Global EV charging station market to reach $30 billion by 2022

The global electric vehicle charging station market grew from an estimated $1.6 billion in 2015 and is expected to reach $29.7 billion by 2022 growing at a CAGR of 51.7% during 2016 - 2022.

The demand for EV charging stations in public sector has been increasing, while the number of alternating current (AC) charging stations is still much higher than the DC fast-charge stations, according to a new report by P&S Market Research.

The report finds that increasing competition in the hospitality industry has been emerging as boon for the EV chargers market. In order to provide value-added services to their customers, the hospitality companies offer EV charging facilities, which is increasing the demand of EV charging stations from the hospitality industry.

The market for electric vehicles in Asia-Pacific has been propelling, owing to the growing concern of government about environmental pollution. China is the forerunner in the EV market of Asia-Pacific, while the other major economies such as Japan, Australia, South Korea and India are also witnessing an increase in the number of electric vehicle sales.

The EV charging station market is being dominated by small niche players, such as ChargePoint, AeroVironment, and ClipperCreek. The global market has been consolidating where the large companies are acquiring the smaller ones.