EV Charging Stations: Huge Growth Prospects (Riyadh Valley Company)

Summary

• The EV charging sector market is projected to reach $417.35 billion in 2030, up from $46.54 billion in 2022.p.4
• China had 1,760,000 charging points in 2022, about 65% of all public charging stations worldwide.p.6
• EV battery costs fell from $924 in 2011 to $132 in 2021.p.6
• The GCC EV charging infrastructure market is forecast to grow from $15.41 million in 2022 to $71.58 million in 2028, a CAGR of 27.06%.p.8
• Saudi Arabia EV sales are forecast to reach 66,379 vehicles by 2030, a CAGR of 57.9%.p.9
• ABB has sold more than 680,000 EV chargers in more than 85 markets.p.7

Key insights

1. The global EV charging market is forecast to rise from $46.54 billion in 2022 to $417.35 billion in 2030.p.4
2. In 2022 China had 1,760,000 charging points, close to 65% of public charging stations worldwide, and 43% of its stations offer fast charging.p.6
3. Falling battery costs, from $924 in 2011 to $132 in 2021, support EV adoption.p.6
4. ABB has sold more than 30,000 DC fast chargers and 650,000 AC chargers.p.7
5. The GCC charging infrastructure market is expected to grow at a CAGR of 27.06% to $71.58 million in 2028.p.8
6. Saudi EV sales are forecast to grow at a CAGR of 57.9% to 66,379 vehicles in 2030.p.9
7. Dutch company Fastned, a former Riyadh Valley portfolio company listed on Euronext, aims to build a European network of 1,000 fast-charging stations.p.10
8. BloombergNEF estimates average battery prices will reach $100 per kWh by 2024, a level at which EVs can compete on price with conventional cars without subsidies.p.11