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Potential market of the EV charging stations | iFlowPower

May 31, 2024

Potential market of the EV charging stations

 

1. Global new energy vehicle sales are expected to reach 14 million units in 2023.

1) Looking at the Chinese market, with Tesla's price cuts releasing demand and BYD's strong performance, China's new energy vehicle sales are expected to exceed 8.8 million units in 2023, a year-on-year increase of 30%.

2) In the U.S. market, with the implementation of the IRA plan and the removal of restrictions on vehicle model sales, it is expected to further stimulate sales demand. Moreover, the current penetration rate of new energy vehicles in the United States is less than 10%, and there is large room for improvement. We predict that the overall sales volume in the United States in 2023 is expected to reach 1.8 million vehicles, a year-on-year increase of more than 50%.

3) The European market maintains relatively stable growth, with sales expected to reach 3 million vehicles in 2023. The continued boom in new energy vehicles will stimulate demand for charging piles.

 

 

2. The booming development of new energy vehicles has driven rapid growth in demand for charging infrastructure.

1) At present, most of the charging places for electric vehicles are residences and workplaces, but charging facilities that can quickly replenish electricity on the way are not yet complete.

2) The global public vehicle-to-pile ratio will be about 10:1 in 2021, and 68% of the existing public charging piles are slow charging. The power supply speed of slow charging piles is far slower than that of fast charging, and cannot well meet the charging needs of electric vehicles.

3) In addition, the continued penetration of new energy vehicles will bring more

4) incremental demand for private charging piles, and the market space for charging piles is vast.

 

 Potential market of the EV charging stations | iFlowPower

 

 

 

Public charging stations lead the electric vehicle charging station market

 

The availability of public electric vehicle charging stations is critical to the purchase of electric vehicles around the world. When buying an electric car, the ability to charge quickly at public charging stations is seen as a key criterion. This is expected to increase revenue growth in the public charging segment. The Asia-Pacific region continues to install public charging stations at a rapid pace, especially in China, India and South Korea, as the number of electric vehicle users continues to grow.

 

Governments around the world have launched various programs and initiatives to encourage buyers to choose electric vehicles over conventional cars.

Potential market of the EV charging stations | iFlowPower


How big is the market for electric vehicle charging stations?

 

The market size of electric vehicle charging stations is expected to reach US$32.86 billion by 2024, with a compound annual growth rate of 25.94%, and will reach US$104.09 billion by 2029.

 

 

 

 

The Prospect of the EV Charging Stations

 

1. Policies strongly support the construction of charging infrastructure.

 

The deployment of charging infrastructure is critical to advancing vehicle electrification. Countries are strengthening the construction of charging infrastructure to meet the evolving needs of consumers, and increasing investment in areas such as standardization, improved charging performance, and wider location coverage.

 

2. In 2030, charging piles will develop towards popularization and intelligence.

 

Charging piles will usher in a tenfold growth in ten years. According to the International Energy Agency, to support the growth of electric vehicles and meet the promised goals, global charging infrastructure will need to increase more than 12 times by 2030, with more than 22 million electric light vehicle charging piles needing to be installed each year. According to the IEA, the number of public charging piles will only account for 10% of the total installed capacity in 2030, but due to higher power, public charging piles will account for 40% of the installed capacity. Charging power demand may exceed 750TWh in 2030, and private charging stations can meet about 65% of energy demand.

 

China has long been the largest market for charging piles. Currently, in many countries, private charging stations at home or at work are the main source of charging, with significant differences in residential charging accessibility between countries. According to IEA data, 70% of detached unit households in the United States have access to home charging, while the access rate for rental apartments is as low as 10-20%. China has a dense population, and most of them are high-rise residential buildings. Only about 40% of households have access to residential parking lots, and even fewer can install and use charging piles. Therefore, China will rely more on public charging piles. The IEA predicts that by 2030, there will be 5.5 million public fast charging piles and 10 million public slow charging piles worldwide, of which China has 4 million and 5.5 million respectively. In Europe and the United States, the share of electricity provided by private charging is expected to account for about 70% of the electricity needed, and in China about half.


 Potential market of the EV charging stations | iFlowPower


Summary analysis: Charging piles are an indispensable part of the rapid development of new energy vehicles. The global new energy vehicle market is booming, with total sales exceeding 10.5 million vehicles in 2022 and sales expected to reach 14 million vehicles in 2023. However, the construction of supporting charging infrastructure is lagging behind. In 2021, there will only be about 1.8 million public charging piles in the world, of which only one-third are fast charging piles. Between 2015 and 2021, only a small number of countries, such as China, South Korea, and the Netherlands, can match the growth in the stock of electric vehicles in the deployment of charging piles, and the vehicle-to-pile ratio is on the rise in most countries.

 


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