MARKET OVERVIEW

The global Electric Vehicle Charging Station Market was valued at USD 16.69 Billion in 2024 and is expected to reach USD 172.9 Billion by 2033. The market is projected to grow at a CAGR of 29.31% during the forecast period 2025-2033. Asia Pacific leads the market with a share of over 54.5% in 2024, driven by government stimulus, rapid EV growth, infrastructure investments, and urbanization.

STUDY ASSUMPTION YEARS

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

ELECTRIC VEHICLE CHARGING STATION MARKET KEY TAKEAWAYS

• Current Market Size: USD 16.69 Billion in 2024
• CAGR: 29.31% (2025-2033)
• Forecast Period: 2025-2033
• Asia Pacific dominates with a market share of 54.5% in 2024 driven by rapid EV adoption and infrastructure development.
• Government policies and climate objectives globally accelerate market growth through subsidies, tax breaks, and national EV targets.
• The United States invests heavily in urban and rural EV infrastructure, with plans to scale curbside chargers significantly by 2030.
• Increasing environmental concerns and technological advancement in battery and charging technologies are key growth drivers.

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MARKET GROWTH FACTORS

The main growth factor is the global switch to electric vehicles which is the most important one. The International Energy Agency (IEA) states that in the year 2023, the number of electric cars sold was 3.5 million more than that of the previous year which means that there was a 35% annual growth. The revenue from the electric vehicle market is expected to amount to USD 623.3 Billion by the year 2024, with the number of units sold projected to be as high as 17.07 million by the year 2028. This trend of Evs getting more popular is what led to the increased demand for EV chargers.

Battery and charging tech improvements are also a driving factor in the market. Market players are working on wireless charging and autonomous charging robots to make the process easier. One example is Siemens AG which has introduced the Sicharge D, a powerful charger with 300 kW maximum charging capacity and that can work at voltages of 150 to 1,000 volts. Also, electric companies are running faster chargers; Ather Energy made the public announcement of the expansion of its Ather Grid to have a total of 1,400 public fast charging points in India by the end of the financial year 2023.

The market is backed by positive government policies from all over the world. A country like Japan has set a target of 2050 when it will stop selling internally combusted and only electric and hybrid vehicles will be allowed; the California ZEV program aims at having 1.5 million electric vehicles by 2025. The incentive scheme comprising grants, subsidies, and tax rebates makes the purchase of EVs and their charging infrastructure more attractive. India, China, UK, South Korea, Germany, and Norway are among the countries offering a combination of incentives to the citizens in the form of a tax rebate, subsidies, and grants to encourage the use of cleaner transportation.

MARKET SEGMENTATION

Charging Station Type:

• AC Charging: Leads market with 88.1% share in 2024, preferred for residential and commercial use due to lower costs.
• DC Charging
• Inductive Charging

Vehicle Type:

• Battery Electric Vehicle (BEV): Dominates with 78.8% market share in 2024, driven by zero-emission and government support.
• Plug-in Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Installation Type:

• Portable Charger
• Fixed Charger: Leads with 93.2% share in 2024, offering reliable, permanent charging infrastructure.

Charging Level:

• Level 1
• Level 2: Holds 69.7% market value in 2024; offers faster home and public charging.
• Level 3

Connector Type:

• Combines Charging Station (CCS)
• CHAdeMO: Holds 30.3% market share in 2024; widely adopted in Japan and for vehicles like Nissan Leaf.
• Normal Charging
• Tesla Supercharger
• Type-2 (IEC 621196)
• Others

Application:

• Residential: Dominates with 61.1% share in 2024 due to user convenience and government support for home charging.
• Commercial

REGIONAL INSIGHTS

Asia Pacific leads the electric vehicle charging station market with a 54.5% share in 2024. This is attributed to fast EV adoption in China, Japan, and South Korea, supported by favorable government policies, subsidies, tax incentives, and large-scale investments in charging infrastructure. The region also hosts major EV manufacturers and continues to expand EV infrastructure to meet rising demand.

RECENT DEVELOPMENTS & NEWS

• February 2025: TATA.ev announced plans to increase electric vehicle charging points in India to 400,000 by 2027 and collaborate to set up 30,000 new public points.
• December 2024: ChargePoint partnered with General Motors (GM) to develop and open multiple hundred ultra-fast charging stations across the United States by late 2025.
• September 2024: Schneider Electric launched the Schneider Charge Pro Level 2 AC Commercial EV Charger for commercial and residential use.
• July 2024: BP plc partnered with Simon Property Group to install over 900 fast EV charging stations across 75 US properties, operational by early 2026.
• March 2024: Servotech Power Systems Ltd. secured a contract to supply and commission 20 EV charging stations for Nashik Municipal Corporation in India.

KEY PLAYERS

• ABB E-mobility
• Alfen N.V.
• Blink Charging Co.
• Bosch Automotive Service Solutions LLC.
• bp pulse
• ChargePoint, Inc
• Eaton Corporation plc
• Efacec
• Evbox
• EVgo Services LLC
• Schneider Electric
• Tesla, Inc.

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