The global Electric Vehicle Charging Station market is projected to grow at a compound annual growth rate (CAGR) of 45.9% during the forecast period 2021 to 2027.
The global electric vehicle charging station market was valued at USD 2,110 thousand units in 2020 and is set to grow USD 30,730 thousand units by the end of 2027.
According to analysis, the cost of charging infrastructure components for level 2 commercial chargers ranges from USD 2,500 to USD 7,210, while 50kW fast DC charging infrastructure costs between USD 20,000 and USD 35,800.
What are the Growth Factors?
The market Factors such as growing demand for energy-efficient commuting, governments supporting electric vehicles, and their charging infrastructure through preferencial policies, subsidies, and tax rebates have led to a growing demand for this segment along with the fact that within the next 2 decades, many governments around the world have announced plans to phase out fossil fuel vehicles from the market.
Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence.
Growing Awareness Regarding Global Warming Helps in Market Expansion
Over the period of past few years, there is substantial growth in awareness regarding the global warming. As a result, major populace from all across the globe is inclined toward the use of environmental friendly transportation solutions such as electrical vehicles. Thus, remarkable growth in the use of electrical vehicles across the globe is resulting into increased need for electric vehicle charging stations. This scenario depicts that the global electric vehicle charging station market will expand at decent pace in the years to come.
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Increased Government Initiatives Boost Expansion of Market for Electric Vehicle Charging Station
In order to slash down the carbon footprints, the government bodies of many developed as well as developing countries across the globe are growing focus toward incorporation of various policies. The main motive of these policies is to control vehicular and industrial pollution. As a result, many government authorities are seen encouraging automobile manufacturers to develop sustainable electric vehicles. This factor is expected to impact positively on the sales of the global electric vehicle charging station market in the period of upcoming few years.
Technological Innovations to Offer Lucrative Market Opportunity
The V2G (vehicle to grid) system empowers the stream of energy between a matrix and electric drive vehicles and furthermore gives a system to enable the proprietor to speak with the power lattice. This system likewise empowers request reaction administrations, which expands the productivity of the system amid substantial burdens. The V2G innovation empowers the utilization of EVs as circulated stockpiling gadgets and furthermore helps in sparing the cost of electrical systems by giving control administrations, top load service, and request reaction and turning saves. This will prompt the expanded reception of V2G, which will be one of the significant patterns picking up footing in the electrical auto charging station market in the coming years.
On the drawback, high cost of electric vehicles and the high speculation required in the underlying organization of charging stations are making significant barriers to development. As the market keeps on reeling under these limitations, it is missing out on high undiscovered open doors particularly in economically developing countries. By and by, as car makers progressively concentrate on electric vehicle fabricating soon they will be out with innovations to cut down their generation cost. While this will help lessen the general cost of electric vehicle, it will make extensive development open doors for the electric vehicle charging station market too.
Asia Pacific Shows Lucrative Avenues
Among all regions, Asia Pacific is one of the key regions that show prominent avenues for the market growth. The analysts expect that the Asia Pacific electric vehicle charging station market will show expansion at rapid pace in the forthcoming years. This growth can be attributed to many factors such as growth in awareness regarding global warming and increased use of electrical vehicles in this region.
Some of the prominent players in the Electric Vehicle Charging Station Market include: ABB Ltd., AeroVironment Inc., BYD Auto, Chargemaster PLC, ChargePoint, Inc., Eaton Corporation plc, Leviton Manufacturing Co., Inc., Schneider Electric SE, SemaConnect, Inc., Siemens AG, Tesla Motors, Inc.
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