Electric Vehicle Charging as a Service Market size was over USD 25.6 Billion in 2023 and is poised to cross USD 113.9 Billion by the end of 2036, witnessing more than 18% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the sector size of electric vehicle charging as a service is estimated at USD 50.2 Billion.
The reason behind the growth is the rising sales of electric vehicles globally. As stated by the International Energy Association (IEA) released in the year 2024, sales of electric vehicles increased by 3.5 million in 2023 across the globe compared to 2022, a 35% annual rise. In a decade the number of customers of electric vehicles increased per week between 2013 to 2023. This is a weekly total that exceeds the yearly total.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
18% |
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Base Year Market Size (2023) |
USD 25.6 Billion |
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Forecast Year Market Size (2036) |
USD 113.9 Billion |
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Regional Scope |
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Charging Point Type {Alternate Current (Normal Charging), Direct Current (Super Charging)}
Alternate current (normal charging) segment is set to dominate over 60% electric vehicle charging as a service market share by 2036. The rising expansion of charging stations globally providing alternate current will help this segment to have a massive revenue share by the end of 2036.
As mentioned in IEA’s Global EV Outlook 2024, there are 15,900 of private non-home chargers in the US, and more than 2,500,000 chargers in the EU are categorized as having limited access.
Application (Private, Public)
By the end of 2036, private segment is estimated to hold over 55% electric vehicle charging as a service market share. The expanding use of private charging stations will highly drive the market expansion of this segment.
Conforming with the Global EV Outlook 2024 by the International Energy Association (IEA), in several nations, including the US (83%), Canada (80%), and others, a significant portion of EVs are charged at home. In actuality, several nations have well-established infrastructure for home charging.
Charging Service (EV Charging Service, Battery Changing Service)
In electric vehicle charging as a service market, battery-changing service segment is expected to account for more than 66% revenue share by the end of 2036. The growth of this segment will be noticed because more consumers demand battery swapping for their electric vehicles.
Moreover, as per IEA’s report released in 2024, battery-switching solutions are gaining traction in the expanding markets as well, particularly in India. The Indian State of Maharashtra and the Chinese battery-swapping business Gogoro announced a USD 2.5 billion cooperation in 2023. Gogoro is situated in Taipei.
Our in-depth analysis of the global electric vehicle charging as a service market includes the following segments:
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Voltage Level of Charging |
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Charging Point Type |
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Application |
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Charging Infrastructure |
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DC Fast Charging |
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Internet Connectivity |
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Charging Service |
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Electric Bus Charging Type |
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Class |
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Drive Type |
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APAC Market Statistics
Asia Pacific region in electric vehicle charging as a service market is set to dominate over 60% revenue share by 2036.
The rising government subsidies and policies for fossil fuel alternative vehicles in this region will exponentially drive the market expansion of electric vehicle charging as a service. As per the Asian Development Bank published in 2018, in Thailand, Indonesia, and India, the limited use of energy will lower the emission of greenhouse gases by 1% to almost 9% by 2030. However, the impact of this cut will be varied by industry and can be affected by the subsidies offered to different energy sources.
Electric vehicle charging as a service is especially going to increase massively in China, driven by the rising adoption of electric vehicles in this country. As specified by the IEA released in 2024, in China, 8.1 million new electric vehicle registrations were made in 2023 which is 35% more than in 2022.
In Japan, electric vehicle charging as a service market will encounter massive growth because of rise in advancement of technologies to develop electric vehicles in this country. For instance, the UK will see the repurposing of used electric car batteries on April 22, 2024, as a result of a recent agreement between Nissan Motors, a Japan-based company, and Ecobat Solutions UK Ltd.
The electric vehicle charging as a service market will also be huge in South Korea due to the huge demand for luxury electric vehicles in this country. In 2022, the total number of electric car sales surpassed those of diesel vehicles for the first time, with 448,934 units sold. With 274,282 sold, hybrids were the most popular EV power source, followed by 164,324 BEVs. This is a 63.7% increase in sales from 2021.
European Market Analysis
The European region will encounter massive growth in the sector of electric vehicle charging as a service during the anticipated period.
This quick growth will be noticed mainly due to the European government’s oath to achieve carbon neutrality. As stated by the European Commission in 2019, by 2050, the EU wants to have an economy with net-zero greenhouse gas emissions, or climate neutrality. The European Green Deal’s main regulation is the European Climate Law which explains this future aim of Europe.
The electric vehicle charging as a service market has amplified in the U.K. as a result of the presence of multiple EV charging stations in this country. In line with Gov.UK published in April 2023, almost 19,% of all charging devices, or 7,647, were classified as "rapid" or higher, and around 22,338 chargers were classified as "fast" chargers; this amounts to 56% of all charging gadgets.
In Germany, electric vehicle charging as a service sector will notice enormous growth mainly due to the country’s expansion in the automotive industry. As per Germany Trade and Investment (GTAI) issued in 2023, with more than 3.1 million passenger cars and 351,000 commercial vehicles produced in German factories in 2021, Germany leads Europe in auto manufacturing.
France will notice lucrative growth in electric vehicle charging as a service market during the projected period. The extensive government initiatives to set up EV charging stations in the different cities of France will develop the market growth here. Moreover, in 2019 the Energy and Climate Law, Mobility Orientation Law, and in 2021 Climate and Resilience Law were issued to deploy charging infrastructure in the different cities of France.
Details by competitor are provided by the competitive environment for electric vehicle charging as a service. Many companies are merging, and introducing new innovative technologies across the world. Some major participants in the industry are:
Author Credits: Abhishek Verma
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