Electric Vehicle Charging Station Market to Exhibit 41.79% CAGR by 2027 | Market Research Future (MRFR)

Key companies profiled include Siemens, Schneider Electric, ChargePoint Inc., Leviton Manufacturing Co. Inc., ABB, Tesla, Eaton, EVgo Services LLC, The New Motion B.V., Webasto Group., among others.

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Pune, May 20, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Charging Station Market Analysis

Market Research Future (MRFR) projects the global electric vehicle charging station market to exhibit a CAGR of 41.79% from 2020 to 2027 (review period).

The increasing global acceptance of electric vehicles is a major driver of the market for electric vehicle charging stations. Increasing environmental concerns, as well as government policies and initiatives to promote the adoption of electric vehicles in different regions, are driving up demand for electric vehicle charging stations. Excessive public and private investment in the development of electric vehicle charging infrastructure is also expected to boost demand growth for electric vehicle charging stations during the forecast period.

In certain nations, the government would cover up to 80% of the overall cost of installing charging infrastructure. Furthermore, the government's involvement in charging station planning and production, in collaboration with the oil and gas industry, has benefited the global electric vehicle charging station sector's growth. Cost-cutting measures by the government, such as providing lower-cost electricity to commercial charging stations, are critical in driving business growth. The government also plans to build charging stations every 100 kilometers along the national highway, allowing the market to expand during the forecast period.

The government offers incentives, rebates, tax cuts, and fixed quotas to automakers. Government incentives for the purchasing of electric vehicles are also essential for consumers. As a result of these factors, global electric vehicle sales and production have increased. The increasing number of electric vehicles necessitates the construction of charging stations and power grids to ensure the vehicles' smooth operation. As a consequence, this factor is expected to drive market growth. Furthermore, the government's stringent policies have forced consumers to purchase electric vehicles. As a result, the worldwide electric vehicle charging station market is expected to expand during the evaluation period.



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COVID-19 Impact on the Worldwide Electric Vehicle Charging Station Market

The ongoing COVID-19 outbreak has had an effect on many facets of life, ranging from consumer goods to industrial operations. As a result of the current COVID-19 outbreak, the automotive and transportation industries are currently experiencing unprecedented uncertainty. COVID-19 is predicted to have a major impact on the automotive supply chain and product demand. The industry's attention has shifted away from China's supply chain disruption towards a general decline in demand for automotive products. When all non-essential services are shut down, demand for commercial vehicles is expected to fall.

Nonetheless, the pandemic has had little impact on electric vehicle demand, with projected EV production levels in 2020 being close to those in 2019. As a result, the current pandemic is not expected to have a major effect on demand for EV infrastructure since electric vehicles and their related charging infrastructure and sales originate in China, which has revived from the pandemic to retain its global EV production dominance. The Chinese government has also introduced stimulus packages aimed at accelerating the expansion of a network of electric vehicle charging stations.

Electric vehicle adoption is increasing, and many countries around the world are investing heavily in research and development. Countries such as Canada, Australia, India, the Netherlands, and Germany have all launched campaigns to encourage the use of electric vehicles. Future government incentive schemes would assist the energy industry in overcoming the economic downturn caused by COVID-19 by investing heavily in charging stations. As a result, during COVID-19, most governments in the affected regions used rehabilitation of infrastructure as an economic stimulus.



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Electric Vehicle Charging Station Market:

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Market Segmentation

The global electric vehicle charging station industry has been segmented into charging station, connector type, installation type, and vehicle type. 

By charging station, the global market has been segmented into DC Charging Station, AC Charging Station, and Inductive Charging Station. 

By connector type, the global market has been segmented into Chademo, Combined Charging System, and Others.

By installation type, the global market has been segmented into Residential and Commercial.

By vehicle type, the global market has been segmented into Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV).

Regional Analysis

Region-wise, the worldwide electric vehicle charging station industry has been segmented into North America, Europe, Asia Pacific, and the rest of the world. 

In 2018, Asia Pacific dominated the global market for EV charging stations, followed by Europe and North America. As a result of effective policies adopted by governments in countries such as China, Japan, India, and Singapore, the Asia Pacific region leads the global market. The countries in the region are mainly focused on investing money and time in the development of charging infrastructure, and increasing collaboration between vehicle OEMs and aftermarket technology providers will further boost the market growth.



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Key Players

Siemens, Schneider Electric, ChargePoint Inc., Leviton Manufacturing Co. Inc., ABB, Tesla, Eaton, EVgo Services LLC, The New Motion B.V., Webasto Group.



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