What is the current size and annual growth rate of the public charging service market?
The public charging service market size has grown exponentially in recent years. It will grow from $4.50 billion in 2024 to $6.08 billion in 2025 at a compound annual growth rate (CAGR) of 35.2%. The growth in the historic period can be attributed to the increase of public charging infrastructure, the increase in the installation of DC charging stations, the increase in the construction of public charging stations, the growth in the adoption of EV vehicles, and the rising impact of greenhouse gas emissions on environmental health.
The public charging service market size is expected to see exponential growth in the next few years. It will grow to $20.13 billion in 2029 at a compound annual growth rate (CAGR) of 34.9%. The growth in the forecast period can be attributed to increasing consumer awareness of environmental issues, increasing demand to mitigate the effects of global warming, expanding charging networks, increasing integration with renewable energy, and increasing workplace charging solutions. Major trends in the forecast period include technological advancements, innovations in charging technology, technical advancements in electric mobility, advanced charging stations with multiple ports, and a shift towards smart charging.
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Which major factors have contributed to the expansion of the public charging service market?
The increasing adoption of electric vehicles is expected to propel the growth of the public charging service market going forward. Electric vehicles (EVs) refer to vehicles that operate using an electric motor powered by energy stored in rechargeable batteries or other energy storage systems. The increasing adoption of electric vehicles is attributed to growing environmental concerns, government incentives, technological advancements, lower operating costs, improved charging infrastructure, rising fuel prices, and automaker investments. Public charging services are beneficial for electric vehicles by offering widespread access to charging stations, ensuring drivers can easily recharge their vehicles on the go. For instance, in 2024, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2023, electric car sales were 3.5 million units higher than in 2022, reflecting a 35% year-on-year growth. Therefore, increasing adoption of electric vehicles is driving the growth of the public charging service market.
How is the public charging service market segmented?
The public charging service market covered in this report is segmented –
1) By Type: Direct Current Charging, Alternating Current Charging
2) By Application: Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle
3) By End User: Residential, Commercial
Subsegments:
1) By Direct Current (DC) Charging: DC Fast Charging (Level 3), Ultra-Fast DC Charging, High-Power Charging (HPC)
2) By Alternating Current (AC) Charging: Level 1 AC Charging, Level 2 AC Charging, Smart AC Charging Stations
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Who are the top competitors in the public charging service market?
Major companies operating in the public charging service market are Shell plc, Hyundai Motor Company, Tesla Inc., Blink Charging Co., Schneider Electric SE, NaaS Technology Inc., Guangzhou Xiaopeng Automotive Technology, Leviton Manufacturing Company Inc., Robert Bosch GmbH, Alfen NV, Enel X Way S.r.l., Kempower Oyj, Mennekes Elektrotechnik GmbH & Co. KG, Wallbox N.V., Pod Point Limited, BP Pulse, IONITY GmbH, Circontrol S.A., SparkCharge Inc., E-mobility, Hopcharge Private Limited
Which key trends are expected to influence the public charging service market in the coming years?
Major companies operating in the public charging service market are focusing on developing technologically advanced solutions, such as digital platform integration, to enhance user convenience, streamline payment processes, optimize charging station availability, and provide seamless navigation for electric vehicle owners, ultimately driving the widespread adoption of electric mobility. Digital platform integration refers to the process of connecting various digital systems, services, and technologies into a unified platform to streamline operations and enhance user experience. For instance, in October 2023, AB Volvo, a Sweden-based manufacturing company, launched a new service for public charging of electric trucks. New service in Sweden that allows haulers to find and access public fast charging stations for heavy-duty electric trucks. The service integrates with Volvo Connect and a mobile app, offering features like payment and station availability. Future updates will include booking charging time and expanding the service to other European and global markets.
Which regional trends are influencing the public charging service market, and which area dominates the industry?
North America was the largest region in the public charging service market in 2024. The regions covered in the public charging service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Does The Public Charging Service Market Report 2025 Offer?
The public charging service market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Public charging service refers to a system or infrastructure that provides charging facilities for electric vehicles (EVs) in public spaces. These services enable EV owners to recharge their vehicle batteries when they are away from home or other private charging locations. Public charging services are used to charge electric vehicles (EVs) in convenient locations such as parking lots, highways, and public spaces.
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