PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577215
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577215
According to Stratistics MRC, the Global Electric Vehicle Charging Equipment Market is accounted for $57.2 billion in 2024 and is expected to reach $325.8 billion by 2030 growing at a CAGR of 33.61% during the forecast period. Electric vehicle (EV) charging equipment encompasses a range of devices and systems designed to deliver electrical energy to electric vehicles, enabling their batteries to recharge. This equipment includes various types of chargers, such as Level 1, Level 2, and DC fast chargers, each offering different charging speeds and power levels. Charging stations can be installed in residential, commercial, and public locations, facilitating convenient access for EV users.
Rising EV Adoption
Rising EV adoption is increasing consumer shift toward electric vehicles due to environmental awareness, government incentives, and lower operating costs. This growth directly drives demand for electric vehicle charging equipment, requiring the expansion of public, residential, and commercial charging networks. It encourages innovation in fast-changing technologies and smart infrastructure solutions. Additionally, higher EV adoption boosts investments in the charging sector, creates new business models, and promotes sustainable transportation.
High Installation Costs
High installation costs are the significant expenses associated with setting up electric vehicle (EV) charging stations, including equipment purchase, site preparation, and electrical infrastructure upgrades. These costs can deter businesses and consumers from investing in charging solutions, slowing the growth of the electric vehicle charging equipment market. Additionally, financial barriers may hinder the expansion of charging networks, particularly in underserved areas.
Expansion of Charging Infrastructure
Development of public, residential, and commercial charging networks to support growing electric vehicle (EV) adoption. This growth stimulates the electric vehicle charging equipment market by increasing demand for chargers across various segments, including fast-charging stations and smart solutions. It enhances consumer confidence by reducing range anxiety, encouraging further EV adoption. Additionally, it fosters partnerships between governments, utilities, and private companies, driving investments and innovation drives the growth of the market.
Limited Charging Points in Rural Areas
Limited charging points in rural areas significantly impact electric vehicle (EV) adoption by creating range anxiety among potential users, deterring them from transitioning to EVs. This scarcity restricts the growth of the electric vehicle charging equipment market, as manufacturers may prioritize urban installations where demand is higher. Additionally, insufficient infrastructure can hinder market economic development in rural regions.
The COVID-19 pandemic temporarily slowed the electric vehicle (EV) charging equipment market due to supply chain disruptions, project delays, and reduced EV sales. However, post-pandemic recovery, government stimulus packages, and renewed focus on sustainable transportation have reignited growth. Increased investments in charging infrastructure and rising environmental awareness are now accelerating the market's expansion, particularly in public and fast-charging networks.
The fleet operators segment is expected to be the largest during the forecast period
The fleet operators segment is expected to be the largest during the forecast period owing to demand for large-scale charging infrastructure. Their transition to EVs accelerates market growth, encourages the development of fast-charging stations, and fosters innovations in energy management. Fleet electrification reduces operational costs, lowers carbon emissions, and promotes sustainability across industries like logistics and public transportation.
The commercial segment is expected to have the highest CAGR during the forecast period
The commercial segment is expected to have the highest CAGR during the forecast period due to EV adoption by providing accessible charging at workplaces, retail locations, and public spaces. It reduces range anxiety, encourages longer commutes, and supports fleet electrification. Commercial chargers drive economic growth through partnerships, investments, and job creation. Additionally, they promote clean energy integration and sustainability practices for businesses.
North America is projected to hold the largest market share during the forecast period as the expansion of public and residential charging networks reduces range anxiety and encourages EV usage. This market fosters technological innovation, attracts investments, and creates jobs, especially in manufacturing and infrastructure development. Additionally, it enhances energy independence by integrating renewable energy sources, while addressing environmental challenges through reduced emissions and supporting regional climate initiatives.
Asia Pacific is projected to witness the highest CAGR over the forecast period because it reduces dependence on fossil fuels, curbs carbon emissions, and mitigates urban pollution. The expanding charging infrastructure promotes sustainable energy usage by integrating renewables. Economically, it drives investments, boosts technological innovation, and creates jobs across sectors. However, challenges like high installation costs and grid capacity management persist, requiring collaboration between governments, utilities, and private players to ensure seamless market development.
Key players in the market
Some of the key players in Electric Vehicle Charging Equipment Market include ABB Ltd., AeroVironment, Inc. , Allego B.V. , Blink Charging Co., ChargePoint, Inc., ClipperCreek, Inc., Delta Electronics, Inc. , Efacec Electric Mobility, S.A. , Engie SA, EVBox Group , EVgo Services LLC, GARO AB, Hitachi, Leviton Manufacturing Co., Inc., Schneider Electric SE , SemaConnect, Inc., Siemens AG, Tesla, Inc., Tritium Pty Ltd and Webasto Group.
In May 2024, ABB expanded electrification portfolio with acquisition of Siemens' Wiring Accessories business. The acquisition had broadened ABB's market reach and complements its regional customer offering within smart buildings.
In February 2024, ABB announced an agreement to acquire SEAM Group, a major provider of energized asset management. The acquisition brought significant additional expertise to customers in the areas of predictive, preventive, and corrective maintenance.
In January 2024, ABB announced to acquire Canadian company Real Tech, a leading supplier of innovative optical sensor technology that enables real-time water monitoring. Through the acquisition, ABB expands its strong presence in the water segment and complement its product portfolio with optical technology critical for smart water management.