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Car Charging Market Overview:
Car Charging Market size is estimated to reach $134 billion by 2030, growing at a CAGR of 31.7% during the forecast period 2023-2030. Increasing adoption of electric vehicles, government support, environmental concerns, technological advancements, urbanization, and cost-effectiveness are propelling the Car Charging Market growth.
According to International Energy Agency, publicly accessible chargers worldwide approached 1.8 million charging points in 2021, of which a third were fast chargers. Nearly 500,000 chargers were installed in 2021 alone, more than the total number of public chargers available in 2017. As more people switch to electric vehicles, the demand for charging infrastructure is increasing, and governments are incentivizing the installation of charging stations. Consumers are also becoming more environmentally conscious and are turning to electric vehicles as a more sustainable alternative. Technological advancements are making charging faster and easier, and as the cost of owning an electric vehicle decreases, it is becoming a more cost-effective option for consumers. The trend of urbanization is also contributing to the growth of the car charging market, particularly in densely populated cities where access to charging stations is essential.
Market Snapshot:
Car Charging Market - Report Coverage:
The “Car Charging Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Car Charging Market.
| Attribute | Segment |
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By DriveTrain |
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By Types of Car Charging Stations |
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By Connection Phase |
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By Charging Infrastructure Charger Type |
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By Charging Type |
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Car Charging Business Models |
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By Application |
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By Geography |
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COVID-19 / Ukraine Crisis - Impact Analysis:
• The global automobile industry is projected to experience a slowdown due to the COVID-19 outbreak, as many countries have restricted the production of electric vehicles, which is anticipated to harm the electric vehicle charging infrastructure market. However, governments worldwide are focusing on economic recovery efforts to emerge more robust and resilient from the pandemic, with sustainable transportation options such as electric vehicles gaining significant attention. Therefore, the long-term growth prospects of the electric vehicle charging infrastructure market remain promising.
• The ongoing conflict between Ukraine and Russia may have a negative impact on the car charging market in the affected regions. The conflict has created political and economic instability, which discourages investment in charging infrastructure and hinders the growth of the electric vehicle market in affected areas. In addition, the conflict disrupts supply chains and creates logistical challenges for installing and maintaining charging infrastructure. This led to delays and increased costs, making it more difficult for businesses and governments to invest in the infrastructure needed to support electric vehicles.
Key Takeaways:
• Fastest Growth of Europe Region
Geographically, in the global Car Charging market share, Europe is analyzed to grow with the highest CAGR of 33.5% during the forecast period 2023-2030. For several reasons, the region is experiencing the fastest growth in the electric vehicle (EV) and charging infrastructure market. Firstly, strong government support and favourable policies promote the adoption of EVs and the development of charging infrastructure. Many European countries have implemented ambitious targets for reducing carbon emissions and have allocated significant funds to support the growth of the EV market.
Secondly, the infrastructure for charging stations in Europe is more mature than in other regions. The presence of a well-established and expanding network of public charging stations, along with initiatives to install charging points in residential areas, workplaces, and public spaces, has contributed to the market's growth.
• DC Charging Infrastructure to Register the Fastest Growth
In the Car Charging Market analysis, the DC charging segment is estimated to grow with the highest CAGR of 33.7% during the forecast period. DC charging infrastructure allows for faster charging times compared to AC charging infrastructure, which is essential for commercial and public charging applications where time is of the essence. Even technological advances are driving the development of more efficient and cost-effective DC charging solutions. These technological advancements are expected to make DC charging infrastructure more accessible and affordable, driving further growth in the segment.
For instance, Level 3 DC charging stations typically range from 200 V to 600 V and come equipped with a powerful off-board charger of at least 25 kW. Currently, Level 3 DC charging is the fastest available recharging option and can add an average of 80 to 130 kilometres of range in just 30 minutes. On the other hand, Tesla superchargers are even more powerful, providing up to 270 kilometres of content on a 30-minute charge. These chargers operate at 480 V with a current of 400 Amp and can deliver an impressive 240 kW of power. They can charge a vehicle from fully drained to 80% in less than 15 minutes.
• Commercial Segment is Leading the Market
According to the Car Charging Market forecast, the Commercial segment held the major market share. Commercial customers, such as fleet operators, taxi companies, and ride-sharing services, require efficient and reliable charging infrastructure to keep their vehicles running smoothly. Even the government incentivises the commercial segment by offering subsidies to promote electric vehicle adoption and charging infrastructure development. In addition, developing EV charging infrastructure at public locations is imperative as there may need to be more than just overnight charging or home-based charging for long-distance travel.
For instance, Siemens signed a frame contract with Movia, Denmark's largest public transport authority, to deliver charging stations with a top-down pantograph for electric buses.
• Rapid Adoption of EV Drives the Market Growth
As the world shifts towards sustainable transportation, EV demand is increasing. This is due to several factors, including government incentives and regulations, decreasing battery costs, and growing environmental awareness among consumers. As more people switch to EVs, the need for car charging infrastructure also grows. This presents a significant opportunity for the car charging market as companies rush to develop and expand charging networks to meet this demand. The adoption of EVs is expected to continue to grow in the coming years, further fueling the growth of the car charging market.
