Electric Vehicle Charging Stations Market is anticipated to grow at a CAGR of ~34% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Electric Vehicle Charging Stations Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global electric vehicle charging stations market accounted for over ~US$ 2.3 billion in 2019. It is anticipated to grow at a CAGR of ~34% from 2019 to 2030.
The significant growth of the market can be attributed to the increasing demand for electric vehicles and investments in electrification of both residential and commercial charging infrastructure by companies and government institutions. Moreover, increasing focus on development of electric infrastructure and rising concerns regarding emissions are anticipated to boost the growth of the electric vehicle charging stations market further during the forecast period. Extensive R&D studies and collaborations by major companies & governments across the globe, aimed towards improving safety & precision of electric vehicle charging stations, are expected to contribute considerably to the market. For instance, in 2019, Energy Efficiency Service Ltd. (EESL) expanded its EV charging infrastructure across the national capital of India with the collaboration of South Delhi Municipal Corporation. Similarly, in April 2019, ABB launched the world’s first fully electric, autonomous, 12-meter passenger bus in Singapore. Moreover, in 2019, according to TATA ELXSI white paper report, various national bodies of the Netherlands, China, Germany, and France, among others, have funded municipalities to install charging stations in collaboration with utility bodies.
The rising demand for electric vehicles and increasing investments made by governments across the globe to develop EV charging infrastructure is anticipated to propel the market during the forecast period. These investments creates opportunities for Original Equipment Manufacturers (OEMs) to expand their revenue stream and geographical presence. Moreover, investments by companies for electrification are expected to fuel the growth of the EV charging station market.
Increasing concerns regarding environmental pollution, greenhouse gas, and the extensive use of renewable energy have led to the rising demand for alternatives transport solutions. Electric vehicles are eco-friendly and helps in reducing air pollution, thus leading to better air quality and fewer health problems. Moreover, electric vehicles are quieter than petrol/diesel vehicles, which ultimately reduces chances of noise pollution. Furthermore, EVs are cheaper to maintain as they have fewer moving parts as compared to conventional petrol/diesel vehicles that are composed of expensive exhaust systems, starter motors, fuel injection systems, and several other parts. All these factors are expected to propel the growth of the electric vehicle charging stations in the coming years.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Electric Vehicle Charging Stations Market by Charging Type (AC Charging Station and DC Charging Station), Charging Level (Level 1, Level 2, and Level 3), End User (Residential and Commercial) - Global Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/electric-vehicle-charging-stations-market/267
The standardization of charging technology has emerged as a focal point for developments in the sector of electric vehicles. Although the EV charging equipment are available in the market, but absence of clarity on standards regarding these equipment, hinders the adoption of these products. Different cars generally use different plugs; for instance, Ford and GM use one variant of charger, whereas Tesla uses another. Hence, in charging stations across several countries, not every station meets every driver’s needs. Therefore, until manufacturers arrive at an industry-standard, charging stations are required to have two or three different variants of plugs with the ability to charge at different speeds. Moreover, high installation costs of infrastructure of electric vehicle charging stations are expected to restrain the growth of the market to a certain extent.
North America is estimated to account for the highest CAGR in the market during the forecast period owing to increasing concern to reduce carbon emission and development of advanced & fast charging stations infrastructure in this region. Moreover, the EV charging industry in this region is inclined towards technology, development, and innovations to develop advanced charging station infrastructure. All these factors create a lucrative growth opportunity for market the electric vehicle charging station market in this region. Asia Pacific is expected to hold the largest market share during the forecast period owing to rising concerns regarding carbon emissions caused by vehicles running on fuel. For instance, in June 2019, China had the largest infrastructure for EV charging in the world with approximately 976,000 charging units.
Some of the prominent players in the global electric vehicle charging station market include ABB Ltd., Robert Bosch GmbH, Siemens AG, Pod Point., BP Chargemaster, CHROMA ATE INC., and Shell, among others.
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