LOS ANGELES, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Electric Vehicle Charging Station Infrastructure Market - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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Asia Pacific is projected to exhibit fastest growth throughout the forecast period due to rising concern about the greenhouse gas emission in major economies of the region including China, Japan, and India. The rising awareness among the individuals about the adverse effect of diesel/petrol vehicles on environment is also expected to support the market growth. The increasing investment by automakers on electric vehicles manufacturing is additionally contributing to the growth. For instance, Tata Motors tied up with its group subsidiary Tata Power in 2019 to install charging stations across 5 major cities in India. Tata motors have showed their plans to set up 300 fast charging stations by the end of the financial year 2019-2020 from which they have successfully installed 50 till December 2019.
By end user, public segment is expected to dominate the market with major share during the forecast period from 2019 to 2026. The increasing investment on the installation of charging stations at retail shopping centers, restaurants and parking places by various market players is contributing to the market growth.
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DC charging station segment is having major share in the EV charging station infrastructure market. The ability of DC charging station to charge electric car faster than the AC charging station is particularly contributing to its growth. Recently, Tata motors have signed a strategic partnership with an Australian company Tritium to manufacture DC fast-chargers for electric vehicles. The Tata group's automotive arm Tata AutoComp Systems has also signed a joint venture with a Chinese company Guoxuan High-Tech for the manufacturing of battery packs of electric cars. Furthermore, Tritium PTY Ltd is an Australia's company focused to the DC fast charging solutions for electric vehicles. In January 2020, the company has announced its entry in Japanese market with the expansion of EV chargers in the country.
Some of the leading competitors are ABB, ChargePoint Inc., Schneider Electric SE, Siemens AG, Tesla Motors Inc., AeroVironment Inc., Leviton Manufacturing Co. Inc., SemaConnect Inc., The Newmotion BV, Efacec, EVgo, and Alfen.
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- Electric Vehicle Market - The global market is expected to grow at CAGR 25.6% during the forecast period, 2019-2026 and will reach over USD 568.2 Billion by 2026.
- Electric Vehicle Charging Station Market - The global market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 30.8 Billion by 2026.
- Automotive LiDAR Market - The global market size is expected to reach USD 2.9 billion by 2026, at a significant rate of 27.1% during the forecasted period 2019 to 2026.
EV charging station infrastructure companies have announced mergers and acquisitions to expand their position in the EV charging station infrastructure industry. Major players are also moving into new regions or advanced technologies for the expansion.
Some of the key observations regarding EV charging station infrastructure industry include:
- The leading electric vehicle (EV) charging provider ABB and network operator Fastened celebrated the launch of the 100th Fastened charging site in June 2019. The 100th charging site has used ABB EV charging technology.
- AeroVironment has launched TurboDX a next-generation EV charging station in January 2018. The AeroVironment TurboDX was launched at the consumer electronics show (CES) in Las Vegas. The new TurboDX is targeted to the residential and commercial end-users worldwide.
- In 2019, Electrify America teamed up with Bank of America to install electric vehicle charging at selected financial center across the US. This is the first time when America is installing EV charging stations at bank locations. The initiative is intended to add convenience to consumers for driving electric vehicles.
- The Department of Heavy Industries (DHI) has approved 2,636 EV charging station across 62 cities of India which include 24 states and union territories (UTs). The approval is carried out under the second phase of Faster Adoption and Manufacturing of Electric Vehicles (FAME) India program. As a result, the government has received around 106 proposals from public and private entities for the deployment of around 7000 electric vehicle charging station. Moreover, according to the proposal 1,633 charging stations are fast charging and rest 1,003 are slow charging stations from the total of 2,636 EV charging stations.
- Kia Motors, a South Korea's second-largest automobile manufacturer is likely to invest around US$ 25 billion in upcoming six years to transform itself into an innovative brand. As a part of this, Kia Motors will build mobility hubs with EV charging stations, maintenance centers and convenience facilities in major cities where people are very much concerned about the environment and electric cars.
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