The evcharging station sector has borne witness to a striking surge in expansion.This surge can be attributed to the rapid evolution of the electric vehicle
domain and the soaring sales figures of electric vehicles (EVs), leading to an
ever-mounting appetite for charging infrastructure. Notably, the evolution 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 catalytic force propelling the exponential growth of this
market.
According to the forecasts posited by Market Research Future(MRFR), the global electric vehicle charging station market is poised for
remarkable growth, with a remarkable Compound Annual Growth Rate (CAGR)
anticipated during the review period. The meteoric ascent in fossil fuel costs
has thrust electric vehicles into the limelight as the foremost alternative.
Simultaneously, the escalating apprehensions about environmentalsustainability and governmental efforts aimed at promoting low-emission
vehicles, such as EVs, exert substantial influence on the trajectory of this
burgeoning industry.
Furthermore, the increasing emphasis of Original EquipmentManufacturers (OEMs) on connected electric vehicle solutions for customers with
EV range concerns propels the global EV charging station market. These factors,
coupled with the other merits of electric vehicles over conventional fuel-based
automobiles, bolster the sales of EVs and stimulate market demand.
Despite the gradual descent in electric vehicle batteryprices, these batteries still comprise a substantial portion of the electric
vehicle cost. The elevated prices of charging stations constitute a significant
impediment to market growth on a large scale.
Electric Vehicle Charging Station Market Segmentation
The EV charging station market is classified into chargingstations, connector types, installation types, vehicle types, and regions. The
charging station category is further divided into DC charging stations, AC
charging stations, and inductive charging stations. The connector type segment
is subdivided into chademo, combined charging systems, and others.
The installation type division is further categorized intoresidential and commercial. The vehicle type segment is subdivided into battery
electric vehicles (BEV), plug-in hybrid vehicles (PHEV), and others. The
regional segment is subdivided into Asia Pacific, Americas, Europe, and the
rest of the world.
EV Charging Station Market - Regional Examination
North America takes the lead in the global electric vehiclecharging station market with the largest market share. Factors such as the
rapid surge in EV sales fueled by government support and rising fuel prices
contribute to this dominance. In the US, electric vehicle sales have doubled
since 2014, a clear indicator of the growing demand for EV charging stations.
This further suggests that the US EV charging market will create a larger
revenue stream in the coming years.
Substantial investments in the development of electricvehicle infrastructure (recharge stations) due to the growing demand for
charging stations supported by government initiatives and high disposable
income are also significant drivers of market growth in the region.
Europe represents the second-largest market for electricvehicle charging stations. The UK, France, Germany, and Norway, backed by
rising EV sales driven by economic recovery and government initiatives, play a
substantial role in the regional market.
These factors collectively foreshadow ample opportunitiesfor market growth in the region.
On the flip side, the Asia Pacific evcharging station market Size is experiencing rapid growth due to theimproving economy and growing EV sales, particularly in countries such as
India, China, and Japan. Increasing investments in developing efficient EV
charging stations to meet rising demand drive regional market growth.
Additionally, the presence of many key market players in the region supports market
expansion.
Electric Vehicle (EV) Charging Station Market -Competitive Analysis
Highly competitive, the electric vehicle charging stationindustry appears fragmented due to several major players constituting a
competitive landscape. Key strategies derived from recent developments include
product or technology launches, agreements and partnerships, acquisitions, and
expansions.
Major Players
Leading the global EV charging station market are Siemens,Schneider Electric, Leviton Manufacturing Co. Inc., ABB, Tesla, Eaton, EVgo
Services LLC, ChargePoint Inc., The New Motion BV, and Webasto Group, among
others.
Industry/Innovation/Related News:
On March 18, 2021, San Miguel Power Association (SMPA)unveiled its intentions to install a Level II Dual Port charging station
following the successful acquisition of a Charge Ahead Colorado Grant from the
Colorado Energy Office.
