Market Overview

The electric vehicle charging station market was valued at USD 5.86 billion in 2021. It is expected to register a value of USD 53.25 billion by 2027, at a CAGR of 44.44% during the forecast period. Electric vehicles (EVs) are witnessing significant growth due to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.

The COVID-19 pandemic has compelled about 95% of all automotive-related companies to put their workforces on hold during the lockdowns. Globally, the repercussions of the lockdown have been immense and unprecedented due to the halt of manufacturing activities. However, the market is expected to regain its momentum as economic activities resume and vehicle production rises worldwide. With the gradual opening up of the economies, the market may witness significant growth during the forecast period.

Some of the major factors driving the market's growth are the enactment of stringent emission and fuel economy norms, government incentives, and the increasing sales of electric vehicles, which are generating a demand for charging stations.

The electric vehicle charging station market is captured by several global players such as ABB, Schneider Electric SE, and ChargePoint Inc. The market is also attracting various new startups.