According to Precedence Research, the electric vehicle charging station market is expected witness a growth rate of 40.7% in near future.
The global electric vehicle charging station market size is expected to surpass over USD 39.2 billion by the end of 2027 and witness a compound annual growth rate (CAGR) of 40.7% from 2020 to 2027.
What are the Growth factors?
- Rising trend of home & workplace charging stations or private charging stations
- Lack of standardization coupled with various costs associated with charging station
- The looming under investment for the EV charging station development projects
- Strategic initiatives taken by some of the major players to provide free charging facility to the electric vehicle owners
Why EV charging station
Electric vehicle charging station are used for recharging the batteries of electric vehicles. With the bolstering sales of electric vehicles worldwide EV manufacturers are increasingly focused towards the development of the charging infrastructure to fulfill the operational requirements of the 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.
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Asia Pacific was the dominant region in 2020 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 the significant revenue contributors in the global electric vehicle market with substantial growth. Government's targets to curb the 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 2020 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 station 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.
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.
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