What are the Historical Developments and Current Growth Metrics of the Public Charging Service Market?
The public charging service market has seen considerable growth due to a variety of factors.
• In recent times, the market size of the public charging service has seen considerable expansion. From $4.50 billion in 2024, it is projected to escalate to $6.08 billion in 2025, revealing a compound annual growth rate (CAGR) of 35.2%.
The momentum of growth during the historical phase is ascribed to several factors. This includes the upsurge in public charging infrastructure, a rise in DC charging stations installations, an increase in the establishment of public charging stations, the broader acceptance of EV vehicles, and the growing influence of greenhouse gas emissions on environmental health conditions.
What is the Forecasted Market Size and CAGR for the Public Charging Service Market?
The public charging service market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the market size of public charging services is predicted to escalate drastically. The market is projected to reach a value of $20.13 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 34.9%.
Key reasons for this surge during the forecast period include evolving consumer consciousness about environmental concerns, an intensified desire to lessen the impact of global warming, expansion of charging infrastructures, enhanced incorporation with renewable energy sources, and a rise in workplace charging solutions. Various upcoming trends during this period encompass advancements in technology, innovations in charging mechanisms, technical enhancements in electric transportation, multi-port advanced charging stations, and a transition towards intelligent charging.
What Key Factors and Trends Are Driving The Growth Public Charging Service Market?
The surge in the acceptance of electric vehicles is anticipated to drive the expansion of the public charging service market. Electric vehicles, known as EVs, constitute vehicles that function using an electric motor fuelled by rechargeable batteries or other energy-saving systems. This rise in electric vehicle use can be linked to escalating environmental worries, governmental rewards, technological progress, decreased operation charges, advanced charging facilities, climbing fuel charges, and investments from car manufacturers. Public charging solutions provide an advantage for electric vehicles by providing extensive charging station access, assuring drivers can conveniently charge their vehicles while travelling. For example, as per the International Energy Agency (IEA), an independent intergovernmental organization located in France, electric car sales in 2023 were 3.5 million units more than in 2022, mirroring a 35% annual increase. As a result, the growing use of electric vehicles is propelling the expansion of the public charging service market.
What Are The Market Segments In The Public Charging Service Market?
The public charging service market covered in this report is segmented –
1) By Type: Direct Current Charging, Alternating Current Charging
2) By Application: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle
3) By End User: Residential, Commercial
Subsegments:
1) By Direct Current (DC) Charging: DC Fast Charging (Level 3), Ultra-Fast DC Charging, High-Power Charging (HPC)
2) By Alternating Current (AC) Charging: Level 1 AC Charging, Level 2 AC Charging, Smart AC Charging Stations
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What Trends Are Shaping The Public Charging Service Market?
Major companies operating in the public charging service market are focusing on developing technologically advanced solutions, such as digital platform integration, to enhance user convenience, streamline payment processes, optimize charging station availability, and provide seamless navigation for electric vehicle owners, ultimately driving the widespread adoption of electric mobility. Digital platform integration refers to the process of connecting various digital systems, services, and technologies into a unified platform to streamline operations and enhance user experience. For instance, in October 2023, AB Volvo, a Sweden-based manufacturing company, launched a new service for public charging of electric trucks. New service in Sweden that allows haulers to find and access public fast charging stations for heavy-duty electric trucks. The service integrates with Volvo Connect and a mobile app, offering features like payment and station availability. Future updates will include booking charging time and expanding the service to other European and global markets.
Who Are the Key Players In The Public Charging Service Market?
Major companies operating in the public charging service market are:
• Shell plc
• Hyundai Motor Company
• Tesla Inc.
• Blink Charging Co.
• Schneider Electric SE
• NaaS Technology Inc.
• Guangzhou Xiaopeng Automotive Technology
• Leviton Manufacturing Company Inc.
• Robert Bosch GmbH
• Alfen NV
• Enel X Way S.r.l.
• Kempower Oyj
• Mennekes Elektrotechnik GmbH & Co. KG
• Wallbox N.V.
• Pod Point Limited
• BP Pulse
• IONITY GmbH
• Circontrol S.A.
• SparkCharge Inc.
• E-mobility
• Hopcharge Private Limited
What Are The Regional Insights Into The Public Charging Service Market?
North America was the largest region in the public charging service market in 2024. The regions covered in the public charging service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
