According to Absolute Markets Insights, Global Electric Vehicle (EV) Charging Station Market is expected to grow over 29% CAGR during the forecast period of 2019-2027 in terms of revenue. Growing sales of electric vehicles due to government initiatives in terms of lucrative subsidies and tax credits is expected to drive the global EV charging station market within the forecast period. Minimum operating, maintenance cost and increasing consumer awareness regarding the environmental benefits are further encouraging consumers to use electric vehicles, which is also contributing to the demand of EV charging station market. Moreover, the increasing fuel price has been urging people to opt for better and energy efficient alternatives. Oil price will increase over the forecast period which will accelerate the market demand for electric vehicles and electric vehicle charging stations. These factors are constantly accelerating the growth of the electric vehicle (EV) charging station market.
DC Electric Vehicle Charging Station is the largest segment among the product segment. DC electric vehicle charging stations take minimum time to charge the battery of electric cars when compared to AC EV charging stations. Level 2 AC EV charging station segment accounted the maximum market share in 2018 since it is compatible with all kinds of electric vehicles. CHAdeMO type of DC EV charging station segment has been registered as the largest market. It’s a type of fast DC charger which is identical all across the globe and thus the electric vehicle owners can take their vehicles to any country in the world and fast charge them.
Asia Pacific is likely to witness fastest growth during the forecast period, 2019-2027. The demand of electric vehicle (EV) charging station in the region will increase at a significant CAGR during the forecast period due to expansion of the electric vehicle industry in the region.
Global Electric Vehicle (EV) Charging Station Market is dominated by a number of players, amongst them the major players are Schneider Electric SE, Eaton Corporation PLC, Engie SA, ABB Group and General Electric Company. Those companies in the industry are following different type of strategies to strengthen their own market position. The manufacturing players are expected to invest more on the R&D of new product development. Thus, manufacturing companies are likely to cooperate with consumers located in the electric vehicle industry in order to seek new product innovations.
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The in-depth analysis of the report provides insights into growth potential, upcoming trends and statistics of Global Electric Vehicle (EV) Charging Station Market size and forecast. The report promises to provide state-of-the-art technology of EV charging station and industry insights which helps decision makers to make sound and strategic choices. Furthermore, the report also analyzes market drivers, challenges and competitive analysis of the market.
By Product Type:
By AC EV Charging Station
By DC EV Charging Station
By Installation Type
By Supplier Type