Private Electric Vehicle (EV) Charging Stations Market Synopsis

Private Electric Vehicle (EV) Charging Stations Market Size Was Valued at USD 1.3 Billion in 2023, and is Projected to Reach USD 5.5 Billion by 2032, Growing at a CAGR of 17.4% From 2024-2032.

The market for private electric vehicle (EV) charging stations refers to the segment of EV charging networks that is designed with a focus on private or residential applications. Private parking, housing, and apartment buildings are all equipped with specially located secure charging points to facilitate recharging electric cars. Without the aid of private EV charging stations, EV owners who are not able to make use of public charge-points or would prefer to charge their vehicles at home have no option. Generally, these stations comprise of a grid-connected-charging station and are often mounted by EV users and/or property owners to comply with the needs of EV users.

• The demand for such private EV charging stations has elevated significantly in the recent past since the EV market has been growing as well as the popularity of electric vehicles. Even private EVCS installation is also encouraged by some governments and regulatory bodies in a bid to promote EV penetration and reduce the number of greenhouse gases to be emitted into the atmosphere.
• Zero and low emission mobility solutions, EV charging points, home charging, domestic EV charging, and EV market uptake are also key phrases that relate to the private EV charging station market. We expect the market for private EV charging stations to grow in line with the EV market and the associated interest in reliable and user-friendly charging opportunities.

Private Electric Vehicle (EV) Charging Stations Market Trend Analysis

Rapid Growth and Technological Advancements Shape Private Electric Vehicle Charging Station Market.

• The worldwide market for private EV charging stations is growing significantly due to significant global EV uptake. They include the increasing adoption of intelligent features for both convenience and energy efficiency, the ageing infrastructure for charging in residential buildings and malls, and the growing number of EVs, and the integration of smart features. These trends suggest that people are choosing more climate-friendly ways of travelling and that there is a need for reliable and accessible charging options for EV owners.
• One of the key drivers favouring the market for private EV charging stations is the rising demand for charging stations that are both easily accessible and reliable. As electric cars are gaining popularity, more and more people opt to install their own personal chargers right at their home or workplace to ensure they have easy access to the necessary means of providing their cars with the power they need.
• This demand is stimulated by the tendency of more freedom and manoeuvrability as compared to public charging networks and especially concerns those people who need to spend long hours on their vehicle due to a long commute or simply lack of public chargers in the proximity of their home or workplace. Policies and subsidies that seek to increase the popularity and usability of EVs among consumers are also part of the reason why private charging stations are growing, since they try to make ownership of EVs more attractive and viable for drivers.

The burgeoning market for private EV charging stations presents a significant opportunity.

• There is considerable expansion in the availability of market potential for Private EV charging stations, leading to a rapidly increasing demand for high-quality drivers to manage these facilities. Drivers play a crucial role by overseeing everyday processes, monitoring the effective private EV charging stations work, and providing customers with the necessary services. Responsibilities of the individual include supervising charging activities, station maintenance, coordinating responsibilities and ensuring compliance with safety and legal standards. In addition, the chauffeur often becomes the first interaction for those clients who own an electric vehicle (EV) and use the charging station. Hence, they need to have highly developed interpersonal skills coupled with strong analytical skills and problem-solving aptitude in a bid to address customer concerns and ensure any issues that might arise are timely resolved.
• The aggressive growth in the overall EV population is expected to lead to an increased need for the residential EV charging stations. This situation literally offers a significant opportunity for chauffeurs who are interested in finding employment in this industry and thereby engaging in a stable and successful career. There is a great need and effort to expand this market while having the right knowledge and skills and as drivers we can get well paid jobs in future at private electric vehicle charging stations which can be a good way of advancing the cause of sustainable transportation.

Private Electric Vehicle (EV) Charging Stations Market Segment Analysis:

Private Electric Vehicle (EV) Charging Stations Market is Segmented on the basis of Charger type, Charging Level, Installation type, and end-users.

