Global Electric Vehicle Charging Station Market Research Report: Information by Charging Station (AC Charging Station, DC Charging Station and Inductive Charging Station), Connector Type (CHAdeMO, Combined Charging System and others), Installation Type (Residential and Commercial), Vehicle Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)) and Region (North America, Europe, Asia-Pacific and RoW) - Forecast till 2025
The global electric vehicle charging station market is predicted to record a CAGR of 41.79% during the forecast period. The global electric vehicle charging station market is promptly growing due to the increase in demand for electric vehicles and strategic initiatives by major players for the development of EV charging infrastructure. However, the growth of the market may be hampered by the demand for CNG and LPG vehicles. The global electric vehicle charging station market is estimated to witness an exponential growth during the forecast period. In the year 2018, the global electric vehicle charging stations market was led by Asia-Pacific followed by Europe and North America. Asia-Pacific controls the global market, owing to the effective initiatives taken by the governments of countries, such as China, Japan, India, and Singapore. The countries in the region primarily concentrate on investing money and time in creating the charging infrastructure and increasing the alliances between the vehicle OEMs and technology suppliers in the aftermarket, will further enhance the market growth. North America is known for rapidly adopting new technologies, owing to the rapidly cumulative GDP and elevated employment rate. This region has witnessed substantial growth in the demand for electric vehicles in the past few years. In North America, since 2014, the sale of electric cars has doubled over, which suggests that the demand for electric cars has grown at a rapid pace. This demand for electric cars will drive the installation of electric charging stations across the US, Canada, and Mexico.
Electric Vehicle (EV) Charging Station Market is fragmented into different segments. It is segmented into parts segments like Charging station, connector type, Installation type and vehicle type. Based on charging station the market is segmented into AC Charging Station, DC Charging Station, and Inductive Charging Station. Based on Connector type the market is segmented into Chademo, Combined Charging System, and Others. Based on installation type the market is segmented into Residential and Commercial. Based on vehicle type the market has been segmented into Battery Electric Vehicle (BEV) and Plug–In Hybrid Vehicle (PHEV)
Geographically, Electric Vehicle (EV) Charging Station Market is split into regions like North America, Europe, Asia-Pacific (APAC), and the rest of the world (RoW). Owing to the new emission standards regulated by the government, Europe is anticipated to witness a substantial development in the global electric vehicle charging station market. conversion and purpose approaches are the two different approaches used by manufacturers in Europe for developing electric vehicles models. The ’conversion’ approach combines new technology (an electric motor and battery) in the existing model. The ’purpose’ approach includes the expansion of new vehicles that are incorporated with the newest technologies. These two approaches will permit the manufacturers to install electric drives in the vehicles, which in turn pushes the growth of the electric charging station market. The rest of the world (RoW) includes the Middle East & Africa and South America. The existence of major EV manufacturers will rise the demand for EVs in the region. Manufacturers are spending in the promotion of charging infrastructure and materials for batteries across the region. Additionally, the easy accessibility of charging stations and low-cost batteries will rise the sales in the region, owing to their low material cost, which in turn pushes this market.
Tesla, Schneider Electric, Eaton, EVgo Services LLC, ChargePoint, Inc., and Webasto Group., Siemens, The New Motion B.V., Leviton Manufacturing Co., Inc., ABB, are some of the major players in the Electric Vehicle (EV) Charging Station Market.