EV Charging Station Market worth $76.9 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 29, 2023 /PRNewswire/ -- EV Charging Station Market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of 45.0% from 2022 to 2027, according to a new report by MarketsandMarkets™. Factors such as rising EV sales worldwide, along with government support and policies for mass EV adoption, are positively driving the growth of the EV charging station market. Furthermore, the reduction in EV prices over the years and decreasing EV battery prices are expected to drive further growth.

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 EV Charging Station Market Scope:

Three Phase chargers are expected to grow at the highest rate by volume during the forecast period

The demand for three-phase EV chargers is expected to increase significantly as more people switch to electric vehicles. This growth will be driven by a combination of government initiatives promoting the adoption of electric vehicles and improvements in EV technology, making them more accessible and affordable for consumers. With this growth, the need for charging infrastructure will continue to rise, and three-phase EV chargers will play a critical role in meeting this demand. The primary advantage of three-phase chargers over one-phase chargers is their speed and safety systems like Overload protection, Short-Circuit protection, Thermal protection and others. With their ability to provide maximum charging power, three-phase chargers can charge an electric vehicle several times faster than one-phase chargers.

Fixed Chargers segment held the largest market share in the EV Charging station market

Fixed chargers, also known as charging stations or points, are EV chargers that need infrastructure and cannot be moved as required. These charging stations can be placed in public places, highways, malls, and offices. EV drivers need to bring their electric vehicles to the charging station to charge vehicles. A fixed charger is more expensive than a portable one because it needs infrastructure. However, a fixed charger generates more power than a portable charger, requiring less time to charge vehicles.

"North America will have a significant growth rate during the forecast period."

North America is home to developed countries like the US and Canada, which serve as regional hubs for renowned OEMs that produce quality and high-performance vehicles. Tesla and GM are among the OEMs that focus on developing faster, cleaner, and high-performance electric vehicles with charging facilities. Tesla alone has over 1,400 superchargers locations in the US region as of November 2022. The demand for CCS is expected to increase in the North American market, and top charging providers prefer CCS chargers to collaborate with top OEMs. Tesla also plans to provide CCS ports in its new superchargers. The new US regulations for setting up 500,000 public charging stations by 2030 and the government's incentives will speed up the demand for EV charging stations in the country. Canada is also expected to witness a growing demand for charging stations, given its new EVCS startup environment and an increasing number of EVs in the country. However, these North American countries may face grid-related problems and need to update their power generation capacities as the demand for EVs and EV charging stations increases in the coming years.

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Key Market Players:

The EV charging station market is dominated by major charging providers, including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the electric vehicle charging station market.

Recent Developments:

• In January 2023, ABB E-mobility revealed its innovative Terra Home charging solution at CES 2023, the world's foremost technology event held in Las Vegas. It is set to be available for purchase around mid-2023. With its unique design, Terra Home empowers users to optimize their renewable energy usage, ultimately reducing their carbon impact.
• In November 2022, ABB formed a strategic alliance with Tallarna Ltd. to expand its user-friendly energy management technologies offerings. The solution leverages AI-powered data analytics to make it easier to undertake decarbonization projects for large real estate portfolios and energy infrastructure. The platform provides a one-stop-shop for customers, showcasing energy optimization options, performance insurance, and third-party financing options.
• In October 2022, Chargepoint launched the CP6000 charger. This comprehensive charging solution caters to the needs of European businesses and fleets, providing them with the tools they need to transition to electric mobility. It combines station hardware, network software, and customer support to offer a seamless experience. The CP6000 is designed to be scalable, flexible, reliable, and provide a superior driver experience, capable of charging 1 or 3-phase power with an adjustable output ranging from 3.7 to 22kw per port.
• In October 2022, Eaton expanded its contract with the General Services Administration (GSA) to cover electric vehicle supply equipment (EVSE) and related services. This move is crucial in achieving the US goal of reaching net-zero emissions by 2050 and advancing the development of EV charging infrastructure.
• In May 2022, Tata Power entered into a strategic partnership with Hyundai to build a robust EV charging network and accelerate the adoption of EVs across India

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