The global electric vehicle charging station market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 30.8 Billion by 2026.
Electric vehicle charging stations is known with multiple names including electric vehicle charging point, electric recharging point is an infrastructural point that is known for supplying electric energy to the electric vehicle. There are main three types of electric vehicle charging including rapid, fast and slow depending on the power outputs which also represents charging speed. Electric vehicle charging is simply convenient and one can also charge their vehicle from home itself. Charging station comes with heavy duty connectors which made vehicle charging easy from normal source of energy.
Considering the emergence of electric vehicle over the past few years, the global electric vehicle charging stations market is operating at introductory phase of its industry life cycle. With growing adoption of electric vehicle the market is expected to heading towards growth expansion phase over the next decade. Emergence of electric vehicle is the prominent factors which are pushing the need of charging infrastructure thereby driving the overall market growth. Globally collective efforts are being undertaken in order to reduce carbon footprint. To support this, government from various geographies are launching policies to support the sales of electric vehicle as a suitable alternative to fuel. This factor is impacting the overall market growth with increasing adoption of electric vehicles across the globe.
Technological advancement across the globe and in the automotive industry itself is also giving the birth to the advanced products which made manufacturers to produce sustainable products. In addition to this, increasing level awareness among the consumers and shifting trend of automotive industry from fuel based to electric eco system is further supporting the growth of global electric vehicle charging station. On the other hand, higher cost of DC charging stations as compared to the traditional one is anticipated to hamper overall market growth. Nevertheless, ongoing research and development activities and increasing investment in the same is further offer lucrative growth opportunities.
The market research study on “Electric Vehicle Charging Station Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” offers a detailed outlook, strategic recommendations, and insightful viewpoints on the global Electric Vehicle Charging Station market. The report also analyzes the key players operating in Electric Vehicle Charging Station market and identifies the key strategies deployed by them along with the market share of leading players.
The global Electric Vehicle Charging Station market is segmented as below:
Electric Vehicle Charging Station Market by Type of Charger
Electric Vehicle Charging Station Market by Type of End User
Electric Vehicle Charging Station Market by Power Output
Electric Vehicle Charging Station Market by Type of Supplier
Electric Vehicle Charging Station Market by Geography
Global Electric Vehicle Charging Stations market is segmented into type of charger type, application, power output, supplier type, and region.
Based on Type of Charger, the global Electric Vehicle Charging Station market is segmented into AC charging station and DC charging station. DC charging station dominated the global electric vehicle charging station and it is further expected to continue its dominance during the forecast period as well. This is due to associated benefits of DC charging station over AC charging stations.
Based on Type of application, the global Electric Vehicle Charging Station market is segregated into private and public. Public charging station emerge as a global leader as of 2018 with majority of the global market share. Since the global electric vehicle charging station market is in introductory phase, majority of charging infrastructure is associated with public authorities with governmental support. On the other hand, private sector anticipated to progress in terms of market shares during the forecast period with acquisition of considerable global market.
Based on Type of power output, the global Electric Vehicle Charging Station market is segregated into <11 kW, 11kW-50 kW, and >50 kW.
Market segmentation based on supplier type, the global Electric Vehicle Charging Station market is segregated into OE Charging Station and Private Charging Station.
In terms of region, the global Electric Vehicle Charging Stations market is classified into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa.
Asia Pacific is the largest regional market in the global market for electric vehicle charging station market and it is expected to be the largest one by the end of forecast period. High automotive production base in the China and India and largest product launches of hybrid vehicle in the Asia-Pacific region is encourage the growth of electric vehicle charging stations. Increasing initiatives at country level regarding pollution and climatic changes is resulting into increased awareness for electric eco systems by reducing the fuel based vehicle adoption. The intensity of this factor is expected to more effective over the coming years in Asia Pacific which likely unlock immense growth opportunities over the next decade.
Some of the major players in the global Electric Vehicle Charging Stations market are, Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.