What Has Been the Growth of the Electric Vehicle Charging Stations Equipment Market So Far?
The electric vehicle charging stations equipment market has seen considerable growth due to a variety of factors.
• In the last few years, the market size for equipment in electric vehicle charging stations has seen tremendous growth. Projections indicate an increase from $259.02 billion in 2024 to $351.76 billion in 2025, driven by a compound annual growth rate (CAGR) of 35.8%.
This significant growth during the historic period is due to a surge in electric vehicle adoption, rising environmental concerns, government incentives, advancements in technology, and the alleviation of range anxiety.
What Is the Forecasted Market Size and Growth Rate for The Electric Vehicle Charging Stations Equipment Market Size In The Coming Years?
The electric vehicle charging stations equipment market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market size for equipment for electric vehicle charging stations is predicted to experience significant expansion. The market is projected to reach $1041.46 billion in 2029, growing at a compound annual growth rate (CAGR) of 31.2%.
This growth during the projected period is mainly due to factors such as the expanding ev market, government support, transition to green energy, urbanization, and population density. Key trends anticipated for the forecast period are ultra-fast charging, ev charging applications, wireless charging, and v2g technology.
What Factors Are Driving Growth In The Electric Vehicle Charging Stations Equipment Market?
The growth of the electric vehicle charging stations equipment market is largely fuelled by national and international legislative policies aimed at promoting the use of electric vehicles (EVs). These policies often feature incentive schemes designed to encourage investment in EVs and the installation of EV charging stations, thereby powering the expansion of the electric vehicle charging stations equipment market. Consequently, the electric vehicle charging stations equipment market receives a significant boost. An instance of such incentives is the attractive rebate scheme initiated by the German government, offering a direct discount of $4,520 to EV purchasers. Similarly, public funding is provided for charging stations every 50 km in Norway. These strategies not only drive the EV charging stations market but in turn, also propel the electric vehicle charging stations equipment market.
What Are The Main Segments Of The Global Electric Vehicle Charging Stations Equipment Market?
The electric vehicle charging stations equipment market covered in this report is segmented –
1) By Type: AC Charging, DC Charging, Inductive Charging
2) By Vehicle Type: Battery Electric Vehicles (BEV), Plug-In Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)
3) By Charging Type: Level One Charging (120 Volts), Level Two Charging (240 Volts), DC Fast Charging (480 Volts)
Subsegments:
1) By AC Charging: Level 1 AC Charging, Level 2 AC Charging
2) By DC Charging: DC Fast Charging (DCFC), Ultra-Fast Charging
3) By Inductive Charging: Static Inductive Charging, Dynamic Inductive Charging
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What Trends Are Reshaping The Future Of The Electric Vehicle Charging Stations Equipment Market?
In an effort to broaden their market reach, key players in the electric vehicle charging stations equipment sector are emphasizing strategic partnerships to introduce innovative products such as the fastest EV charger. An EV charger, which varies from basic domestic units to sophisticated public fast-charging networks, is a device that recharges electric vehicle batteries by transmitting power from a source, thus encouraging more efficient utilization of electric cars. A case in point is ABB Ltd., a Swiss automation manufacturing firm, which teamed up with Shell Inc., an American oil and gas corporation, to unveil the Terra 360 in May 2022. Identified as the world's fastest all-in-one EV charger, the Terra 360 is poised to revolutionize electric vehicle charging in Germany, with plans to establish over 200 stations across the nation in the coming year, thanks to a joint effort by ABB E-mobility and Shell. This project is designed to improve charger accessibility and quickness for Germany's 1.7 million EV users. Described for its outstanding performance, the Terra 360 can deliver a 100-kilometer range in less than three minutes.
Who Are the Key Players In The Electric Vehicle Charging Stations Equipment Market?
Major companies operating in the electric vehicle charging stations equipment market include:
• ABB Ltd.
• Siemens AG
• The New Motion BV
• Tesla Motors Inc.
• ClipperCreek Inc.
• DBT SA
• Chargemaster Plc
• Engie SA
• Fortum Oyj
• Leviton Manufacturing Co
• Qualcomm Inc.
• Robert Bosch GmbH
• Schneider Electric SE
• AeroVironment Inc.
• National Thermal Power Corporation
• Mahindra Reva Electric Vehicles Pvt Ltd.
• Tata Power Ltd.
• ACME Group
• ChargePoint Inc.
• BP plc
• Shell plc
• Webasto SE
• Hyundai Motor Company
• RWE AG
• Mercedes-Benz Group AG
• EVBox
• Southern California Edison
• San Diego Gas and Electric Co
• PG&E Corporation
• Blink Charging Co
What Is The Most Dominant Region In The Electric Vehicle Charging Stations Equipment Market?
Asia Pacific was the largest region in the electric vehicle charging stations equipment market in 2023. The regions covered in the electric vehicle charging stations equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
