Acumen Research and Consulting estimates that global electric vehicle charging station market is expected to reach the market value of around US$ 115 Bn by 2027 and is anticipated to grow at a CAGR of around 30% in terms of revenue during the forecast period 2020 – 2027.
Chargers for electric vehicles are used for charging and the power supply that serves to charge the battery for electric vehicles. Charging for such vehicles may take place at various charging levels. The cost of electric vehicles is smaller than standard petrol / diesel cars, as well as their maintenance costs. The carbon emissions emitted to the environment containing greenhouse gas are high in electric cars.
The report provides analysis of global Electric Vehicle Charging Station market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
Increasing use of electric vehicles requires an adequate charging infrastructure. In fact, substantial improvement is anticipated to satisfy market demand, both at home and outside amid the projected timeframe. The steady development in publicly available charging station numbers has provided ample charging demands across high voltage and high currents in industrialized regions such as North America and Europe. Technology pioneers also concentrate on developing stations with increased loading capacities and reduced loading time for electric vehicles. Tesla Supercharge Station, a charging station for the electric car that uses DC current and supplies up to 120 kW per car, is a good example. Within a 20 minute time, the Tesla supercharger can charge up to 50% of a car battery. When mapped from the product life cycle, the electric vehicle charging stations market is still in a growth phase and will, as a result of significant technological research and development, continue to be lucratif and opportunistic. Fast vehicle charging stations are expected to be the focus for the remaining players during the forecast period following the sprints of leading actors on the market. In addition, manufacturers of electric vehicles also develop strategies to attract large electric vehicles to their customers through free charging access. These strategies, combined with a robust macroeconomic environment, are anticipated to boost growth in the electric vehicle market during the forecast period.
In 2019, Asia Pacific led the global electric charging station market due to effective initiatives from countries governments, including, Japan, China, India and Singapore. Countries in the region focus mainly on investing money and time to develop the charging infrastructure and enhancing cooperation with aftermarket vehicle OEMs and technology providers to boost market growth.
North America is known to adopt new technologies quickly because of the rapid growth of GDP and high employment. In recent years, demand for electric vehicles has risen significantly in this area. Electrical vehicles have doubled in North America since 2014, implying a rapid increase in demand for electric cars. This demands for electric cars will lead to electric recharge stations in the US, Canada and Mexico being installed.
The market research study on “Electric Vehicle Charging Station Market (Electric Vehicle Charging Station Market By Charging Level: Level 3, Level 2, Level 1; Electric Vehicle Charging Station Market By Charging Infrastructure: Fixed, Portable; Electric Vehicle Charging Station Market By Connector: CCS, CHAdeMO, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global Electric Vehicle Charging Station market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global Electric Vehicle Charging Station market size, and segment markets by charging level, infrastructure, connector, and geography along with the information on companies operating in the market. The Electric Vehicle Charging Station market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global Electric Vehicle Charging Station market is segmented as below:
Electric Vehicle Charging Station Market By Charging Level
Electric Vehicle Charging Station Market By Charging Infrastructure
Electric Vehicle Charging Station Market By Connector
Electric Vehicle Charging Station Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Schneider Electric, Siemens, Tesla, Eaton, ABB, ChargePoint, Inc., EVgo Services LLC, The New Motion B.V., Leviton Manufacturing Co., Inc., Webasto Group., Others.
There are main three types of electric vehicle charging stations including rapid, fast and slow depending on the power outputs which also represents charging speed.
According to Acumen Research And Consulting, the electric vehicle charging station market value is anticipated to be worth around US$ 30.8 billion in 2026.
The electric vehicle charging station market is anticipated to grow over 40.5% CAGR during the forecast period 2019 to 2026.
Asia Pacific held maximum share in 2018 for electric vehicle charging station market.
Public charging station emerge as a global leader as of 2018 with majority of the global market share.
The electric vehicle charging station market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC are the key players operating in the electric vehicle charging station market.