The global EV charging station industry is projected to be valued at 39.2 (USD billion) by 2027 at a CAGR of 40.7% from 2020 to 2027.
The electric vehicle charging station is an infrastructure that is used for recharging the batteries of electric vehicles. With the bolstering sales of electric vehicles worldwide EV manufacturers are increasingly focused on the development of the charging infrastructure to fulfill the operational requirements of electric vehicles. Moreover, with rising consumer demand market players are significantly transforming and developing new technologies in both public and private charging stations. Consumers have more emphasis on fast-charging stations that will save their time and also boost the performance of the battery.
The electric vehicle charging stations market is projected to reach a value of $ 39.2 billion by 2027, at a CAGR of 40.7% during the forecast period 2020-2027. Read More@ https://www.precedenceresearch.com/electric-vehicle-charging-station-market
Key Players & Strategies
The global electric vehicle charging station market is highly competitive owing to significant technological developments in the market. Market players are also involved in mergers, acquisitions, partnerships, regional expansion and other similar marketing strategies to consolidate their market position. For instance, in January 2017, BMW AG and Nissan Motor Corp. signed a partnership agreement to build 174 DC fast-charging points to support their rising EV fleets in the U.S.
Some of the key players of the market are ABB Ltd., ChargePoint, Inc., EVgo Services LLC., Allego, Scheinder Electric,, Robert Bosch GmbH, Blink Charging Co., Wi Tricity Corporation, Toshiba Corporation, and AeroViroment, Inc. Some other participants in this sector include Mojo Mobility, Inc., General Electric, Evatran Group, HellaKGaAHueck& Co., Siemens AG, Leviton Manufacturing Co., Inc., Efacec, Alfen N.V., Denso Corporation, Elix Wireless, Chargemasterplc., Tesla Inc., ClipperCreek, Engie, Infineon Technologies AG, and Qualcomm Technologies, Inc., among others.
EV Charging Station Industry Highlights
- Asia Pacific was the dominant region in 2019 and is expected to be the most attractive market during the forecast period. China, India, Japan, and Korea are some of the most lucrative regions for the electric vehicle charging station market growth. Rising investments and government initiatives are the major factors for its significant growth.
- North America and Europe are significant revenue contributors in the global electric vehicle market with substantial growth. The government's targets to curb carbon emission and boost the adoption of electric vehicles are some of the major factors driving the EV charging station market in these regions.
- DC charging point led the market share with approximately 60% of the revenue share in 2019 owing to fast charging capability and attractive pricing of the DC charging. However, wireless charging expected to witness the fastest growth rate during the forecast period.
- By end-user segment, public type charging stations dominated the global EV charging station market because they are more economical to the manufacturer. Moreover, they offer larger paring space and are accessible to all public.
Commercial success for electric vehicles needs installation of charging infrastructure which is reachable, accessible, and comparatively reasonable irrespective of their location. Strategic initiatives taken by some of the major players to provide free charging facilities to the electric vehicle owners will provide traction to the market growth. In addition, the rising trend of home & workplace charging stations or private charging stations in North American and European countries attributed to boosting the AC charging station market size. Private charging provides fast and reliable charging with no time constraint, which may provide ease of EV charging to vehicle owners. However, lack of standardization coupled with various costs associated with charging stations such as operational, maintenance, and installation costs may hinder the market growth. In addition, the looming underinvestment for the EV charging station development projects projected to hamper the growth of the market. The European Environment Agency (EEA) revealed that only 10 out of 28 European countries have received the incentives for the development of EV charging infrastructure as of May 2016.
The Asia Pacific projected as the most opportunistic region for this market during the forecast period. The prime factor attributed to significant investment by the government of various Asian countries to promote the adoption of EV coupled with the different initiative by the government to reduce the carbon footprint in their areas. In September 2019, South Korea announced nearly USD 900 million for e-mobility subsidies. Out of the total amount, USD 609 million is planned to be used for the development of EV charging infrastructure. Similarly, in June 2020, Tata Power announced its plan to expand the EV charging network in India by over 700 by the end of the year 2021.
Europe and North America are the other most prominent regions in the global electric vehicle charging station market. The regions have their prime focus to increase the battery-powered fleet and reduce harmful gas emission. Being center for several technological giants, the regions are investing significantly by providing loans and other benefits to the EV startups and established manufacturers.
Impact of COVID-19 on the EV Charging Stations Market
The COVID-19 pandemic outbreak has caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, thereby leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. There has been a significant impact on technology supply chains globally. The economic slowdown has significantly disrupted the automotive industry, causing rapid declines in light vehicle sales. The light vehicle market suffered a decline in revenue close to 21% in 2020. Furthermore, shifts in consumer purchasing behavior due to uncertainty surrounding the pandemic are expected to have significant consequences for the industry's near-future growth. Meanwhile, shortfall and cash crunch have already affected fleet operators' sales, which is expected to widen further in the coming months.
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