It reveals that the market generated US$0.18bn in 2021, and is anticipated to generate US$1.4bn by 2031, a CAGR of 23.3% from 2022 to 2031.
A surge in the production of electric vehicles and a rise in the adoption of electric vehicles, owing to government initiatives drives the growth of the global airport electric vehicle charging station market. However, the report states, the high cost of EV charging infrastructure, and the lack of standardisation of current EV charging infrastructure restrict the market growth. Moreover, the incorporation of vehicle-to-grid (V2G) EV charging stations presents new opportunities in the coming years.
Based on mode of charging, the plug-in charging segment held the highest market share in 2021, accounting for more than 80% of the global airport electric vehicle charging station market, and is estimated to maintain its leadership status throughout the forecast period. This is because key players in the electric vehicle charging station are launching new EV fast-charging hubs for airports, which can work with all kinds of electric cars. However, the wireless charging segment is projected to manifest the highest CAGR of 26.5% from 2022 to 2031, as countries are focusing on introducing wireless electric car charging stations for electric buses in their airports.
Based on charging level, the level 2 segment held the highest market share in 2021, accounting for more than two-thirds of the global airport electric vehicle charging station market, and is estimated to maintain its leadership status throughout the forecast period. This type of charging equipment is compatible with all plug-in electric vehicles and electric vehicles and takes around 4-6 hours to fully charge a completely depleted battery. However, the level 3 segment is projected to manifest the highest CAGR of 25.2% from 2022 to 2031. It is the fastest type of charging available and can charge an electric vehicle at a rate of 3-20 miles per minute.
Based on product type, the standing type segment accounted for the largest share in 2021, contributing to more than half of the global airport electric vehicle charging station market, and is projected to maintain its lead position during the forecast period. This is because standing-type EV charging stations come with long cables and also provide a wide output voltage range. However, the wireless pad segment is expected to portray the largest CAGR of 25.6% from 2022 to 2031, attributed to its ability to carry and store cables which typically avoids the risk associated with wires pertaining to wear and tear over time.
Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than 40% of the global airport electric vehicle charging station market, and is likely to dominate the market during the forecast period. This is due to leading automobile manufacturers who are planning the deployment of huge electric vehicle charging infrastructure at airports in many countries of the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 26.7% from 2022 to 2031. The increase in vehicle population and rises in vehicle standards fuel the growth of the airport electric vehicle charging station market in the region.
