Electric Vehicle Charging As A Service Market Size, Share, and Trends 2024 to 2034

The global electric vehicle charging as a service market size was valued at USD 25.6 billion in 2021 and is expected to reach around USD 113.9 billion by 2030 with an increasing CAGR of 18.04% during the forecast period 2022 to 2030.

The electric vehicle charging station developed for charging of the electric vehicles, Electric vehicles contains the batteries installed in the vehicle and charged by the supplying the electric power to the battery and energy is stored in the batteries and can be utilized while driving the vehicle. Charging of the electric vehicle alternate charging and direct current transfer. Development of the on-board charging station of charging the electric vehicles with increased benefits such as high efficiency of the electric vehicles, low emission of the carbon which contributes for the global economy and reduced pollution of air, noise drives the market to grow.

Development of the charging stations for charging of the electric vehicle with increasing number of infrastructures. Standards developed for charging with the power and connector plug in method develop for charging. Increased research and development in electric vehicle charging as a service with improved technologies in charging stations. Increased benefits such as high efficiency of the electric vehicles, increased performance, low emission of the carbons reduced noise and air pollution and increased performance of the vehicles rising population with increasing demands from the market for electric vehicle and improved charging stations. Increased in automobile industry with wide developments in electric vehicle charging system with new innovations and reducing the charging period required for electric vehicle with faster charging application and reduced cost and environment friendly urge the market to grow.

Impact of covid-19 on the market of electric vehicle with increased rules and regulations and lack down imposed by the government and ceased the transportation and shutdown of the industries and negative impact on the market. With reduced demands for automobile section and decrease the growth rate of automobile sector and post pandemic with rising rate of electric vehicle during the forecast period.  

Growth Factors

The advance developed technologies developed i electric vehicle charging with developed batteries and improved charging system such as electric charging system hardware and software developed smart car charging method charging of the vehicle before the plugging of connector in to the socked with fast charging system. A major factor that propels the market to grow such as green effect with reduced air pollution, noise pollution with reduced emission of carbon, increased efficiency of the electric vehicles with rapid technologies in the developments with electric vehicle charging networks and improved connection may drive the market growth.

Electric vehicle charging in commercial and residential areas significant market growth in commercial areas for with increasing adoption of the electric vehicle with developed infrastructures. Increased research and development in electric vehicle charging system and development in automobile industry with rapid technologies enhance the market to grow during the forecast period. Increased government interest for developing the electric vehicle charging as a service market with enhance investment from the government for improving the charging system. The key market players involved in introducing the electric vehicle charging with new launching with increased providence from the key market player in automobile industry which enhance the market of electric vehicle charging.

Electric Vehicle Charging as a Service Market Scope

Electric Vehicle Charging as a Service Market Dynamis

Key Market Drivers

Increased sale of electric vehicle charging and demand for charging stations

• The rise in acceptance of the electric vehicles with increased n benefits from the electric vehicles such as higher efficiency of the electric vehicles, increased performance, less emission of the carbon and reduced pollution from the vehicles helps to drive the market of electric vehicle charging as a service.
• Rising demands from the customer for developing the charging infrastructures with introduction of residential charging and commercial charging due to increased electric vehicles. Increased government support with the policies developed no license, no tax, free of charging station development, subsidies may help to propel the electric vehicle charging as a service market to grow.
• Enhancement of government funding for integration of electric vehicles in the market with charging stations developed with the increased focus on developing the green nation with reduced pollution helps to boost the market to grow at a larger extend. Electric power is the major source for the electric vehicle for running the vehicle smoothly. Increased cost of the fuels and existence of the electric vehicle with electrification system integrated with reduced cost and faster charging helps to boost the market growth.
• Rise in advance technologies developed in electric vehicles and developed system for charging the electric vehicles supports for impelling the market of electric vehicle charging as a service.