• Challenges of Installing and Maintaining Charging Stations in Remote Areas
The challenges of installing and maintaining charging stations in remote areas are mainly due to the need for more infrastructure. These areas typically have lower populations and are further away from urban centres, making them less likely to have access to the necessary power grid and other infrastructure needed to support EV charging stations. Furthermore, the installation costs of charging stations can be high due to the need for specialized equipment, such as high-capacity transformers and power lines, to support the charging infrastructure. Limited usage of these charging stations also makes it difficult to justify the high installation costs.
Car Charging Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Car Charging Market. The top 10 companies in this industry are listed below:
1. Tesla
2. ABB Ltd.
3. ChargePoint Inc.
4. BP Chargemaster Ltd.
5. Siemens
6. Eaton
7. Evgo
8. Greenlots (Shell)
9. Webasto
10. Enel X
Scope of the Report:
| Report Metric | Details |
|---|---|
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Base Year Considered |
2022 |
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Forecast Period |
2023–2030 |
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CAGR |
31.7% |
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Market Size in 2030 |
$134 billion |
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Segments Covered |
Drive Train, Types of Car Charging Stations, Connection Phase, Charging Infrastructure Charger Type, Charging Type, Car Charging Business Models, Application and Region |
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Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
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Key Market Players |
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1. Car Charging Market Market - Overview
1.1. Definitions and Scope
2. Car Charging Market Market - Executive Summary
3. Car Charging Market Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. CarCharging Market Market - Start-up Companies Scenario
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Car Charging Market Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Car Charging Market Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Car Charging Market Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Car Charging Market Market – By Drive Train (Market Size – $Million/$Billion)
8.1. Pure Electric
8.2. Plug-in Hybrid
9. Car Charging Market Market – By Types of Car Charging Stations (Market Size – $Million/$Billion)
9.1. AC Charging Stations
9.2. DC Fast Charging Stations
9.3. Wireless/Inductive Charging Stations
10. Car Charging Market Market – By Connection Phase (Market Size – $Million/$Billion)
10.1. Single Phase
10.2. Three Phase
11. Car Charging Market Market – By Charging Infrastructure Charger Type (Market Size – $Million/$Billion)
11.1. Slow Charger
11.2. Fast Charger
12. Car Charging Market Market – By Charging Type (Market Size – $Million/$Billion)
12.1. On Board Charger
12.2. Off Board Charger
13. Car Charging Market Market – By Car Charging Business Models(Market Size – $Million/$Billion)
13.1. Pay-per-Use
13.2. Subscription-Based
13.3. Advertising-Supported
13.4. Partnership Model
14. Car Charging Market Market – By Application (Market Size – $Million/$Billion)
14.1. Residential
14.2. Workplace
14.3. Fleet
14.4. Public Parkings
14.5. Others
15. Car Charging Market Market – by Geography (Market Size – $Million/$Billion)
15.1. North America
15.1.1. The U.S.
15.1.2. Canada
15.1.3. Mexico
15.2. Europe
15.2.1. UK
15.2.2. Germany
15.2.3. France
15.2.4. Italy
15.2.5. Spain
15.2.6. Russia
15.2.7. Rest of Europe
15.3. Asia-Pacific
15.3.1. China
15.3.2. India
15.3.3. Japan
15.3.4. South Korea
15.3.5. Australia & New Zealand
15.3.6. Rest of Asia-Pacific
15.4. South America
15.4.1. Brazil
15.4.2. Argentina
15.4.3. Chile
15.4.4. Colombia
15.4.5. Rest of South America
15.5. Rest of the World
15.5.1. Middle East
15.5.2. Africa
16. Car Charging Market Market – Entropy
17. Car Charging Market Market – Industry/Segment Competition Landscape
17.1. Market Share Analysis
17.1.1. Market Share by Product Type – Key Companies
17.1.2. Market Share by Region – Key Companies
17.1.3. Market Share by Country – Key Companies
17.2. Competition Matrix
17.3. Best Practices for Companies
18. Car Charging Market Market – Key Company List by Country Premium
19. Car Charging Market Market - Company Analysis
19.1. Tesla
19.2. ABB Ltd.
19.3. ChargePoint Inc.
19.4. BP Chargemaster Ltd.
19.5. Siemens
19.6. Eaton
19.7. Evgo
19.8. Greenlots (Shell)
19.9. Webasto
19.10 .Enel X
· "Financials to the Private Companies would be provided on best-effort basis."
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Car Charging Market is projected to grow at 31.7% CAGR during the forecast period 2023-2030.
Global Car Charging Market size is estimated to be $19.5 billion in 2023 and is projected to reach $134 billion by 2030
Top Companies in the Car Charging Market are AeroVironment Inc., ABB Ltd., ChargePoint Inc., BP Chargemaster Ltd., Tesla. and others.
Increase adoption of EVs, expansion of fast charging networks and use of renewable energy sources of the major Car Charging Market trends in the industry which will create growth opportunities for the market during the forecast period.
Government support and policies, renewable energy integration and enhances user experience of Car Charging are the driving factors of the market.