The electric vehicle charging station market size is estimated to reach US$ 39.2 billion by the end of 2027, registering a CAGR of 40.7% from 2020 to 2027. The report provides the overall revenue of the global electric vehicle charging station market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
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 facility to the electric vehicle owners will provide traction to the market growth. In addition, rising trend of home & workplace charging stations or private charging stations in North American and European countries attributed to boost 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 the vehicle owners. However, lack of standardization coupled with various costs associated with charging station such as operational, maintenance, and installation costs may hinder the market growth. In addition, the looming under investment 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.
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- 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 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 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 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.
Report Scope of the Electric Vehicle Charging Station Market
|Market Size||USD 39.2 Billion by 2027|
|Growth Rate||CAGR of 40.7% from 2020 to 2027|
|Largest Market||Asia Pacific|
|Fastest Growing Market||Europe and North America|
|Forecast Period||2021 to 2027|
|Segments Covered||Charging Station Type, Power Output, Supplier Type, End User, Geography|
|Companies Mentioned||ABB Ltd., ChargePoint, Inc., EVgo Services LLC., Allego, Scheinder Electric, Blink Charging Co., Wi Tricity Corporation, Toshiba Corporation, AeroViroment, Inc., Mojo Mobility, Inc., General Electric, Robert Bosch GmbH|
Asia Pacific projected as the most opportunistic region for this market during the forecast period. The prime factor attributed to significant investment by government of various Asian countries to promote the adoption of EV coupled with different initiative by government to reduce the carbon footprint in their areas. In September 2019, South Korea announced nearly USD 900 million for the 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 the 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.
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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 merger, acquisition, partnership, regional expansion and other similar marketing strategies to consolidate their market position. For instance, in January 2017, BMW AG and Nissan Motor Corp. signed partnership agreement to build 174 DC fast-charging points to support their rising EV fleets in U.S.
Some of the prominent players in the electric vehicle charging station market include:
- ABB Ltd.
- ChargePoint, Inc.
- EVgo Services LLC.
- Scheinder Electric
- Blink Charging Co.
- Wi Tricity Corporation
- Toshiba Corporation
- AeroViroment, Inc.
- Mojo Mobility, Inc.
- General Electric
- Robert Bosch GmbH
- Chargemaster plc.
- Evatran Group
- HellaKGaAHueck& Co.
- Siemens AG
- Leviton Manufacturing Co., Inc.
- Alfen N.V.
- Denso Corporation
- Elix Wireless
- Tesla Inc.
- Infineon Technologies AG
- Qualcomm Technologies, Inc.
Segments Covered in the Report
This research report estimates revenue growth at global, regional, and country levels and offers an analysis of present industry trends in every sub-segment from 2016 to 2027. This research study analyzes market thoroughly by classifying global electric vehicle charging station market report on the basis of different parameters including charging station type, power output, supplier type, end user, and region:
By Charging Station Type
- AC Charging
- DC Charging
- Wireless Charging
By Power Output
By Supplier Type
- OE Charging Station
- Private Charging Station
By End User
- Private Type
- Public Type
- North America
- Asia Pacific
- South Korea
- Rest of the World
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Why Buy this Report?
The purpose of Precedence Research’s electric vehicle charging station market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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