According to a new market research report “Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component (Hardware, Software, Services), Mounting Type (Wall, Pedestal, and Ceiling), Vehicle Type, End User, and Geography – Global Forecast to 2028,” published by Meticulous Research, the electric vehicle charging stations market is expected to reach a value of $103.6 billion by 2028, at a compound annual growth rate (CAGR) of 26.4% during the forecast period of 2021-2028. By volume, the electric vehicle charging stations market is expected to reach 11,647.5 thousand units by 2028, at a CAGR of 31.1% from 2021.

According to the report, the growth of the overall electric vehicle charging stations market is mainly attributed to factors such as government initiatives to drive the adoption of electric vehicles and associated infrastructure, rising demand for electric vehicle fast-charging infrastructure, increasing prevalence of range anxiety and increasing deployment of EVs by shared mobility operators. However, the high initial cost of installation is likely to hinder the market’s growth, the report says. Increasing R&D in V2G technology, increasing adoption of electric mobility in emerging economies, and growing deployment of charging stations by retail MNCs are projected to provide significant growth opportunities for vendors operating in this market.

Electric vehicle charging stations are defined as a site where one or more EVSEs are installed. These sites can be residential, non-residential or commercial. Electrical energy is supplied through special connectors that conform to the variety of electric charging connector standards for the recharging of plug-in electric vehicles—including electric cars, electric buses and special-purpose electric vehicles.

The overall electric vehicle charging stations market is segmented based on charging type, connection type, vehicle type, mounting type, component, end-user, and geography.

Based on charging type, the electric vehicle charging stations market is segmented into Level 1, Level 2 and DC fast charging. In 2021, the Level 2 segment is estimated to command the largest share of the overall electric vehicle charging stations market, the report says. The large share of this segment is mainly attributed to government funding and incentives for the installation of Level 2 charging stations, lower installation cost compared to DC fast-charging stations, and greater efficiency in terms of less charging time than Level 1 charging stations. However, the DC fast-charging stations segment is expected to grow at the highest CAGR during the forecast period, the report says.

Based on connection type, the electric vehicle charging stations market is segmented into pantograph, connectors and wireless charging. In 2021, the connector segment is estimated to account for the largest share of the overall electric vehicle charging stations market, according to the report. The large share of this segment is mainly attributed to government initiatives to expand the DC fast-charging station infrastructure and increasing investment by stakeholders of electric mobility in emerging economies for developing EV charging infrastructure.

Based on vehicle type, the electric vehicle charging stations market is segmented into passenger cars, heavy commercial vehicles, light commercial vehicles and two-wheelers & scooters. In 2021, the report says the passenger vehicles segment is estimated to account for the largest share of the overall electric vehicle charging stations market. The segment’s growth is attributed to the favourable government policies and subsidies for promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and proactive participation by automotive OEMs in producing electric passenger vehicles.

Based on mounting type, the electric vehicle charging stations market is segmented into wall mount, pedestal mount and ceiling mount. The report says in 2021, the wall mount segment is estimated to account for the largest share of the overall electric vehicle charging stations market. The large share of this segment is mainly attributed to the cost-effectiveness of the wall mount chargers, easy installation process, and various fiscal and non-fiscal incentives to private property owners and management companies for the development of EV charging infrastructure.

Based on component, the electric vehicle charging stations market is segmented into hardware, software and services. In 2021, the hardware segment is estimated to account for the largest share of the overall electric vehicle charging stations market, according to the report. The growth of this segment is attributed to infrastructural developments for supporting the transition to electric mobility, increasing demand for EV charging stations in developing and developed economies, and attractive fiscal and non-fiscal incentive plans for setting up manufacturing units of EV charging stations and related components.

Based on end-user, the electric vehicle charging stations market is segmented into commercial EV charging stations and residential EV charging stations. The report says in 2021, the commercial EV charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations market. The growth of this segment is attributed to the growing number of installations of EV charging stations in public places like shopping malls, restaurants, commercial buildings, parking areas, railway stations and airports; and government initiatives for the installation of publicly accessible charging stations.

Geographically, the electric vehicle charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2021, Asia-Pacific region is estimated to command the largest share of the global electric vehicle charging stations market, followed by Europe and North America, the report says. The large share of this region is mainly attributed to the growing demand for electric vehicles in countries such as China and Japan and rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase the adoption of electric vehicles.

However, Europe is expected to grow at the highest CAGR during the forecast period, according to the report. The high growth of electric vehicle charging stations market in this region is primarily attributed to government initiatives to develop charging infrastructure across the region. Countries like France, Germany, Netherlands, Norway and the U.K. are five front-runner countries for electric vehicles and charging points across the region, the report says.