The global electric vehicle charging stations market is promising. The technology is going to address climate change by cutting down on carbon emissions. Electric vehicle charging stations is considered as the apparent substitute for vehicle fuel. They are assured for a rapid growth phase with the blending energy outcome. Key factors shaping and advancing the electric vehicle charging stations market is stricter government regulation of CO2 emissions, the target to achieve zero emissions, and better fast-charging infrastructure.
THE FAST CHARGER TYPE SEGMENT LED THE MARKET IN 2020
The fast charger type segment dominated the market and accounted for more than 93.0% share of the global market in 2020. The fast charger is projected to grow exponentially during the forecast period due to its ability to charge a vehicle in a short period and protect batteries from early damage.
RESIDENTIAL SEGMENT TO EMERGE STRONGER IN MARKET
The residential segment is projected to evolve as most promising during the forecast period. Rising awareness about saving nature drives the change. The residential segment is making new strides owing to government inventions and OEM's investment. OEMs are investing billions to deliver a new electrified model.
ASIA PACIFIC IS EXPECTED TO BE THE LARGEST MARKET.
An unparalleled government support and fast-growing consumer base have contributed to growth in the Asia Pacific. Japan and South Korea have led the regional market. However, China is the fastest-growing market. China has a combination of high population, low oil production, and strong government involvement that show promise for adoption. The Chinese Government is making an unprecedented investment to support EVs development and deployment. This massive investment will help the electric vehicle charging stations market grow massively.
PROMINENT PLAYERS IN THE MARKET:
AeroVironment, Inc., ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens AG.
The global electric vehicle charging stations market was valued at around USD 2000 million in 2021 and is estimated to grow at a CAGR of 42.25% between 2022 and 2028.
An electric vehicle charging station is a system that recharges electric vehicles. A plug goes into vehicle's charging port with the other hooks up to an electrical outlet. It works as a source of electricity. Some EV charging stations are designed with some advanced features such as fast charging, smart metering, cellular capability, and network connectivity. Electric vehicle charging stations can be categorized based on infrastructure type, the output of charging, installation type, charging type, and application. Electric vehicle charging stations is also referred to as EV charging station, electric recharging point, charging point, electric vehicle supply equipment (EVSE), charge point, and electronic charging station (ECS).
Market Dynamics
The global electric vehicle charging stations market is projected to witness impressive growth during the forecast period. Rising electrification of vehicles due to a decline in fossil fuel reserves, significant import debt burden, and increasing carbon footprint is foreseen to amplify market growth. Growing initiatives by the government and companies to bring more vehicles on the road will spur market growth further. Governments and companies invest heavily in developing and expanding electric vehicle commercialization to get them all on the road and electric vehicle charging stations
. To increase EVs' adoption rate, governments of various countries are providing incentives, subsidies, and funding for charging station infrastructure development. This will eventually pave demand for electric vehicle charging stations. New players are entering the market to grab revenue share, creating a fragmented market. However, poor regulatory framework and lack of standardization in charging infrastructure are restraining the global electric vehicle charging stations market's growth
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The report covers Porter's Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of electric vehicle charging stations.
Market Segmentation
The entire Electric Vehicle Charging Stations market has been sub-categorized into type of charger, application, charging infrastructure type, installation type, charging level. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Type of Charger
- AC Charging Station
- DC Charging Station
By Application
By Charging Infrastructure Type
- CCS
- CHAdeMO
- Normal Charge
- Tesla Supercharger
- Type 2 (IEC 62196)
- Others
By Installation Type
By Charging Level
Regional Analysis
This section covers regional segmentation which accentuates on current and future demand for electric vehicle charging stations market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Electric Vehicle Charging Stations Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the electric vehicle charging stations market include AeroVironment, Inc., ABB, BP Chargemaster, ChargePoint, Inc., ClipperCreek, Inc., Eaton Corp., General Electric Company, Leviton Manufacturing Co., Inc., SemaConnect, Inc., Schneider Electric, Siemens AG. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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