - September 12, 2024

Electric Vehicle Charging Stations Market to Reach $209.8 Billion by 2031

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