Electric Vehicle Charging Station Market worth USD 155.49 Billion by 2030, registering a CAGR of 41.79% – Report by Market Research Future (MRFR)
New York, Nov. 12, 2021 (GLOBE NEWSWIRE) — Electric Vehicle Charging Station Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Charging Station Market Research Report by Information By Charging Station (AC Charging Station, DC Charging Station and Inductive Charging Station), Connector Type (CHAdeMO, Combined Charging System and others), Installation Type (Residential and Commercial), Vehicle Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)) and Region – Forecast till 2030” the market is projected to be worth USD 155.49 Billion by 2030, registering a CAGR of 41.79% during the forecast period (2022 – 2030), The market was valued at USD 18.25 Billion in 2021.
List of the companies profiled in the global electric vehicle charging station market research report includes:
- Siemens
- Schneider Electric
- Leviton Manufacturing Co.Inc.
- ABB
- Tesla
- Eaton
- EVgo Services LLC
- ChargePoint Inc.
- The New Motion B.V
- Webasto Group.
- Among others.
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The global electric vehicle charging station market is both fragmented as well as competitive for the presence of various international and also domestic industry players. The players have used innumerable innovative strategies to stay at the vanguard and also cater to the burgeoning need of the customers including contracts, collaborations, partnerships, contracts, joint ventures, new product launches, geographic expansions, and more. Further, they are also investing in different research and development activities.
Market Research Future’s Review on Electric Vehicle Charging Station Market
Drivers
Growing Adoption of EVs to Boost Market Growth
The growing adoption of electric cars across the globe will boost market growth over the forecast period. Owing to environmental problems, favorable initiatives and government policies, the use of EVs across different regions is significantly boosting the need for the EV charging station market. Electric vehicles help in reducing the operating price of usage in comparison to the soaring price of petrol. Manufacturers are creating EVs with longer usage duration and better battery life that is boosting market growth.
Opportunities
Increase in Convenience Charging Stations to offer Robust Opportunities
The increase in convenience charging stations will offer robust opportunities for the market over the forecast period. The rapidly growing EV market is boosting innovation in electric vehicle technology and also associated infrastructure. EVs offer several benefits like decreased emissions from tailpipes and reduced fuel consumption that fuels their need across the world. In turn this will boost the requirement for charging stations for EVs. Charging stations are being developed rapidly as a part of government initiative programs and manufacturers of EV are getting involved to develop charging spots in parking locations. These manufacturers are laying emphasis to establish charging stations for EVs to improve the sales of EVs.
Restraints
High Cost to act as Market Restraint
The high costs included in initial investments for fast charging, the need for better batteries, and higher charging time of EVs over fossil fuel vehicles particularly in Level 1 and 2 charging may act as market restraint over the forecast period.
Challenges
Charging Compatibility to act as Market Challenge
The charging compatibility not being uniform, and current trend of pricing and grid capacity of EV being higher than fossil fuel counterparts may act as market challenge over the forecast period.
Browse In-depth Market Research Report (188 pages) on Electric Vehicle Charging Station
https://www.marketresearchfuture.com/reports/electric-vehicle-charging-station-market-5401
Market Segmentation
The electric vehicle charging station market is bifurcated based on charging station, connector type, installation type, and vehicle type.
By charging station, the DC charging station will lead the market over the forecast period.
By connector type, the electric vehicle charging station market is segmented into combined charging system, CHAdeMO, and others.
By installation type, the commercial segment will dominate the market over the forecast period.
By vehicle type, the plug-in hybrid vehicle (PHEV) segment will have the lions share in the market over the forecast period.
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Regional Analysis
APAC to Remain Forerunner in Electric Vehicle Charging Station Market
The APAC region will remain the forerunner in electric vehicle charging station market over the forecast period. Effective initiatives undertaken by the government of Singapore, India, Japan, and China, large scale growth of EV charging network in China, the growing need for cost-effective electric vehicles for daily use, governments promoting EVs, China’s rapidly growing economy, expansion of advanced technologies for improving electrification, investments to improve the charging facility infrastructure, measures to improve the number of electric vehicle charging points across their countries, wide ranging and tangible perks of EVs like enabling economies to cater to their climate change commitments, reduced air pollution, and an increased energy security, ongoing investments by different countries for robust charging infrastructure used in parking facilities, public buildings, and shopping malls, the presence of huge production bases in India and China, and improving governmental subsidies are adding to the global electric vehicle charging station market growth in the region.
Segmentation of Market covered in the research:
Electric Vehicle Charging Station Market Research Report: Information By Charging Station (AC Charging Station, DC Charging Station and Inductive Charging Station), Connector Type (CHAdeMO, Combined Charging System and others), Installation Type (Residential and Commercial), Vehicle Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)) – Global Forecast till 2030
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