The factors driving the public and private charging station for electric vehicle market are the increasing need for sustainable transport solutions, the declining cost of batteries, and the supportive government policies. The rising awareness about the benefits of electric vehicles, such as lower emissions and fuel costs, is also fuelling the market growth.
As the world progresses, the need for more sustainable energy sources increases. The market for electric vehicle charging stations is expected to grow in the coming years as the demand for electric vehicles grows. There are many benefits to owning an electric vehicle, including the fact that they emit no pollutants and are much cheaper to operate than gas-powered vehicles. However, one of the biggest hurdles to widespread adoption of electric vehicles is the lack of infrastructure to support them. This is where public and private charging stations come in.

Public charging stations are important because they provide a place for drivers to charge their vehicles when they are away from home. This is essential for long-distance travel and for people who do not have access to a private charger. Private chargers are important because they can be installed at businesses and homes, providing a convenient way for people to charge their vehicles while they are parked.

The market for public and private charging stations is expected to grow in the coming years as the demand for electric vehicles grows. This growth will be driven by advances in technology, government incentives, and increasing awareness of the benefits of electric vehicles.
The electric vehicle market is growing at a rapid pace with various benefits.

Some of the advantages of the market are:

1. Increased range and performance: The latest electric vehicles have a much improved range compared to older models, with some even able to travel over 200 miles on a single charge. This means that drivers can now realistically use them for long journeys as well as shorter commutes. Furthermore, the acceleration of electric cars is often smoother and more responsive than that of petrol or diesel vehicles, making them more enjoyable to drive.

2. Cheaper running costs: One of the biggest attractions of electric cars is that they are much cheaper to run than traditional petrol or diesel vehicles. For example, it costs around £7 to charge an electric car which would give you enough power for a return journey of approximately 100 miles. In contrast, a comparable journey in a petrol or diesel car would cost you around £20 in fuel. This saving is even more significant when you compare it to the cost of public transport, which would be around £30 for the same journey.

3. Low emissions: Electric cars produce zero emissions, meaning they don’t contribute to air pollution or climate change. This is in contrast to petrol and diesel cars which produce harmful pollutants such as carbon dioxide and nitrogen oxides. As electric cars become more popular, this will help to improve air quality in cities as well as reducing our reliance on fossil fuels.

An electric vehicle charging station, also called EVSE (electric vehicle supply equipment), is a device that supplies electricity to an electric vehicle (EV) to recharge its batteries. It can be either a standalone unit or part of a larger grid-connected network.

There are two types of electric vehicle charging stations: public and private. Public EVSEs are usually found in parking lots, public garages, and other locations where EVs can be parked for long periods of time. Private EVSEs are typically installed in homes or workplaces, and are only accessible to the owner or occupants of the building.
The global public and private charging station for electric vehicles market is expected to reach USD 26.63 billion by 2031 from an estimated USD 5.24 billion in 2020, at a CAGR of 21.96% during the forecast period of 2020-2031.

The major factor driving the growth of this market are government initiatives and subsidies to promote the adoption of electric vehicles, rising demand for electric vehicles, and increasing investments in charging infrastructure.
The downside of public charging stations is that they can be less reliable than private ones. Since they’re used by many people, they can sometimes be overloaded or out of service. And if there are multiple cars trying to charge at the same time, you might have to wait a while for your turn. However,  the number of public charging stations is increasing, so this should become less of a problem in the future.

The other main disadvantage of electric cars is that they’re still more expensive than traditional petrol or diesel cars. This is due to the high cost of the batteries and the lack of economies of scale. However, as battery technology improves and production increases, the price of electric cars is expected to fall.
The key players in the market are

1) Leviton Manufacturing Company, Inc. (U.S.)
2) Schneider Electric SE (France)
3) General Electric Company (U.S.)
4) Eaton Corporation PLC (Ireland)
5) ABB Ltd. (Switzerland)
6) Siemens AG (Germany)
7)ChargePoint, Inc.(U.S.)

Segment Analysis

Public and Private Charging Stations to form major portion of the market

The public and private charging station for electric vehicle market is expected to grow at a CAGR of over 33% during the forecast period. The major factor driving the growth of this market is the rapid increase in the adoption of electric vehicles across the globe. With the rise in awareness about the harmful effects of emissions from traditional internal combustion engine vehicles, various countries are encouraging the use of electric  vehicles through various policies and initiatives. This is resulting in the increased adoption of electric vehicles, which is fuelling the growth of the public and private charging station for electric vehicle market.

Asia Pacific to dominate the market

Asia Pacific  is projected to be the fastest-growing region during the forecast period. The rising demand for pharmaceuticals and cosmetics, owing to the growing population and changing lifestyle, is expected to fuel the market growth in this region.

Covid-19 Impact & Market Status

The COVID-19 pandemic has had a significant impact on the public & private charging station for electric vehicle market. The COVID-19 pandemic has led to a decrease in demand for electric vehicles, as consumers are postponing their purchase decisions due to economic uncertainty. This has resulted in a slowdown in the growth of the public & private charging station for electric vehicle market.

Latest Innovations in the Global Public & Private Charging Station for Electric Vehicle Market: A Snapshot

1. In January 2019, ABB launched a new generation of fast chargers for electric vehicles that can charge up to 80% in just 15 minutes.

2. In March 2019, Tesla introduced its latest Supercharger V3, which is twice as fast as the previous version and can charge up to 75 miles in 5 minutes.

3. In May 2019, ChargePoint announced plans to install 2.5 million charging stations by 2025. The company also announced partnerships with several carmakers including BMW, Daimler, Volkswagen Group, and Volvo to develop a global network of fast-charging stations.

4. In July 2019, Nissan unveiled its new 50kW quick charger for electric vehicles which can charge up to 80% in 30 minutes.

Public & Private Charging Station for Electric Vehicle Market Scope

Key Segment of Public & Private Charging Station for Electric Vehicle   Market

By Type Overview 2021-2031, (USD Billion)
            •        Lever 2
            •        Lever 3
By Application Overview 2021-2031, (USD Billion)
            •        Public Use
            •        Office Use
            •        Home Use
By Region Overview 2021-2031, (USD Billion)
North America 
            •        USA 
            •        Canada 
Asia Pacific
            •        China 
            •        India 
            •        Japan 
            •        Rest of Asia Pacific 
South America 
            •        Mexico 
            •        Brazil 
            •        Rest of North America 
Europe 
            •        Germany 
            •        France 
            •        UK 
            •        Rest of Europe 
Middle East and Africa