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ElectricVehicle Charging Station Market:
As per MarketResearch Future (MRFR), The global electric vehicle charging station market isprojected to register a CAGR of 41.79% from 2017 to 2025 (forecast period). Thereport offers an extensive overview of the global situation, the economicsituation, and COVID-19 analysis of the overall industry.
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The electricvehicle charging station is a point for charging the battery of an electricvehicle, which varies from vehicle to vehicle. There are numerous types oftechnology used to charge vehicles on the basis of the battery’s input power,which is as follows: Type 1, Type 2, and Type 3. The charging stations can beDC or AC charging type or an inductive charging station.
These chargingpoints can be installed either in residential or commercial applications andinclude the speed at which the electric vehicle can be charged depending on thetype of technology used for the battery.
MarketDynamics
The global marketfor electric vehicle charging stations is increasing rapidly due to increaseddemand for electric vehicles and strategic initiatives by key players in thegrowth of the EV charging infrastructure. Nevertheless, market growth may behampered by the demand for CNG and LPG vehicles.
COVID-19Impact on Global Electric Vehicle Charging Station Market
Among the mostvulnerable verticals to the ongoing outbreak of COVID-19, the automotive andtransportation market is currently facing unparalleled uncertainty. COVID-19 isexpected to dramatically affect the supply chain and the market for goods inthe automotive industry. The industry's concern has changed from focusing onChina's supply chain disruption to the overall slump in demand for automotivegoods. Commercial vehicle demand is expected to drop, with all non-essentialservices shut down. In addition, changes in consumer buying behavior due to theuncertainty surrounding the pandemic may have significant implications for thenear-future growth of the industry. In the meantime, the shortfall and cashcrunch have already impacted fleet operators' sales, which are expected to growfurther in the following months.
However, theproduction of electric vehicles seems to be considerably less impacted by thepandemic, as the projected production levels for EVs in 2020 are expected to bemore or less close to those in 2019. As a result, demand for EV infrastructureis not anticipated to be significantly affected due to the current pandemic, aselectric vehicles and their related charging infrastructure and sales originatefrom China, which has recovered from the pandemic to sustain its globalsupremacy in EV production. The Chinese government has also announced stimuluspackages to boost the development of an electric vehicle charging stationnetwork.
MarketSegmentation
The globalmarket of electric vehicle charging station has been segmented into chargingstation, connector type, installation type, and vehicle type.
By chargingstation, the global electric vehicle charging station market has been segmentedinto inductive charging station, AC charging station, and DC charging station.The AC charging station segment captured the largest market share in 2018; itis expected to see considerable growth during the forecast period due to theincreasing adoption of the AC charging station from the residential sector, asabout 80% of EV owners charge their vehicles overnight at home using AC power.
By connectortype, the global electric vehicle charging station market has been segmentedinto Combined Charging System, CHAdeMO, and Others (GB/T standard, TeslaSupercharger, SAE standard, and IEC standard). The CHAdeMO segment is expectedto expand at the highest CAGR during the forecast period due to growing demandfrom the commercial sector.
By installationtype, the global market has been segmented into residential and commercialsegment. In 2018, the residential segment led the market; it is projected to bedominant throughout the forecast period due to the increasing overnightcharging of EVs. The commercial segment is anticipated to witness the highestgrowth during the assessment period due to the increasing development of EVcharging stations at traditional gas stations, parking garages, hotels,restaurants, and shopping centers, globally.
By vehicle type,the global electric vehicle charging station market has been segmented intobattery electric vehicles and plug-in hybrid vehicle. The battery electricvehicle (BEV) segment is expected to be dominant throughout the forecast perioddue to the growing use of Level 1 charging stations in residences.
RegionalAnalysis
By region, theglobal market of electric vehicle charging stations has been segmented intoNorth America, Europe, Asia Pacific (APAC), and the rest of the world (RoW).
The globalmarket for electric vehicle charging stations was led by the Asia Pacific,followed by Europe and North America. The Asia Pacific dominates the globalmarket due to effective measures taken by governments of countries such asChina, Japan, India, and Singapore. The countries in the region concentratemainly on investing money and time in the development of charginginfrastructure, and increasing collaboration between vehicle OEMs andtechnology providers in the aftermarket will further fuel ElectricVehicle Charging Station Market growth.
Key Players
The industrygiants in the global market of electric vehicle charging stations are Siemens,Leviton Manufacturing Co., Inc., Schneider Electric, ABB, Tesla, Eaton, EVgoServices LLC, ChargePoint, Inc., The New Motion B.V., and Webasto Group.
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Market ResearchFuture (MRFR) is a global market research firm that takes great pleasure in itsservices, providing a detailed and reliable study of diverse industries andconsumers worldwide. MRFR's methodology integrates proprietary information withdifferent data sources to provide the client with a comprehensive understandingof the current key trends, upcoming events, and the steps to be taken based onthose aspects.
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