Recent market reach is showing EV charging stations are set to reach USD $43.07 Billion by 2026. In Research and Markets report and developed across the globe, charging station markets are growing at a Compound Annual Growth Rate (CAGR) of 32.65% from 2022 to 2026.

Fueled by the rapid growth and adoption of Electric Vehicles in the consumer and commercial markets, spurred by favorable policy support. The rapid growth rate can be due in large part to the global policy support for zero-emissions vehicles. With that development, charging stations are set to grow well in the coming years.

At this time, most EV charging is done at home. However, commercial and public charging as well as at employers’ locations is readily growing to meet the demand of increasing numbers of EVs in the global fleet.

Market segmentation

  • Platform – two segments were identified
    • Hardware 2021
      • lead the market with more than 65% of the market share because the stations themselves are devices, and inextricably linked to the physical device in the installation
    • Services
      • picked up 35% of the market share, because the services are not as widely used in the marketplace, but are growing rapidly
  • Charger Type – there were two segments identified in the study
    • AC Chargers
      • 75% of the market share is in AC charging stations with an expected CAGR of 31.2% because the cost of the equipment and installation is cheaper. This is the home charger market and growing rapidly
    • DC Chargers
      • 25% of the market share, and growing.
  • Application
    • Private chargers
      • Had dominated the market with 64.6% of the share.
    • Public chargers
      • The segment is expected to grow at a CAGR of 34%, which means more growth in this segment in the coming years, than in private charger growth.
  • IEC Mode – this stands for International Electrotechnical Commission – the commission that sets safety, security, and regulatory standards for EV chargers throughout the world.
    • Mode 3
      • This segment dominated the market with 55.9% of the share. This segment includes a charging station that can deliver enough electricity in the shortest amount of time, to a large EV, such as an automobile. It delivers 250 amps with a dedicated Electric Vehicle Supply Equipment (EVSE) rating and assures safety and protection for the public.

What is driving growth?

Some of the driving forces behind the growth of the Charging station market are

  • Adoption of EVs
  • Rising urban populations
  • Increase in purchasing power
  • Rising CO2 emissions
  • Rising demand for the fast charging infrastructure
  • Government support
  • Growing demand for public charging stations

The rising carbon emission and greenhouse gases have become a serious global issue. Countries around the world are trying to reduce pollution within a certain period of time. Those time limits are set by organizations such as the United Nations

To attain those goals the world is attempting to adopt electric vehicles at a rapid pace because transportation at this point causes maximum pollution. Many governments are setting incentives in place to encourage the adoption of EVs. The Biden Administration in the USA has proposed a new rule for fuel economy standards, proposing annual increases in fuel economy for the 2024-2026 model years.

We would welcome your thoughts on these initiatives and reports

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