According to the report, the global electric vehicle charging station market surpassed US$ 30.04 Bn in 2020, expanding at a CAGR of 33.6% during the forecast period. Electric vehicle charging station provides electric energy to charge electric and plug-in hybrid vehicle batteries. This station has superfast chargers, as they charge the vehicle batteries in less time, which depends upon the battery capacity. The EV charging stations are used for both residential charging as well as for commercial charging.
Increasing production capacity of electric as well as plug-in hybrid vehicles across the developed and developing economies, enhance the demand for EV charging stations. Due to shifting consumer’s preference from IC engine vehicles to zero emission vehicles, i.e. electric vehicles, and government is also investing to create awareness about electric vehicles. Moreover, rising emission regulation is also boost the growth of EV sales and production, which further contribute in the growth of EV charging station market.
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Due to outburst of the COVID-19 pandemic, the manufacturing processes of the electric vehicles has been hampered, which further restrains the market growth. The designing processes of electric vehicles has stopped that hampered the development processes for electric vehicles and its related components. Moreover, due to disruption of supply chains, there was shortage of raw material supply. However, the global limitations has been relieved, which reinitiated the designing and manufacturing process, which will drive the growth of electric vehicle charging station market.
Expansion of Electric Vehicle Charging Station Market
Rising government incentives and tax benefits for the purchase of electric vehicles by the consumers across the globe and increasing investment by the government and private organizations to develop the EV charging infrastructure is expected to propel the growth of EV charging station market. For instance, Indian government has announced to install around 69,000 EV charging stations and points across India. This announcement is considered as a part of the government’s first phase for the growth of electric vehicle infrastructure in the country.
Based on installation type, the fixed charger segment held a prominent share of the electric vehicle charging station market, in terms of revenue, in 2020. The fixed charging stations are widely utilized by the residential and commercial vehicles. As this charging stations offers fast and ultra-fast charging solutions, which are not provided in the portable chargers. Therefore, the fixed charging station has highest demand in market.
In terms of application, the residential segment held a prominent share of the electric vehicle charging station market, in terms of revenue, in 2020. The residential charging station are widely used by the consumers, as it offers convenient solution for the users to charge their vehicle as per their time and requirement. Moreover, the commercial charging station is anticipated to witness fastest growth in the market due to rising electric vehicle fleets for trucks, cars, buses and other vehicles, which requires large number of charging points.
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Regional Analysis of Electric Vehicle Charging Station Market
In terms of region, the global electric vehicle charging station market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the global electric vehicle charging station market in 2020, as this region has highest demand and adoption of electric and plug-in hybrid vehicles. Governments are also providing incentive to enhancing adoption rate electric vehicle and improve EV charging infrastructure across the region. Moreover, the countries like India and China has highest utilization of passenger cars, which further witnesses the adoption for electric vehicles and its related products. In addition, the South Korea and Japan governments are also investing huge amount to develop the EV charging infrastructure across the country, which also boost the growth of the Asia Pacific electric vehicle charging station market.
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Electric Vehicle Charging Station Market Players
Prominent players operating in the global electric vehicle charging station market include AeroVironment, Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., ClipperCreek, Inc., Delta Group, Eaton Plc, Enel Group, E-Station Pty Ltd., General Electric Co., Hitachi, Ltd., KYOCERA Corp., Leviton Manufacturing Co., Inc., Nichicon Corp., Panasonic Corp., Schneider Electric SE, SemaConnect, Inc., Siemens AG, Signet Systems Inc., Tesla Motors, Inc., Toyota Industries Corp. and others.
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