Key Market Challenges 

• Increased cost of the electric vehicles - Increased advance technologies and development in the electric vehicle with integration of software system developed with modified charging system developed in the vehicle may led to rising the rate of the electric vehicle with improved charging systems in the region faster charging and cover up about 100km with in 3min of charging may led to rising cost of the charging and also of the electric vehicles. Which may hamper the market of electric vehicle charging as a service during the forecast period.
• Lack of skill - Improved features in the electric vehicle charging with advance system integrated in with electrification components installed in the vehicle with developed charging system with various techniques lack of knowledge regarding the developed techniques in electric vehicle charging may challenge the market to grow.
• Availability and options existing - Numerous options available other than electric vehicle with rise in commercial use and increased efficiency of other vehicles and increased in availability of the vehicles such as private or commercial which can challenge the electric vehicle charging as a service market to grow at a larger extend.

Key Market Opportunities

• Increased government support - Increased government initiative in developing the electric vehicles with increased benefits from the electric vehicles such as less emission of the carbon gas with increase in focus for developing the green society with reduced pollution in the region and increased providence for developing new innovative feature in charging system may increase the electric vehicle charging as a service market.
• Key market players - The key market players involved in automobile industry with increase in research and development of the electric vehicle with developed charging system with in less period of time. Increased investment from the key market for research and technology development with enahance features may help for expansion of the market to grow.

Charging Infrastructure Type Insights

Based on the charging infrastructure type segmentation of electric vehicle charging as a service with increased developments and increased options for charging of the electric vehicle for running the vehicle smoothly. Increased demands from the market for installing the infrastructure for charging the vehicles with less period of time.

CHAdeMo segment with the largest market share with increased value in the market with increase in compatibility in numerous vehicles. Increased flexibility in electric vehicles. Combined charging system also with highest market share with increased acceptance from the market with rising demands from the customer and increasing the growth of automobile industry strives the market of electric vehicle charging as a service to grow at a larger extend.

Applications Insights

Based on the applications, the commercial vehicles with largest market share with increased revenue and the size of the market growth with increased public transport vehicles developed by the automobile industry with the increased focus on green society with reduced pollution and developing charging station with infrastructures strives the market.

Increased government interest and introducing the electric buses increased facility for the public transport and enhance the market to grow with developed commercial charging points. Private electric vehicles also with highest market share with increased in purchase of the electric vehicles with enhance benefits and developing residential charging point with increased demands propels the market size during the forecast period.

Regional Insights

The Asia Pacific region to hold the largest market share 60% in 2021 with increased research and developments the charging of the electric vehicles and developing charging stations in the region with increasing demands from the customer for electrical vehicle charging and requirements for developing the infrastructures, Increased focus on the society with reduced emission of the carbons from the electric vehicles and reduced pollution is major factor which helps to drive the market to grow.

Enhance efficiency, increased performance of the electric vehicle helps to boost the market with an increase in providence by the government for developing the electric vehicle charging which helps to enhance the market of electric vehicle charging as a service market to grow to a larger extend.

Recent Developments

• In the year 2021 November, Tesla introduced a new version of charging station like a wall connector with J1772 connector. Increased compatibility of the charging station for the electric vehicles and available electric vehicles with developed system in North America.
• In the year 2021 September, Introduction of super-fast charging system station charging with in less than 15 min and can reach 100km range of charging required within 3 mins of charging the electric vehicle developed infrastructure of charging station for public.

Segments Covered in the Report

By Voltage Level of Charging

• Level 1
• Level 2
• Level 3

By Charging Point Type

• Alternate current (Normal Charging)
• Direct current (Super charging)

By Application

• Private 
• Public

By Charging Infrastructure Type

• Normal Charging
• Type 1
• CHadeMo 
• Combined charging system
• Others

By DC Fast Charging

• Fast charger
• Ultra-fast charger

By Internet Connectivity

• Non-connected charging stations
• Smart connected charging stations

By Charging Service

• EV Charging Service
• Battery swapping service

By Electric Bus Charging Type

• Off-board Top-down pantograph
• On-board Botom-up pantograph 

By Class 

• Low price
• Medium price
• Luxury

By Drive Type

• Front wheel drive
• Rear wheel drive
• All wheel drive

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)