Global Charging as a Service Market is valued at approximately USD 208.1 million in 2021 and is anticipated to grow with a healthy growth rate of more than 22.6% over the forecast period 2022-2029. Charging as a Service (CaaS) is a type of subscription-based EV charging package that offers complete EV charging services with minimal up-front expense. Instead of paying all upfront fees at once, an individual might pay a monthly subscription price over a set period. Charging-as-a-service, or CaaS, offers many benefits to EV charging service providers as it eliminates the burden of dealing with installation, ownership, and maintenance costs. The market growth is primarily driven by the factors such as increasing investment in boosting the overall cost efficiency of CaaS, a rising number of favorable government initiatives, and surging demand for public charging infrastructure.
The increasing demand for electric vehicles is directly associated with the demand of charging as a service owing to it providing an efficient infrastructure for a rapid, accessible, and easy charging experience for the electric vehicle. As per the Statista report, in 2020, there were approximately 2.9 million hybrid electric vehicles manufactured globally. Also, the number is projected to grow and reached 5.4 million vehicles by the year 2025. Therefore, the increasing adoption of electric vehicles among the population is propelling the market demand across the globe. Moreover, the insufficient charging infrastructure for electric vehicles, as well as the increasing focus on lowering upfront costs are presenting various lucrative opportunities over the forecasting years. However, the lack of standardization of electric vehicle charging and the high cost of electric vehicles is challenging the market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Charging as a Service Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. The Asia Pacific dominated the market in terms of revenue, owing to the increasing adoption of electric vehicles and the rising number of favorable government initiatives. Whereas, Europe is also expected to grow with the highest CAGR during the forecast period, owing to factors such as significant demand for charging infrastructure and charging-as-a-service, as well as the active participation of government and market players in the market space.
Major market players included in this report are:
ChargePoint Holdings, Inc.
Shell Recharge Solutions
EV Safe Charge Inc
Blink Charging Co.
Recent Developments in the Market:
In April 2022, InCharge Energy declared the introduction of "InCharge as a Service"- an EV charging subscription that presents commercial fleets with the charging infrastructure they need on a monthly or variable basis without owning and operating infrastructure themselves.
Global Charging as a Service Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type of Service, Charging Station, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type of Service:
By Charging Station:
Rest of the World