Global Electric Vehicle Charging Station Market Overview:
The electric
vehicle charging station market is witnessing significant growth over
recent years. With the rapidly evolving electric vehicle market and growing
sales of electric vehicles (EVs), the demand for charging stations is rising
continually. Electric vehicle infrastructure development has become an
important part of smart city projects.
Resultantly, rising numbers of smart city
projects are major driving forces for the growth of the market. According to
Market Research Future (MRFR), the global electric vehicle charging station
market is forecasted to garner exponential gains by 2032, registering a
phenomenal CAGR during the review period (2023-2032).
Furthermore, the increasing focus of OEMs
on connected electric vehicle solutions for customers with EV range concerns
drives the EV charging station market globally. These factors, combined with
the other advantages of electric vehicles over traditional fuel-based
automobiles, foster the sales of EVs and the market demand.
Even though the electric vehicle battery
prices have been steadily declining, the batteries still constitute a major
chunk of the electric vehicle price.
High prices of charging stations are a major factor impeding the market
growth at a large scale.
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Report of Electric Vehicle Charging Station Market
Major Players
Players leading the global EV charging
station market include Siemens, Schneider Electric, Leviton Manufacturing Co.
Inc., ABB, Tesla, Eaton, EVgo Services LLC, ChargePoint Inc., The New Motion
BV, and Webasto Group, among others.
Industry/ Innovation/ Related
News:
March 18, 2021 --- San Miguel Power Association (SMPA) announced its plans to install a
Level II Dual Port charging station post the successful acquisition of a Charge
Ahead Colorado Grant from the Colorado Energy Office.
Electric
Vehicle Charging Station Market Segments
The EV charging station market is segmented
into charging stations, connector types, installation type, vehicle type and
regions. The charging station segment is sub-segmented into DC charging station,
AC charging station, and inductive charging station. The connector type segment
is sub-segmented into chademo, combined charging system, and others.
The installation type segment is
sub-segmented into residential and commercial. The vehicle type segment is
sub-segmented into battery electric vehicle (BEV), plug–in hybrid vehicle
(PHEV), and others. The region segment is sub-segmented into Asia Pacific,
Americas, Europe, and rest-of-the-world.
EV
Charging Station Market - Regional Analysis
North America leads the global electric
vehicle charging station market with the largest market share. Factors such as
rapidly increasing sales of EVs fuelled by government support and increasing
fuel prices. In the US, electric car sales have been doubled since 2014,
clearly indicating the rising demand for EV charging stations. This further
suggests that the US EV charging market would create a larger revenue pocket
during the next few years.
Huge investments in the development of
electric vehicle infrastructure (recharge stations) given the growing demand
for the charging stations due to the increasing sales of EVs backed by
government initiatives, and high disposable income is also some of the key
factors driving the market growth in the region.
Europe is the second-largest market for
electric vehicle charging stations. The UK, France, Germany, and Norway, backed
by the rising sales of EVs due to the resurging economy and government
initiatives, contribute to the regional market hugely.
These factors commutatively presage the
ample scope of market growth opportunities in the region.
On the other hand, Asia Pacific electric
vehicle charging station market is growing rapidly due to the improving economy
and growing sales of EVs, mainly in the countries such as India, China, and
Japan. Growing investments for developing efficient EV charging stations to
meet the augmenting demand drive the regional market growth. Also, the presence
of many key market players in the region supports the growth of the market.
Electric
Vehicle (EV) Charging Station Market - Competitive Analysis
Highly competitive, the electric vehicle
charging station market appears fragmented due to several large players form a
competitive landscape. Key strategies traced from recent developments include
product or technology launch, agreement & partnership, acquisition, and
expansion.
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