By Charger Type, Private Electric Vehicle (EV) Charging Station segment is expected to dominate the market during the forecast period

• The market share of various types of chargers for private charging station for electric vehicles depends on a number of factors which may influence the share in the market volume. The use of AC converters and generally the Level 2 kind of charger is evident across the board in both residential and commercial settings due to its affordability and ease of use. These adapters are commonly used for fast charge up or for a one-night charge and are ideal for companies and individuals looking to offer customers or employees a charging station.
• The DC fast converters although fewer in number are very useful equipment especially in places where rapid charging is crucial or where a lot of driving is done over long distances. These chargers are therefore essential for such drivers who need a faster recharge so as to increase the life of EV’s and reduce the charging times.

By Installation Type, Private Electric Vehicle (EV) Charging Station segment held the largest share in 2023

• The provision of private electric vehicle charging stations for installation techniques in the market mainly consists of wall-mounted chargers and pedestal chargers. The wall-mounted chargers are the most suitable to small dwellings and spaces with high population density because they require a minimal installation process. It is a portable type that takes up little space and can be easily charged overnight in homes and car parks.
• On the other hand, pedestal outlets are independent devices mounted in the workplace of a professional, public, or commercial premises. These stations are suitable for places where visibility and accessibility to these stations have heightened due to a concentration of many users who seek to charge their vehicles at the same time. offices and malls complexes and parking lots are commonly one can come across pedestal chargers which offer charging solutions for the owners of electric cars who are on the road.

Private Electric Vehicle (EV) Charging Stations Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• Supportive government policies, growing population, and increasing awareness about climate change and emission-free mobility make the Asia-Pacific region one of the most important and fastest-growing markets for the Private Electric Vehicle (EV) charging stations. As more people in countries like china Japan Korea and India start using EV’s there starts a demand for charging infrastructure.
• The first market for this product – China – is already experiencing a significant increase in the introduction of residential and commercial private charging points for electric vehicles. The ongoing efforts of the Chinese government in the provision of charging infrastructures and popularization of electric vehicle applications play a key role in this regard. One of the factors that is driving growth in private charging networks in Japan and South Korea is the collaborations or cooperation between manufacturers, charging infrastructure suppliers and the governments in the two countries where the sales of EV vehicles are also on the rise.
• The India Private EV Charging Station Market is growing significantly due to Government initiatives in Electric vehicle & Scheme like FAME. However, there are still challenges, like the lack of sufficient public charging stations and the need for the industry to harmonize, which remain a major barrier to market growth in the region.

Active Key Players in the Private Electric Vehicle (EV) Charging Stations Market

• ABB
• BYD
• Xuji Group
• TELD
• Star Charge
• Chargepoint
• Webasto
• Efacec
• Leviton
• Siemens
• IES Synergy
• Pod Point
• Auto Electric Power Plant
• DBT-CEV
• Clipper Creek
• Schneider Electric
• Nitto Kogyo
• Panasonic
• Toyota Home
• Kawamura Electric
• Other Key Players

Key Industry Developments in the Private Electric Vehicle (EV) Charging Stations Market:

• On January 2024 when MAN Truck & Bus co-operated with ABB to solve the problems of electrification in the European transportation fleet with the signing of a cooperation agreement. The agreement primarily focused on accelerating the development of megawatt charging stations, R&D of new integration technologies for EVs, and the development of purpose-built software architectures for EV trucks.
• In February 2024, Raizen Power has signed a memorandum of understanding with Chinese-manufactured BYD brand in an effort to accelerate the adoption of sustainable electric mobility in Brazil. In the hope of providing users with a better recharging experience and clean and renewable energy on a much larger public network of electric stations, this endeavor envisions a significant increase in the number of public electric stations. The company plans to expand the infrastructure for the recharging of electric vehicles by approximately 600 DC charge points and ensuring that the installed power capacity for electromobility increases by 18 MW in Brazil by achieving its goal of capturing 25% of the market for electromobility vehicles in Brazil.
• Nevertheless, BP January 2024 has introduced an application for the management of EV fleets together with Geotab. Integrating Geotab’s telematics data with bp pulse’s Omega charge management software presents an opportunity to provide fleet operators with the best solutions at one platform. Through this combined approach, which is available on the Geotab Marketplace, an electric vehicle charging business can be streamlined based on the vehicles present and the less expensive energy. Combining the capabilities of both platforms for fleet optimization with the vast amount of information offered by Geotab’s vehicle telemetry system allows fleet managers to gain insights into vehicle location and state of charging systems.