In recent times, the electricvehicle charging station industry has witnessed a remarkable surge ingrowth. This surge can be attributed to the swiftly evolving electric vehicle
sector and the escalating sales figures of electric vehicles (EVs), leading to
an ever-increasing demand for charging infrastructure. Notably, the development
of electric vehicle infrastructure has assumed a pivotal role in the context of
smart city initiatives. Consequently, the proliferation of smart city projects
stands out as a pivotal catalyst for the burgeoning expansion of this market.
According to theprognostications put forth by Market Research Future (MRFR), the global
electric vehicle charging station market is poised to attain extraordinary
growth, with a remarkable Compound Annual Growth Rate (CAGR) projected for the
review period. The meteoric rise in fossil fuel prices has propelled electric
vehicles into the spotlight as the preeminent alternative.
Concurrently, mountingconcerns regarding environmental sustainability and governmental endeavors
aimed at incentivizing low-emission vehicles, such as EVs, exert substantial
influence on the trajectory of this burgeoning industry.
Furthermore, the increasing focus of OEMson connected electric vehicle solutions for customers with EV range concerns
drives the EV charging station market globally. These factors, combined with
the other advantages of electric vehicles over traditional fuel-based
automobiles, foster the sales of EVs and the market demand.
Even though the electric vehicle batteryprices have been steadily declining, the batteries still constitute a major
chunk of the electric vehicle price. High prices of charging stations are a major factor impeding the marketgrowth at a large scale.
ElectricVehicle Charging Station Market Segments
The EV charging station market is segmentedinto charging stations, connector types, installation type, vehicle type and
regions. The charging station segment is sub-segmented into DC charging
station, AC charging station, and inductive charging station. The connector
type segment is sub-segmented into chademo, combined charging system, and
others.
The installation type segment issub-segmented into residential and commercial. The vehicle type segment is
sub-segmented into battery electric vehicle (BEV), plug–in hybrid vehicle
(PHEV), and others. The region segment is sub-segmented into Asia Pacific,
Americas, Europe, and rest-of-the-world.
EVCharging Station Market - Regional Analysis
North America leads the global electricvehicle charging station market with the largest market share. Factors such as
rapidly increasing sales of EVs fuelled by government support and increasing
fuel prices. In the US, electric car sales have been doubled since 2014,
clearly indicating the rising demand for EV charging stations. This further
suggests that the US EV charging market would create a larger revenue pocket
during the next few years.
Huge investments in the development ofelectric vehicle infrastructure (recharge stations) given the growing demand
for the charging stations due to the increasing sales of EVs backed by
government initiatives, and high disposable income is also some of the key
factors driving the market growth in the region.
Europe is the second-largest market forelectric vehicle charging stations. The UK, France, Germany, and Norway, backed
by the rising sales of EVs due to the resurging economy and government
initiatives, contribute to the regional market hugely.
These factors commutatively presage theample scope of market growth opportunities in the region.
On the other hand, Asia Pacific electricvehicle charging station market is growing rapidly due to the improving economy
and growing sales of EVs, mainly in the countries such as India, China, and
Japan. Growing investments for developing efficient EV charging stations to
meet the augmenting demand drive the regional market growth. Also, the presence
of many key market players in the region supports the growth of the market.
ElectricVehicle (EV) Charging Station Market - Competitive Analysis
Highly competitive, the electricvehicle charging station Industry Size appears fragmented due to severallarge players form a competitive landscape. Key strategies traced from recent developments
include product or technology launch, agreement & partnership, acquisition,
and expansion.
Major Players
Players leading the global EVcharging station market include Siemens, Schneider Electric, LevitonManufacturing Co. Inc., ABB, Tesla, Eaton, EVgo Services LLC, ChargePoint Inc.,
The New Motion BV, and Webasto Group, among others.
Industry/ Innovation/ RelatedNews:
March 18, 2021 --- San Miguel Power Association (SMPA) announced its plans to install aLevel II Dual Port charging station post the successful acquisition of a Charge
Ahead Colorado Grant from the Colorado Energy Office.
