New York, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Charging Stations Global Market Report 2023" - https://www.reportlinker.com/p06229760/?utm_source=GNW
The global electric vehicle charging stations market is expected to grow from $4.03 billion in 2021 to $5.40 billion in 2022 at a compound annual growth rate (CAGR) of 34.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The electric vehicle charging station market is expected to reach $17.85 billion in 2026 at a CAGR of 34.9%.
The electric vehicle charging station market consists of revenues earned by entities by providing services such as aerial maps, getting updates on charging, and recommendations.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
An electric vehicle charging station refers to equipment that connects an electric vehicle to an electricity source to recharge the vehicle and keep the vehicle in motion. These are environmentally friendly as they do not emit pollutants.
Asia Pacific was the largest region in the electric vehicle charging station market in 2022.North America was the second-largest region in the electric vehicle charging station market.
The regions covered in the electric vehicle charging station market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The electric vehicle charging stations equipment market consists of sales of alternating current (AC) charging, direct current (DC) charging, and other electric vehicle charging station equipment.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The main types of installations in electric vehicle charging stations are home charging systems and commercial charging systems. Home chargers are typically employed with 230V/15A single-phase plugs capable of producing up to 2.5 KW of output power. The different connector types include CHAdeMO, CCS, GB/T, tesla supercharger, and others, and have various charging modes such as plug-in charging systems and wireless charging systems. The several charging stations include AC charging stations and a DC charging station.
Increasing tax incentives and subsidies given to local automakers to produce electric vehicles are driving the demand for the electric vehicle (EV) charging station market.Tax incentives and subsidies to the electric vehicle makers are encouraging automakers to make more Electric vehicles which will generate more demand for EV charging stations.
China’s subsidy policy caused a 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicle sales in China were almost four times the numbers sold in the USA, the growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government.
The limited range of electric vehicles is hindering the Electric vehicle (EV) charging stations market growth.Electric vehicles have a limited range as compared to traditional internal combustion engine vehicles due to their limited battery capacity.
Electric vehicles can’t be used in the case of long-distance travel, which causes the slow growth of electric vehicles. A survey conducted by BBC involves a sample of 10,293 drivers out of which 76% of the drivers said that a single-charge electric vehicle can’t travel long distances.
Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast charge.The ultra-quick charging technologies of direct current (DC) are used in electric vehicle charging stations to transfer current to electric vehicles through DC.
DC fast charging or level 3 charging is capable of charging 80% of the electric vehicle battery within 20 minutes.DC fast charging stations with ultra-quick technology provide high-power DC up to 120 kW directly into the vehicle’s battery without passing through any onboard AC/DC converter.
The necessary conversion from AC to DC by a convertor done in case of the AC charging process can be eliminated.In 2022, Tesla an American automotive and energy company revealed the supercharger V4’s design as part of the construction plans for a new station being deployed.
Greenlots, an electric transportation company, has set plans to deploy 9 DC Fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger in Massachusetts, USA, and is planning to invest $500 million to outfit the electric charging stations in 484 locations with 2000 DC fast chargers.
In August 2021, ChargePoint Inc., a US-based electric vehicle infrastructure company acquired ViriCiti BV for $88 million (€75 million) in cash. The acquisition of ViriCiti will provide the firm with access to a much broader software feature set for users, including battery health monitoring, vehicle operations data, and enhanced vehicle telematics possibilities, in addition to ChargePoint’s core offerings of charger management and vehicle charger scheduling. ViriCiti BV is a Netherlands-based company that provides electric vehicle charging solutions.
In March 2020, ABB, a Switzerland-based automation company acquired Shanghai Chargedot New Energy Technology Co., Ltd. for an undisclosed amount. The acquisition is expected to further strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings. Shanghai Chargedot New Energy Technology Co., Ltd., a Chinese e-mobility solution provider, the company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers.
The countries covered in the electric vehicle charging station market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The electric vehicle charging station market research report is one of a series of new reports that provides electric vehicle charging station market statistics, including electric vehicle charging station industry global market size, regional shares, competitors with electric vehicle charging station market share, detailed electric vehicle charging station market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle charging station industry. This electric vehicle charging station market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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