With the accelerating global transition to electrification, Europe’s electric vehicle (EV) market is experiencing significant demand growth, creating immense opportunities for public charging infrastructure. Continued policy support and rising consumer demand are expected to drive substantial market expansion.
Sustained Growth in EV Demand
In 2023, global EV sales are estimated to reach 13.7 million units, a 29% year-on-year increase. Europe contributed 3.2 million units, accounting for 23% of global sales. By 2024, EV sales in Europe are expected to climb to 3.9 million units, with a penetration rate of 24.2%.
Key Market Highlights:
Germany: EV sales are steadily increasing, with cumulative sales projected to surpass 1 million units by 2024.
France: EV penetration continues to rise, supported by expanding public charging coverage.
United Kingdom: The market penetration rate is expected to exceed 20% in 2024, driven by the OZEV subsidy program, which further unlocks market potential.
Market Size Forecast
Driven by growing demand, Europe’s public charging infrastructure is set for explosive growth:
2023: Public charging points are expected to reach 600,000 units, with an annual growth rate exceeding 30%.
2025: The total number of public chargers is forecast to surpass 1.2 million units, with a market size of $22.4 billion and a compound annual growth rate (CAGR) exceeding 32.8%.
DC fast chargers will see substantial growth, increasing from 13% of all chargers in 2022 to an estimated 26% by 2025, addressing the demand for faster charging for long-range EVs.
China-Europe Market Comparison and Lessons
Compared to China, Europe’s public charging infrastructure still lags behind:
Vehicle-to-Charger Ratio: Europe’s ratio stands at 14.4:1, while China has reduced it to 7.3:1.
Fast Charger Share: Fast chargers account for 41% in China, compared to just 13% in Europe.
China’s widespread adoption of high-power fast-charging technology and large-scale deployment serves as a model for Europe. Expanding fast chargers, particularly along highways and in urban centers, will significantly reduce charging times and enhance user convenience.
Conclusion
Driven by strong EV demand and continuous policy incentives, Europe’s public charging market is set to expand rapidly. By 2025, the market is expected to reach $22.4 billion, with DC fast chargers playing a central role in the growth. Bridging the gap with China and accelerating fast-charging technology deployment will be critical for Europe to achieve sustainable market expansion.
