New York City, NY, 11 September, 2019/24 Market Reports: 24 Market Reports has added new report on the ‘Electric Vehicle Charging Station Market’, 2019 Market Research Report. This research report categorizes the global Electric Vehicle Charging Station Market by top players/brands, region, type and end user.
Market Overview
An electric vehicle charging station is an element in an infrastructure, which supplies electric energy for the charging of plug-in electric vehicles. It is estimated for the electric vehicle charging stations market to reach USD 30.41 Billion by 2023 from that of USD 5.30 Billion in 2018 at a CAGR of 41.8% between the forecast period 2018 and 2023. Growing demand for electric vehicles, government funding, subsidies, and growing concern over environmental pollution are the factors driving the growth of the market. The heavy investment from automakers of EVs is also a factor for the growth of the market.
DC charging station segment to lead the electric vehicle charging stations market.
The primary feature of DC charging stations taking less time to charge the vehicles in comparison to AC charging stations is driving the high growth of the former in the market. Also, the growth of the DC charging stations is taking place due to the increasing popularity of public charging stations. Furthermore, automakers are planning to invest in DC fast-charging network to support the long-range battery electric vehicles.
Commercial installation to hold the largest share in the electric vehicle charging stations market
The increasing charging stations at public places such as malls, commercial buildings, restaurants, and airports are propelling the growth of the market. The liberty to charge the electric vehicles even during the working hours is expected to boost the adoption of electric vehicles. Also, various offerings by the governments such as tax benefits on the installation of publicly accessible stations are expected to boost the commercial installation of charging stations.
Asia Pacific region to hold the largest share in the market
The growing demand for electric vehicles in countries such as China and Japan is driving the growth for electric vehicle charging station installations in the APAC region. At present, APAC is the largest market for electric vehicle charging stations globally.
The demand to supply ratio of electric vehicle fast-charging stations in China is high. As the electric vehicle sales are expected to touch the 5 million mark by 2021, the country’s state cabinet has issued a directive focusing on the construction of nearly 4.8 million electric vehicle charging stations by 2020.
Furthermore, the initiatives taken by the South Korean and the Indian countries to reduce greenhouse gas by increasing the use of EVs is also boosting the market. For instance, India has pledged to phase out petrol and diesel cars by 2030. Such initiatives will boost the growth of the electric vehicle charging stations market.
The Indian government has replaced close to 10,000 petrol and diesel vehicles to electric vehicles. The first EV car-sharing platform was launched in Singapore in 2017. Such initiatives are going to increase the popularity of the electric vehicles which in turn will result in the growth of electric vehicle charging stations market.
For top companies in United States, European Union and China, Electric Vehicle Charging Stations Market investigates and analyzes the production, value, price, market share and growth rate for the top manufacturers, key data from 2014 to 2019.
In global market, the following companies are covered: Chargepoint(US), ABB(Switzerland), Eaton(Ireland), Leviton(US), Blink(US), Schneider Electric(France), Siemens(Germany), General Electric(US), Others.
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