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Europe EV Charging Stations Market Worth $61.73 Billion and 6,458.8 Thousand Units by 2029

 



(EnergyIndustry.Net, July 29, 2022 ) According to a new market research report titled, ‘Europe EV Charging Stations Market by Charging Type (Level 1, Level 2, DCFC), Connection Type (Pantograph, Connector, Wireless), Component, Mounting Type, Vehicle Type, End User, and Geography - Forecast to 2029,’ the European electric vehicle charging stations market is expected to grow at a CAGR of 34.7% by value from 2022 to reach $61.73 billion by 2029. By volume, this market is expected to grow at a CAGR of 37.8% from 2022 to reach 6,458.8 thousand units by 2029.

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Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential or commercial. These stations supply electricity to EVs to charge their batteries and feature electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicles.

Major factors driving the growth of the European electric vehicle charging stations market are government initiatives to promote the adoption of electric vehicles and develop the associated infrastructure, the rising demand for electric vehicle fast-charging infrastructure, the growing prevalence of range anxiety among EV users, and the increasing deployment of EVs by shared mobility operators. Moreover, factors such as increasing R&D in V2G technology and the growing deployment of charging stations by retail MNCs are expected to create growth opportunities for the players operating in this market.

The European electric vehicle charging stations market is segmented based on charging type, connection type, vehicle type, mounting type, component, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on charging type, the Level 2 segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to increasing government funding and incentives for installing Level 2 charging stations, lower installation costs of Level 2 charging stations compared to DC fast-charging stations, and growing government initiatives for installing fast-charging stations across Europe.

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Based on connection type, the connector segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to increasing collaborations between electric vehicle charging station providers and utility companies & fuel station operators to deploy charging stations for electric vehicles and increasing collaborations between governments and automakers to expand the DC fast-charging station infrastructure in the region.

Based on component, the hardware segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to the growing infrastructural development in Europe for supporting the transition to electric mobility, the increasing demand for EV charging stations for long-range travel, and attractive fiscal & non-fiscal incentives for setting up units for manufacturing EV charging stations and related components.

Based on mounting type, the wall mount segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to the ease of installing wall-mounted chargers and various fiscal and non-fiscal incentives for private property owners and management companies for deploying EV charging infrastructure.

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Based on vehicle type, the passenger cars segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to increasing government policies and subsidies promoting the adoption of electric vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increasing fuel prices, and growing initiatives by automotive OEMs to increase their presence in the electric mobility space.

Based on end user, the commercial segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to increasing government initiatives across Europe in the form of incentives, tax credits, and subsidies for the deployment of EV charging stations at commercial sites. Moreover, this segment is also expected to register the higher CAGR during the forecast period.

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Geographically, in 2022, Germany is expected to account for the largest share of the European electric vehicle charging stations market both by value and volume. The large share of this market is mainly attributed to rising government investments in purchasing electric buses, the rapid development of charging infrastructure, and incentives for buyers of electric vehicles. For instance, as of 2021, there are ~35,000 charging points available for EV users in Germany seeking public loading facilities and workplace or home charging stations (Source: BCG).

Germany is considered one of the countries that have boosted the adoption of EVs globally. As per the 2030 Climate Action Programme passed in October 2019, the German government planned to have up to 10 million EVs and 1 million charging stations on German roads by 2030. According to Germany’s Federal Ministry of Economics and Energy, as of 2020, nearly 18,385 charging stations were open to the public in Germany. According to the German government’s ‘Master Plan for Charging Infrastructure,’ an additional 50,000 public charging points are to be built over the next two years, with a long-term goal of one million charging points by 2030.

The U.K. is expected to account for the second-largest share of the European electric vehicle charging stations market by value in 2022. The growth of this market is mainly driven by increasing government investments and incentives for the development of charging infrastructure in the country, the growing incorporation of electric buses in public transport fleets, and focused government efforts to make central London and town centers across the U.K. zero-emission zones by 2025.

Some of the key players operating in the European electric vehicle charging stations market are Webasto Group (Germany), EVBox Group (Netherlands), BP p.l.c. (U.K.), Royal Dutch Shell PLC (Netherlands), Connected Kerb Limited (U.K.), Électricité de France (France), Fastned B.V. (Netherlands), Route220 S.r.l. (Italy), Compleo Charging Solutions AG (Germany), and GreenWay Holding S.A (Slovakia).



Meticulous Research™

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Source: EmailWire.Com

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