EV Charging Station Market Projected to Reach $76.9 Billion by 2027

Northbrook, IL 60062 -- (SBWire) -- 09/26/2023 --The 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. 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.

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.

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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.

Key Market Players:

ABB (Switzerland), Shell (Netherlands), Tesla (US), ChargePoint (US), and BYD (China) are some of the prominent players in the global electric vehicle charging station market.

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