Dublin, May 27, 2024 (GLOBE NEWSWIRE) -- The "Electric Vehicle Charging Stations Market Based on by Type, Application, Regional Outlook - Global Forecast Up to 2030" report has been added to ResearchAndMarkets.com's offering.
The increasing number of people using and adopting electric vehicles has brought attention to the need for infrastructure for charging them. The biggest EV markets, China, the US, and Germany, are investing heavily in EV charging infrastructure and R&D to develop quicker and more effective charging techniques.
The need for charging infrastructure is anticipated to develop rapidly in tandem with the ongoing rise in EV adoption, especially in places where EV owners are concentrated. In order to meet the needs of EV owners, this has encouraged governments, corporations, and other groups to invest in the deployment of more public charging stations.
It can be costly to build and run EV charging stations, especially in places with little traffic or a restricted supply of electricity. The initial outlay for installing charging stations is high and includes changes to the electrical infrastructure, equipment, and installation fees. Upgrades to the electrical supply and the installation of required infrastructure, like high-power transformers or cabling, can often be extremely expensive. This is particularly true in rural areas where the required grid infrastructure is lacking. For instance, erecting transformers and running new power connections may be necessary to construct a powerful EV charging station in a remote area. These tasks might be quite costly. These locations may not get enough traffic to warrant the expensive installation and upkeep costs of charging stations.
A smart city makes use of data and technology to raise the standard of living for its people. This includes making use of cutting-edge technologies to improve communication and connectivity, offer public services, and manage resources more effectively. One industry where smart city deployment offers a chance is EV charging station sales.
As more people look for ways to cut their transportation expenses and lessen their ecological footprint, electric vehicles are growing in popularity. However, access to infrastructure for charging EVs is one of the biggest obstacles to their adoption.
The market is divided into two categories: fast and slow/moderate charging types.
Throughout the course of the forecast period, the fast segment is anticipated to develop at the greatest CAGR and be the largest. The market is growing because of rising government investment in electric car charging stations and the expansion of EVs in North America, which are driving up requirements for AC fast chargers. Throughout the projection period, these advancements and active investment will propel market expansion.
The increasing use of standard chargers can also be attributed to the slow/moderate sector. A few nations are moving toward creating an infrastructure for sustainable and effective charging for a vast array of electric automobiles. For example, the Indian government claimed that 1,020 multi-standard chargers would be available throughout India by 2025, thanks to assistance from Okaya. It is anticipated that similar initiatives will propel market expansion.
The market is divided into residential and commercial categories based on application.
During the projection period of 2023-2030, the commercial segment is expected to grow at the fastest compound annual growth rate (CAGR) and be the largest category overall with the highest market share. The expansion is ascribed to the government's increasing investment in charging infrastructure, especially in business settings, and the service providers' proactive efforts to fulfill the objective for electric vehicle charging stations, which drives the growth of the commercial segment.
Because of the rising demand for EVs and the requirement to purchase level 1 AC chargers along with EV purchases, the residential segment is anticipated to grow at a high rate throughout the projection period. The companies are creating a range of home AC chargers that propel market expansion in response to the requirement for infrastructure for home charging. Additionally, OEM participants support the installation of a residential charging station or solution for a fleet of electric cars.
The market is segmented geographically into Asia Pacific, Europe, North America, and the rest of the globe.
Asia Pacific is predicted to maintain its leading position with the fastest compound annual growth rate (CAGR) in the electric car charging station market share through 2022. It is projected that nations like China will lead the market expansion in terms of the rising use of electric vehicle charging stations.
The Chinese government believes that enhancing its infrastructure for charging For example, China's Ministry of Transport (MOT) declared in August 2022 that it would increase the number of charging stations along national highways. By 2024, the ministry anticipates that the new facility will be able to accommodate 20 million new energy cars. The adoption of environmentally friendly mobility is something that the government takes very seriously. The market's second-most prominent area is Europe. The majority of businesses in this area are joining the market as it expands. For example, BP Pulse opened the biggest and most potent EV charging center in the United Kingdom in Kettering, North Northamptonshire, in March 2023. In several North American nations, the operation of charging stations has been made easier by the influx of new competitors and supported infrastructure.
Report Scope:
- This report illustrates the most vital attributes of the Electric Vehicle Charging Stations Market, which are driving and providing opportunities.
- This research gives an in-depth analysis of the Electric Vehicle Charging Stations Market growth on the basis of several segments in the market.
- This report presents the predictions of the past and present trends of the Electric Vehicle Charging Stations Market.
- This study also presents the competitive analysis, such as key strategies and capabilities of major players of the Electric Vehicle Charging Stations Market.
Key Topics Covered:
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.3. Related Markets
4. Market characteristics
4.1. Market Overview
4.2. Market Segmentation
4.3. Market Dynamics
4.4. DRO - Impact Analysis
5. Type: Market Size & Analysis
5.1. Overview
5.2. Fast
5.3. Slow/Moderate
6. Application: Market Size & Analysis
6.1. Overview
6.2. Residential
6.3. Commercial
7. Geography: Market Size & Analysis
7.1. Overview
7.2. North America (U.S., Mexico, Canada)
7.3. Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia, Rest of Europe)
7.4. Asia Pacific (Japan, China, India, Australia, South East Asia, Rest of APAC)
7.5. Latin America (Brazil, Argentina)
7.6. Middle East & Africa (Saudi Arabia, UAE, South Africa, Rest of Middle East and Africa)
8. Competitive Landscape
8.1. Competitor Comparison Analysis
8.2. Market Developments
8.2.1. Mergers and Acquisitions, Legal, Awards, Partnerships
8.2.2. Product Launches and execution
9. Vendor Profiles
9.1. Eaton (Ireland)
9.2. ABB (Switzerland)
9.3. Chargepoint Inc. (U.S.)
9.4. Schneider Electric (France)
9.5. Siemens Energy (Germany)
9.6. EVBOX (Netherlands)
9.7. Webasto Group (GERMANY)
9.8. Tesla (U.S.)
9.9. Blink Charging Co. (U.S.)
9.10. EO Charging (U.K.)
For more information about this report visit https://www.researchandmarkets.com/r/xty92w
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
