Bengaluru, NFAPost: Precedence Research report on “Electric Vehicle Charging Station Market – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027” states that the electric vehicle charging station market size is projected to surpass around $39.2 billion by 2027 and witness a CAGR of 40.7% from period 2020 to 2027.
Electric vehicle charging station is an infrastructure that is 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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Growth Factors 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.
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.
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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 $900 million for the e-mobility subsidies. Out of the total amount, $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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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 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.
Some other participants in this sector include Mojo Mobility, Inc., General Electric, Evatran Group, HellaKGaAHueck& Co., Siemens AG, Leviton Manufacturing Co., Inc., Efacec, Alfen N.V., Denso Corporation, Elix Wireless, Chargemasterplc.,Tesla Inc., ClipperCreek, Engie, Infineon Technologies AG, and Qualcomm Technologies, Inc., among others.
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