Increasing Demands for Electric Vehicle Charging Station Industry

The demand for EVs is rising, the demand for charging stations and established power grids have also increased to ensure that the cars run smoothly. Furthermore, stringent government vehicle emission regulations have made consumers buy EVs.

The demand for Electric Vehicles is rising rapidly worldwide. However, China and the United States are holding the major market share for the same. Since the demand for EVs is increasing, thus electronic charging industry is also propelling. Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by the national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations. Such active support by government agencies is likely to fuel the market for level 3 charging stations during the forecast period.

Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the demand for large-scale EV charging infrastructure in China. The country's fast-rising economy is also fueling the expansion of advanced technologies to improve electrification in China. For instance, China invested nearly USD 2.4 billion in the charging infrastructure to improve its efficiency in 2020. Other Asian nations such as Japan and Korea have significantly increased the number of electric vehicle charging stations in their respective countries in the coming years. The region's market stood at USD 12.64 billion in 2020.

Europe is expected to showcase significant EV Charging Station Market share in upcoming years, owing to the presence of key players in this area. This is promoting consumers to adopt EVs and autonomous vehicles in the region.

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Major key Players studied in report:

Charge Point Inc. (U.S.)
Schneider Electric (Rueil-Malmaison, France)
Tesla Inc. (Palo Alto, California, U.S.)
BP Chargemaster (Luton. U.K.)
Shell International BV (The Hague, The Netherlands)
Webasto Group (Stockdorf, Germany)
Siemens AG (Munich, Germany)
EVBox (Amsterdam)
Eaton (Dublin, Ireland)

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