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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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:
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