Pune, India., Jan. 30, 2023 (GLOBE NEWSWIRE) -- The electric vehicle charging station market size to hit USD 111.90 billion by 2028. The global market size was valued USD 24.16 billion in 2020 and USD 17.59 billion in 2021. Increased adoption of EV, created demand for EV charging stations globally.
In recent times, demand for Electric Vehicles (EVs) 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.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 30.26% |
| 2028 Value Projection | USD 111.90 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 17.59 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
Key Takeaways:
- North America stood at USD 3.46 billion in 2020 is projected to reach USD 13.64 billion in 2028, at a CAGR of 24.61% over the projected period.
- High Capital and Strong Revenue to Help ChargePoint Inc. to Lead the Market
- Fast Charger Segment Dominates the Market Backed by Requirement of Lesser Time
- Huge Initial set-up Cost for Fast Chargers May Hamper Growth
- Increasing Purchase of Electric Vehicles to Propel Market Growth
- Government Funding for Developing Charging Stations to Propel Demand
Drivers & Restraints-
Increasing Purchase of Electric Vehicles to Propel Market Growth
To allure consumers to buy EVs, governments are offering automakers subsidies, rebates, tax exemptions, and fixed quotas. These factors are expected to drive the electric vehicle charging station market growth. Since 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.
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Competitive Landscape
Key Players to Focus on New Launches & Acquisitions to Strengthen Market Growth
The market for electric vehicle charging stations is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects.
Segments-
By charger type, the market for electric vehicle charging stations is divided into fast and slow/moderate. By application, it is bifurcated into commercial and residential. Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
| Segmentation | By Charger Type
|
By Application
|
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Regional Insights-
Asia Pacific to Dominate Backed by Increasing Working Population
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 electric vehicle 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.
A list of prominent Electric Vehicle Charging Station manufacturers operating in the global market:
- 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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Table Of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Charger Type
- Fast
- Slow/Moderate
- Market Analysis, Insights and Forecast – By Application
- Commercial
- Residential
- Market Analysis, Insights and Forecast – By Region
- 5North America
- Europe
- Asia pacific
- Rest of the World
- North America Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Charger Type
- Fast
- Slow/Moderate
- Market Analysis – By Application
- Commercial
- Residential
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
- Europe Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Charger Type
- Fast
- Slow/Moderate
- Market Analysis – By Application
- Residential
- Market Analysis – By Country
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Charger Type
- Fast
- Slow/Moderate
- Market Analysis – By Application
- Commercial
- Residential
- Market Analysis – By Country
- Japan
- China
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Charger Type
- Fast
- Slow/Moderate
- Market Analysis – By Application
- Commercial
- Residential
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & Services, SWOT analysis, Recent developments, strategies,
- financials (based on availability))
- ChargePoint Inc.
- Schneider Electric
- Tesla Inc.
- BP Chargemaster
- Shell International BV
- Webasto Group
- Siemens AG
- EVBox
- Eaton
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