The rising adoption of electric vehicles and the integration of smart charging technology are expected to drive the global residential EV charging station market's growth during the forecast period. The Europe region is projected to hold a major market share by 2032
WILMINGTON, Del., Feb. 1, 2024 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Residential EV Charging Station Market Size, Share, Competitive Landscape and Trend Analysis Report by Vehicle Type (Passenger Cars, Commercial Vehicles), by Charging Station Type (Less than 11 KW, 11 KW-50 KW, Above 50 KW): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global residential EV charging station market generated $5.4 million in 2022, and is anticipated to generate $101 billion by 2032, rising at a CAGR of 36.1% from 2023 to 2032.
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- 80 - Tables
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Prime Determinants of Growth
The growing adoption of electric vehicles (EVs), the convenience offered by EV charging stations to electric vehicle owners, and the initiatives taken by governments worldwide to promote the adoption of electric vehicles are the factors expected to drive the growth of the global residential EV charging station market in the forecast period from 2023 to 2032. However, the slow charging speeds and the scarcity of parking spaces in densely populated residential areas may hamper market growth in the coming future. On the contrary, the integration of smart charging solutions and the expansion of EV markets into emerging economies are expected to offer remunerative opportunities for the expansion of the residential EV charging station market during the forecast period.
Residential EV Charging Station Industry Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $5.4 billion |
Market Size in 2032 | $101 billion |
CAGR | 36.1 % |
No. of Pages in Report | 310 |
Segments covered | Vehicle Type, Charging Station Type, and Region |
Drivers | Increasing adoption of electric vehicles Convenience & cost savings offered by these stations Government initiatives to promote EVs |
Opportunities | Technological advancements Integration of smart charging solutions |
Restraints | High initial cost and slow charging speeds |
Vehicle Type: Passenger Cars Sub-segment to Flourish Immensely During the Forecast Period
The passenger cars sub-segment accounted for the largest global residential EV charging station market share of 68.2% in 2022 and is expected to grow at the highest CAGR of 36.3% during the forecast period from 2023 to 2032. This is mainly because home charging stations offer greater scheduling flexibility and convenience by reducing the need to visit public charging stations, saving time for EV owners. Besides, charging vehicles overnight at home ensures that they are fully charged and ready for use each morning, providing EV owners with peace of mind and eliminating the stress associated with locating charging stations during everyday travels.
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Charging Station Type: Less Than Below KW Sub-segment to Hold Major Share by 2032
The less than below kW sub-segment accounted for the largest market share of 54.6% in 2022 and is expected to continue to maintain its dominance during the forecast period. Charging stations with power ratings less than 11 kW are often less expensive, making them a more accessible choice for a wider variety of homes. In addition, slow charging rates help increase the lifespan of electric car batteries by generating less heat, which reduces stress on the battery cells and promotes long-term durability. These factors are expected to boost the sub-segment's growth in the coming years.
Region: Europe Market to be the Most Dominant in Terms of Market Share by 2032
The residential EV charging station market in the Europe region accounted for the largest share of 37.9% in 2022 and is predicted to hold maximum share by 2032. This growth is mainly owing to continuous innovations in EV technology, such as charging speed, increases in battery capacity, and overall performance. In addition, the greater availability of multiple EV models that cater to various consumer demands and preferences has been critical in promoting EV adoption in the region.
Leading Players in the Residential EV Charging Station Market:
- ABB
- Schneider Electric
- ChargePoint, Inc.
- Eaton Corporation plc
- Wallbox
- Tata Power
- Leviton
- Siemens
- Tesla
- Compleo Charging Solutions GmbH & Co. KG
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The report provides a detailed analysis of the key players of the global residential EV charging station market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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