According to a new market research report, the European electric vehicle charging stations market is expected to grow at a CAGR of 34.7% by value from 2022 to reach $61.73 billion by 2029. By volume, this market is expected to grow at a CAGR of 37.8% from 2022 to reach 6,458.8 thousand units by 2029.
Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential or commercial. These stations supply electricity to EVs to charge their batteries.
Major factors driving the growth of the European electric vehicle charging stations market are government initiatives to promote the adoption of electric vehicles and develop the associated infrastructure, the rising demand for electric vehicle fast-charging infrastructure, the growing prevalence of range anxiety among EV users, and the increasing deployment of EVs by shared mobility operators. Moreover, factors such as increasing R&D in V2G technology and the growing deployment of charging stations by retail MNCs are expected to create growth opportunities for the players operating in this market.
Based on charging type, the Level 2 segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to increasing government funding and incentives for installing Level 2 charging stations, lower installation costs of Level 2 charging stations compared to DC fast-charging stations, and growing government initiatives for installing fast-charging stations across Europe.
Based on mounting type, the wall mount segment is expected to account for the largest share of the European electric vehicle charging stations market in 2022. The large share of this segment is mainly attributed to the ease of installing wall-mounted chargers and various fiscal and non-fiscal incentives for private property owners and management companies for deploying EV charging infrastructure.