EV Charging as a Service Market Size will boost to $28.2 billion by 2032; growing at 21.4% CAGR: Market Decipher

The fast-charging experience of electric vehicles mimics that of conventional cars refueling. There is no doubt that fast charging will play a crucial role in EV charging becoming a service industry, regardless of its high initial costs. EV Charging as a Service Market will witness humongous growth due to growing use of EVs in commercial spaces.

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Pune, June 22, 2022 (GLOBE NEWSWIRE) -- EV Charging as a Service Market Analysis, and Forecast Report, 2022 – 2032 is the latest research published by MarketDecipher.com; estimating the global electric vehicle charging as a service market to reach $28.2 billion by 2032, growing at 21.4% CAGR. Read Detailed Report at: https://www.marketdecipher.com/report/ev-charging-as-a-service-market

Escalating demand for EV Charging services at workplaces is expected to drive the $28 Billion market sales steadily during the forecast period

EV Charging as a service at the workplace can be a crucial opportunity for EV drivers who do not have easy access to home charging stations. Workplaces are most likely to install fast chargers. 30% of EV drivers are mostly charged at work. The increasing number of drivers accessing off-street parking for EV charging could be particularly beneficial for the EV Charging as a Service Market share. Up to 50% funding for Quebec employers offering free charging, 40% of the costs to install workplace charging or public charging on-site for French employers, and rebates up to £300 for UK employers.

A rapidly growing need for EV Charging services in the commercial sector has emerged due to the increasing purchasing power & infrastructure in developing economies

In commercial buildings, such as malls, supermarkets, and petrol stations, a tariff structure based on demand charges can limit the EV Charging as a service market sale. A substantial portion of electricity bills generated by these charges may slow down the growth of Electric vehicle charging services in near future. However, the significant efforts by EV Charging as a service market company are anticipated to lower the charging service cost in the future augmenting the EV Charging as a service market growth to the next level.

EV Charging as a Service Industry Report Proposal Available at: https://www.marketdecipher.com/report/ev-charging-as-a-service-market

The EV Charging as a service market revenue shot up tremendously in recent years in spite of the emergence of COVID-19 across the globe

COVID-19 pandemic caused lockdowns across the world throughout early 2020, which negatively affected the EV Charging as a service market revenue. However, the demand for these services soared in 2021 due to increased initiatives and incentives provided by governments of various countries. A number of top network operators and charging service providers have expanded their services worldwide.  ABB formerly known as ASEA Brown Boveri reported a 34% increase in net profit in the first quarter of 2021 to USD 502 million. ABB has shipped over 400,000 electric chargers to 85 countries so far. The electric vehicle charging as a service market is less affected by the COVID 19 pandemic as electric vehicles are on the rise and various governments are taking steps to phase out Internal Combustion Engine (ICE) vehicles.

APAC is poised to become the largest contributor to the global EV Charging as a Service Market Revenue 

In 2021, the Asia Pacific region dominated the market and had a 59% share of global revenues. Chinese, Japanese, and Korean electric vehicle charging service providers are anticipated to invest heavily in charging infrastructure development. The Chinese government further plans to invest in the deployment of EV charging service stations to support the adoption of EVs in the country.

Towards its objective of promoting eco-friendly vehicles & infrastructure development, South Korea plans to invest USD 180.3 million in the expansion of the national EV charging market. Japan also experienced dramatic growth in EV charging services in 2021.  The government of Europe has set ambitious targets for investing in the EV Charging services market in 2022.

“There are a number of highly sought-after electric vehicle charging locations, like parking lots, multifamily residences, healthcare facilities, educational facilities, workplaces, hotels, and more.”

The presence of active EV Charging service providers will boost the market statistics by 2032

The top leading EV Charging service provider in this industry include ABB Ltd, Aerovironment, Inc., Elektromotive Limited, General Electric Company, Schneider Electric SE, Delphi Automotive PLC., Eaton Corporation PLC., Siemens AG, Tesla Motors Inc., Chargepoint Inc., and Leviton Manufacturing Co., Inc. Large energy companies such as Shell's purchase of Dutch charging company NewMotion, are investing heavily in the EV charging service infrastructure players. EVgo Services LLC is set to to serve as its preferred partner for electric vehicle charging services in the years to come. 

Report Proposal and Sample Available at: https://www.marketdecipher.com/report/ev-charging-as-a-service-market

Key segments of the EV Charging as a Service industry covered in this market are as follows:

Charging Station Analysis (Revenue, USD Million, 2022 - 2032)

• AC Charging Station

• DC Charging Station

• Inductive Charging Station

Connector Type Analysis (Revenue, USD Million, 2022 - 2032)

• Chademo


 • Others

Location Analysis (Revenue, USD Million, 2022 - 2032)

• Public

• Private

Custom Research in Electric Vehicle Industry can be procured by client on request. For any such request, visit our report website and fill the request form: https://www.marketdecipher.com/report/ev-charging-as-a-service-market