Market Trends in Electric Vehicle Charging Station is Growing Rapidly: Top Companies Analysis and Forecast Report till 2030
Global Electrical Vehicle Charging Station to surpass USD 248.26 billion by 2030 from USD 30.13 billion in 2020 at a CAGR of 23.48% in the coming years, i.e., 2021-30. Electric vehicles have a lower long-term running cost than gasoline or diesel cars, which is propelling the demand for electric vehicles.
An electric vehicle charging station is equipment that links an electric vehicle to a power source to recharge electric cars, neighborhood electric vehicles, and plug-in hybrids. Some charging stations have advanced features like smart metering, cellular connectivity, and network connectivity, while others are more simple. Charging stations offer connectors that adhere to a variety of standards. Chargers are fitted with multiple adaptors for popular direct current rapid charging, such as Combined Charging System (CCS), CHAdeMO, and AC fast charging. Fees for using electric vehicle charging stations differ from monthly or yearly flat rates to per-kWh to hourly rates. Charging stations are normally free and are usually subsidized by the local government.
Global Electric Vehicle Charging Station Market to surpass USD 248.26 billion by 2030 from USD 30.13 billion in 2020 at a CAGR of 23.48% in the coming years, i.e., 2021-30. Electric vehicles have a lower long-term running cost than gasoline or diesel cars, which is propelling the demand for electric vehicles.
Another significant driving factor for the growth of the market is the potential market of offering charging services to EV fleet operators. It aids in lowering the cost of handling and procuring charging services. In addition, the rising demand for energy-efficient commuting, governments supporting electric vehicles is fueling the market growth.
Global Electrical Vehicle Charging Station Market: Segments
Level 2 segment to grow with the highest CAGR during 2020-30
Global Electrical Vehicle Charging Station Market is segmented by Charging Level into Level 1, Level 2 & Level 3. Level 2 is expected to grow with the highest CAGR during the forecast period due to governments around the world placing a greater focus on public and semi-public charging stations for overnight charging, and people moving to using Level 2 chargers as private charging stations at their homes, as the growth of Level 1 charging could be the slowest.
Commercial segment to grow with the highest CAGR during 2020-30
Global Electrical Vehicle Charging Station is divided by application into Commercial, and Residential. Commercial segment is expected to grow with the highest CAGR during the forecast period due to the growing demand for charging infrastructure at commercial sites such as public parking lots, shopping centers, and airports.
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Less operating cost
The rising price of petroleum products is one of the most significant factors driving the Electric Vehicle Charging Station market. The increased price of petrol is already affecting consumers in emerging nations. Electrical vehicles can minimize the cost of operation for these vehicles. Manufacturers are expected to produce electric vehicles with longer battery life and longer range. Another major factor driving the market growth is the decreasing cost of electric vehicles (EVs) due to lower battery costs, which may result in increased demand for EVs and EV charging stations.
Mounting government subsidies and funding
In order to increase the adoption rate of electric vehicles, governments in various countries are providing incentives, subsidies, and funding for charging station infrastructure construction. According to the United States Department of Energy, the District of Columbia offers a tax credit of up to 50% of the cost of charging infrastructure purchases and installation. The maximum credit per public charging station is $10,000. Furthermore, in Canada, a range of provincial and municipal projects for the implementation of electric vehicle charging infrastructure have been launched, and the federal government's participation in this area is increasing.
ChargePoint Inc., ABB, bpChargemaster, Webasto Thermo & Comfort, Shell International B.V., Schneider Electric, Blink Charging Co., Groupe Renault, Phihong USA Corp., EV Safe Charge Inc., Eaton, Tata Power, and Tesla.