GLOBAL ELECTRIC VEHICLE CHARGING OUTLETS VOLUME EXPECTED TO REACH 18.8 BILLION BY 2025 DRIVEN BY IMMENSELY HIGH EV ADOPTION AND GOVERNMENTAL POLICIES TO PROMOTE ELECTRIC MOBILITY. CHINA TO BE THE LARGEST MARKET FOR ELECTRIC VEHICLE AND CHARGING OUTLETS
- August 26, 2021
- AUTOMOTIVE, NEWS
- Electric Vehicle Charging Outlets Market, Electric Vehicle Charging Outlets Market Growth, Electric Vehicle Charging Outlets Market Share, Electric Vehicle Charging Outlets Market Size, Electric Vehicle Charging Outlets Market Trend
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The global report on electric vehicle charging outlets market, published by UnivDatos Market Insights (UMI) forecasts the number of EV charging outlets to reach 18.81 billion by 2025 showcasing a CAGR of 25% during the forecast period (2018-2025). Enormously high EV adoption paired with governmental support through policies, incentives, subsidies and investments are attributed to be the primary factors driving the adoption and installation of electric vehicle and EV charging outlets respectively. Based on the deployment type, the EV charging outlets are classified as public and private EV charging outlets. Private EV charging outlets are installed at home, commercial building, shopping malls and private parking spaces among others. Private charging outlets dominate the market at present. The increased ownership of EVs and lack of public EV chargers are the major factors for the dominance of private EV charging outlets. However the legislative bodies have agreed that the green mobility is possible only with the sufficient availability of the charging systems at public locations, hence they ramped up the investments and partnerships with equipment suppliers and automotive OEMs. As a result of which the number of public EV charging outlets is expected to grow at a CAGR of 26.1% during the forecast period.
In addition to this, the time taken to charge a fully depleted EV battery depends on the type of charger used to charge the battery. Slow and fast chargers are the different type of chargers available at private and public locations. Slow charging outlets typically take 4-12 hours to charge the EV batteries. In spite of the long charging time, slow chargers are the preferred charging units in the EV industry due to the convenience and low cost. On the other side, in the past few years, fast chargers have also gained popularity due to lesser charging time. Hence, local governments have set targets to increase the fast chargers in their respective countries. Slow chargers are expected to dominate the market however due to the increase in governmental efforts, fast chargers are expected to grow at highest CAGR of 37.1% during the forecast period.
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The slow chargers can further be bifurcated into level 1 and level 2 chargers. These chargers differ in the electrical specifications and charging time. For instance, Level 1 chargers require a power level of up to 1.8kW and take approximately 8-12 hours to charge the EV battery. While level 2 chargers require a power level of up to 19.2kW and take approximately 4 to 6 hours of charging time. Another level of charging is level 3 chargers which falls under fast chargers. These chargers take very less charging time, i.e., 20 to 30 minutes to charge a fully depleted EV battery. Among all charger type level 2 chargers dominated the market in 2017. The level 2 chargers are anticipated to continue their dominance during the forecast period and will capture almost 75% of the global market in 2025 growing at a CAGR of 25.5% during the forecast period. Wide adoption of level 2 chargers at locations such as residential complexes, commercial buildings, office locations and other such locations would drive the sale of level 2 chargers.
The technology of EV battery charging is continuously improving with advancements in battery packs, connectors, charging equipment and mode of charging. On the basis of different mode of charging, EV charging outlets are fragmented as plug-in and wireless EV charging outlets. Plug-in chargers dominates the market in 2017, however, in the coming years the market share of wireless EV charging outlets is expected to increase and is anticipated to hold 10.2% by 2025.
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Additionally, for better understanding of global EV charging outlets adoption rate, the study is conducted for different region and country including North America (U.S., Canada, and Rest of North America), Europe (France, Germany, The Netherlands, Norway, Portugal, Sweden the U.K and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, and Rest of APAC), and Rest of World (The UAE, Chile, South Africa, Brazil and other countries). Owing to substantial packages of government’s incentives and policies paired with high EV uptake in China, APAC dominated the market in 2017, with a market share of approximately 75%, followed by Europe and North America.
Some of the major key players operating in the global EV charging outlets market includes BYD Company Ltd, ChargePoint Inc., Eaton Corp., EV BOX, Evgo, Fortum OYJ, General Electric Company, Schneider Electric SE, Tesla Inc. and The New Motion. These players are partnering with automotive OEMs, local and central governments bodies and other equipment suppliers to strengthen their foothold in the rapidly growing electric vehicle charging outlets market.
Market Insights, by Deployment Type
Market Insights, by Charger Type
Market Insights, by Level of Charging
- Level 1
- Level 2
- Level 3
Market Insights, by Mode of Charging
Market Insights, by Geography
- North America Electric Vehicle Charging Stations Market
- The U.S.
- Rest of North America
- Europe Electric Vehicle Charging Stations Market
- The U.K.
- The Netherlands
- Rest of Europe
- Asia-Pacific Electric Vehicle Charging Stations Market
- Rest of APAC
- Rest of the World Electric Vehicle Charging Stations Market
- South Africa
- The UAE
- Other Countries
- BYD Company Ltd
- ChargePoint Inc.
- Eaton Corp.
- EV BOX
- Fortum OYJ
- General Electric Company
- Schneider Electric SE
- Tesla Inc.
- The New Motion
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