The ownership and market size of EV chargers

China's EV charger market size has maintained high growth in recent years, and the market size of China's EV charger is about 78.51 billion yuan in 2021, up 55.68% year-on-year. The market size of China's EV charger is expected to reach nearly 250 billion yuan in 2025, with a CAGR of over 33% during 2021-2025.

China EV charger Market Size and Growth Trends 2018-2025

Global public EV charger ownership will be 1.308 million units in 2020. According to IEA data, the global public EV charger ownership has increased rapidly in the past few years, with 386,000 fast EV charger (power > 22kW) and 922,000 slow EV charger (power ≤ 22kW) in 2020, and we estimate that ratio of the global public EV charger to vehicle is about 11:1. In terms of countries, China will have 807,000 public EV chargers in 2020, which is the first in the world, and fast EV chargers account for a higher proportion. In Europe, there are 286,000 public EV chargers, with 66,700 in the Netherlands, 44,700 in Germany, and 33,500 in the UK.

Figure: Global Public EV charger ownership

The IEA predicts that the global public EV charger ownership will reach 6.07 million and 16.08 million in 2025 and 2030 under the STEPS scenario, and 8.36 million and 25.37 million in 2025 and 2030 under the SDS scenario. China will remain the world's No. 1 in terms of the number of EV chargers.

It is expected that the number of private EV chargers in the world will exceed 95 million units in 2030. According to the data of China Charging Coalition (EVCIPA), until October 2021, China has 1.911 million units of charging facilities (private) installed along with vehicles, and the proportion of installation of EV chargers along with vehicles is about 75.7%. Due to the difference in residential housing between Europe, America and China, we believe that the penetration rate of private EV chargers is higher in Europe and America. With conservative estimation, we assume that the global proportion of private EV chargers installed along with vehicles is 76%, combined with the IEA's conservative forecast of global electric vehicle ownership in 2025 and 2030, it is expected that the global private EV charger ownership will exceed 35 million and 95 million units in 2025 and 2030.