Electric Vehicle Charging As A Service Market Size, Share, Trends, Growth and Forecast 2032

Electric Vehicle Charging As A Service Industry Prospective:

The global electric vehicle charging as a service market size was evaluated at $20 billion in 2023 and is slated to hit $139 billion by the end of 2032 with a CAGR of nearly 18.1% between 2024 and 2032. 

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Electric Vehicle Charging As A Service Market: Overview

Electric vehicle charging as a service is a business prototype for easing the acquisition and management of electric vehicle charging infrastructure. Moreover, this service assists various organizations and property owners in easily accessing EV charging stations without involving upfront prices, operation costs, and maintenance costs.

Key Insights

• As per the analysis shared by our research analyst, the global electric vehicle charging as a service market is projected to expand annually at the annual growth rate of around 18.1% over the forecast timespan (2024-2032)
• In terms of revenue, the global electric vehicle charging as a service market size was evaluated at nearly $20 billion in 2023 and is expected to reach $139 billion by 2032.
• The global electric vehicle charging as a service market is anticipated to grow rapidly over the forecast timespan owing to an increase in vehicle sales and a focus on reducing environmental pollution.
• In terms of charging infrastructure type, the AC charging segment is slated to register the highest CAGR over the forecast period.
• Based on charging location, the public charging segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on payment model, the pay-per-use segment is set to dominate the segmental growth in the ensuing years.
• Region-wise, the North American electric vehicle charging as a service industry is projected to register the fastest CAGR during the projected timespan.

Electric Vehicle Charging As A Service Market: Growth Factors

A surge in the sale of automotive will spur global market trends over the forecast period

An increase in vehicle sales and a focus on reducing environmental pollution will steer the growth of the global electric vehicle charging as a service market.

Apart from this, the need for reducing upfront investments in electric vehicle charging infrastructure and supportive government policies will aid the growth of the market globally. Innovations in the charging technology, including smart charging solutions and fast chargers, will boost the global market expansion.

Moreover, firms are focusing on vehicle fleet electrification, which can reduce fuel charges and emissions, thereby driving the global market trends. Easy access to public electric vehicle charging stations and the availability of home charging services at cost-effective rates will propel the growth of the global market.

Electric Vehicle Charging As A Service Market: Restraints

Humungous costs of installing EV charging stations can deter the global industry expansion over the coming years

Massive deployment costs and access to restricted infrastructure facilities can deflate the expansion of the global electric vehicle charging as a service industry. Moreover, challenges pertaining to interoperability, along with constraints faced by grid capacity, can retard the global industry surge in the coming years.

Electric Vehicle Charging As A Service Market: Opportunities

Escalating popularity of EV vehicles can create new growth prospects for the global market over 2024-2032

Growing use of electric vehicles and rising demand for value-added solutions such as car sharing will open new growth avenues for global electric vehicle charging as a service market. Furthermore, an increase in public & private partnerships and strategic partnerships will propel the expansion of the global market. Massive use of vehicle-to-grid technologies and solar-powered charging will create novel growth horizons for the global market.

Electric Vehicle Charging As A Service Market: Challenges

An increase in the operating charges can obstruct the global industry expansion by 2032

Charging network is prone to cyber-attacks that can lead to data leakage. Apart from this, cases of vandalism and theft of chargers can challenge the expansion of the global electric vehicle charging as a service industry. Moreover, a surge in operational charges and a lack of acceptance of electric vehicles in emerging economies can deter the global industry expansion by 2032.

Electric Vehicle Charging As A Service Market: Segmentation

The global electric vehicle charging as a service market is divided into charging infrastructure type, charging location, payment model, and region.                                             

In terms of charging infrastructure type, the electric vehicle charging as a service market across the globe is segmented into AC charging and DC fast charging segments. Apparently, the AC charging segment, which amassed nearly 71% of the global market revenue in 2023, is anticipated to record fastest CAGR in the next few years subject to reduced cost of AC charging and wide use of this charging type.

Based on the charging location, the global electric vehicle charging as a service industry is segmented into residential charging, public charging, and workplace charging segments. Apparently, the public charging segment, which led the global industry in 2023, is expected to account remarkably towards the segmental expansion in the ensuing years. This can be due to easy access, use in long-distance travel, and a surge in acceptance of electric vehicles. 

On the basis of payment model, the global electric vehicle charging as a service market is sectored into fleet-based, pay-per-use, and subscription-based segments. Moreover, pay-per-use segment, which led the payment model segment in 2023, is likely to lead the segmental landscape in the forecast timespan. In addition to this, the segmental surge can be owing to its flexibility, large-scale use, and accessibility.

Electric Vehicle Charging As A Service Market: Report Scope

Electric Vehicle Charging As A Service Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over the analysis time-interval

Asia-Pacific, which contributed about 55% of the global electric vehicle charging as a service market size in 2023, is likely to establish a numero uno position in the global market in the upcoming years. Apart from this, the regional market surge in the next decade can be attributed to a rise in electric vehicle acceptance along with government support. Growing urbanization and an increment in the population base will steer the regional market trends.

North American electric vehicle charging as a service industry is likely to record the fastest compounded growth annually in the upcoming years. The elevation of the industry in North America can be a result of strong government support along with the flourishing automotive sector.

In addition, the availability of strong charging infrastructure facilities in countries such as the U.S., coupled with constant innovations in the charging infrastructure & battery systems, will drive the industry growth in North America.

Electric Vehicle Charging As A Service Market: Competitive Space

The global electric vehicle charging as a service market profiles key players such as:

• ChargePoint
• EVBox
• Tesla
• ABB Limited
• Greenlots
• ChargePoint
• Blink Charging
• Siemens AG
• Equinor
• Stellantis
• Ford Motor Company
• Volkswagen Group
• Coulomb Technologies
• Electrify America
• Shell Recharge Solutions
• BP
• EVgo
• Daimler AG
• General Motors
• Shell
• Tritium
• Enel X

The global electric vehicle charging as a service market is segmented as follows:

By Charging Infrastructure Type

• AC Charging
• DC Fast Charging

By Charging Location

• Residential Charging
• Public Charging
• Workplace Charging

By Payment Model

• Fleet-Based
• Pay-Per-Use
• Subscription-Based

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa