Electric Vehicle Charging Stations Market Size And Forecast
Electric Vehicle Charging Stations Market size was valued at USD 3.18 Billion in 2020 and is projected to reach USD 32.34 Billion by 2028, growing at a CAGR of 33.64% from 2021 to 2028.
Increasing investment by government across the globe to developed charging infrastructure for electric vehicles has created opportunities for OEMs is fueling the growth of the Global Electric Vehicle Charging Stations Market. The Global Electric Vehicle Charging Station Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
What is the Electric Vehicle Charging Station?
An electric vehicle charging station is a component of infrastructure that is responsible for supplying electricity for the recharging of electric vehicles such as plug-in electric vehicles that includes electric cars, plug-in hybrids, and neighborhood electric vehicles. Electric stations also called as electric vehicle supply equipment, or EVSE. All electric vehicles don’t have gas tank, rather than filling gallons of gas, vehicles are plug in into charging station to fuel up. Vehicle is connected to the electric grid; however, all charging stations are not created equally. some of them can be installed simply by lugging into a standard wall outlet while some require a custom installation, the time required for charging is vary based on the charger used. Electric vehicle typically classified into 3 categories, Level 1 charging stations, Level 2 charging stations, and DC Fast Chargers.
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Level 1 charger use 120 V AC plug and it can be plugged into a standard outlet. Level 1 charger does not require the installation of nay additional equipment. Level 1 charger is less expensive but also takes long time to charge. Level 2 chargers are used for both commercial and residential purposes. Level 2 EV station uses 240V for residential or 208 V for commercial purpose. These chargers cannot be plugged in into standard outlet but it requires installation by professional electrician. level 3 are also known as CHAdeMO EV charging stations these are typically used for commercial applications, these statins require highly specialized, high powered equipment’s for installation and maintenance. Three main types of EV based on degree of electricity used as energy source are BEVs, or battery electric vehicles, PHEVs of plug-in hybrid electric vehicles, and HEVs, or hybrid electric vehicles.
Global Electric Vehicle Charging Stations Market Overview
Growing demand for the electric vehicle across the globe is major factor for driving growth of the Global Electric Vehicle Charging Stations Market. In addition, rising focus of government authorities on providing funds to original equipment manufacturers for developments of the charging stations is fueling the growth of the Global Electric Vehicle Charging Stations Market. Also, many automotive players are investing resources in introducing new and developing existing charging stations, which is boosting growth of the Global Electric Vehicle Charging Stations Market. Moreover, manufacturers are shifting their focus on developing new technologies as autonomous park and charge, ultra-fast DC charging network lithium-ion batteries and wireless charging as well, thus growing advancement is expected to drive the growth of the Global Electric Vehicle Charging Stations Market.
Furthermore, low cost, stringent regulations by government in concern with carbon emission coupled with consumer awareness regarding environment is accelerating the growth of Electric vehicles market and thereby increasing need for Global Electric Vehicle Charging Stations is boosting the growth of market. However, high cost associated with infrastructure, installation, maintenance and operations are anticipated to hamper the growth of the Global Electric Vehicle Charging Stations Market.
Global Electric Vehicle Charging Stations Market: Segmentation Analysis
Global Electric Vehicle Charging Stations Market is segmented based on Charging Station, Vehicle-Type, And Geography.
Electric Vehicle Charging Stations Market by Charging Station
• Super Charging
• Normal Charging
• Inductive Charging
On the basis of Charging Station, the market is segmented into Super Charging, Normal Charging, and Inductive Charging. In 2020, Super Charging emerged as a leading segment mainly due to significant rise in the demand as the super charging stations provide fast charging saving the customer’s valuable time. Corporate customer are driving the growth of the market over forecasted period.
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Electric Vehicle Charging Stations Market by Vehicle-Type
• Series PHEV
• Plug-in hybrid vehicle (PHEV)
• Parallel PHEV
• Battery electric vehicle (BEV)
Based on Vehicle-Type, the market is further segmented into Series PHEV, Plug-in hybrid vehicle (PHEV), Parallel PHEV, and Battery electric vehicle (BEV). In 2020, Battery electric vehicle (BEV) segment dominated the market accounting for largest market share due to increasing demand from the adoption of connected vehicles. Furthermore, the increasing fossil fuel prices due to demolishing of the resources are fueling the growth of the market.
Electric Vehicle Charging Stations Market by Geography
- North America
- Europe
- Asia Pacific
- Rest of the world
On the basis of Geography, the Global Electric Vehicle Charging Stations Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is the leading region in the global Electric Vehicle Charging Stations Market due to rapid adoption of advanced technology, and various other driving factors including, the rising demand for the connected cars in the North American Automobile Market, rise in the adoption of electric vehicles across the region, rising demand due to environmental concerns, and the rest others.
Key Players
The “Global Electric Vehicle Charging Station Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Schneider Electric, Tesla, ABB, BYD Auto, Yazaki, Bosch, Efacec Power Solutions, Mitsubishi Electric, Siemens and Engie.
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