The EV Charging Station market is projected to grow from USD 11.9 billion in 2022 to USD 76.9 billion by 2027, registering a CAGR of 45.0% from 2022 to 2027. Factors such as rising EV sales worldwide, along with government support and policies for mass EV adoption, are positively driving the growth of the EV charging station market. Furthermore, the reduction in EV prices over the years and decreasing EV battery prices are expected to drive further growth.

Mode 3 EV charging stations are becoming increasingly popular as the demand for electric vehicles grows. These stations are equipped with a Type 2 socket that provides AC charging to the vehicle. 

Mode 3 is not used for private use. Mode 3 is a type of electric vehicle (EV) charging that is commonly found in public charging stations. This charging mode involves a level 2 AC charger, which provides higher charging power than a standard household outlet.

Level 3 Segment is the Fastest Growing Segment During the Forecast Period

Level 3 DC charge ranges from 200 V to 600 V with a typical 25 kW + off-board charger. It is currently the fastest available recharging station and adds an average of 80 to 130 Km in a 30-minute charge. Tesla superchargers can add up to 270 Km in a 30-minute charge. These chargers use 480 V, a current of 400 Amp, and provide 240 KW power.

They can charge a vehicle from fully drained to 80% in less than 15 minutes. Level 3 is a highly powered charging option with the potential to fully recharge an EV in less than 30 minutes. However, they are highly expensive. Level 3 charging stations cost approximately USD 30,000 to USD 50,000 on average, as the equipment cost is significantly higher and requires a transformer to be installed. In a DC fast charging system, the AC/DC conversion occurs in the charging equipment instead of the AC/DC converter, so the vehicle's power is already in DC.

“North America will have a significant growth rate during the forecast period.”

North America is home to developed countries like the US and Canada, which serve as regional hubs for renowned OEMs that produce quality and high-performance vehicles. Tesla and GM are among the OEMs that focus on developing faster, cleaner, and high-performance electric vehicles with charging facilities.

Tesla alone has over 1,400 superchargers locations in the US region as of November 2022. The demand for CCS is expected to increase in the North American market, and top charging providers prefer CCS chargers to collaborate with top OEMs.

Key Players:

ABB (Switzerland), Shell (Netherlands), Tesla (US), ChargePoint (US), and BYD (China) are some of the prominent players in the global electric vehicle charging station market.