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(IT-NEWSWIRE.COM, September 20, 2019 ) The electric vehicle charging stations market is expected to grow from USD 3.22 Billion in 2017 to reach USD 30.41 Billion by 2023, at a CAGR of 41.8% between 2018 and 2023. The base year considered for the study is 2017, and the forecast period is between 2018 and 2023.
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There has been a highly favorable ecosystem for a sustainable growth of the electric vehicle charging stations market. Many countries are taking various initiatives to encourage the use of electric vehicle (EVs) to curb the growing concerns related to environmental pollution and global warming. The initiatives are acting as a positive growth driver for the market. For instance, in November 2016, the US administration announced that it will develop 48 national EV charging networks for highways to cover an overall distance of approx. 25,000 miles across 35 states of the country. This initiative has led 28 states, utilities, EV charging firms, and major EV manufacturing companies, including General Motors, BMW, and Nissan, to work together. Furthermore, in May 2016, the German government launched an attractive incentive program for EV buyers. As per the new scheme, EV buyers will receive a direct discount of USD 4,520. Such incentive schemes and the government’s decision to discontinue fossil fuel vehicles by 2030 are expected to drive the growth of the electric vehicle charging stations market.
The objective of the report is to provide a detailed analysis of the electric vehicle charging stations market based on charging station, installation type, and region. The report provides detailed information regarding the major factors influencing the growth of the market. The report also gives a detailed overview of the market value chain and analyzes market trends. Furthermore, the report also provides a detailed analysis of the electric vehicle market based on vehicle type and region.
DC charging station to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The ability of DC charging stations to charge an EV in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the market. Also, the increasing popularity of public charging stations is boosting the demand for DC charging stations. Furthermore, automakers are planning to invest in DC fast charging network to support their launch of long-range battery electric vehicles (BEVs).
Commercial installation to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the commercial installation of charging stations.
Browse and in-depth TOC on "electric vehicle charging stations market"
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APAC held the largest share of the electric vehicle charging stations market in 2017
A majority of electric vehicle charging station installations in APAC are driven by huge demand in countries such as China and Japan. Currently, APAC is the largest market for electric vehicle charging stations globally. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of EVs. For instance, India, one of the largest contributors of greenhouse gases, has pledged to phase out petrol and diesel cars by 2030. This initiative by the Indian government is expected to create a huge demand for EVs and EV charging infrastructure in the country. Moreover, in September 2017, the Indian government decided to buy 10,000 electric cars from Tata Motors to replace old petrol and diesel cars used by government agencies. Furthermore, in September 2017, the Singapore government launched its first large-scale EV car sharing program. Under the car sharing program, BlueSG (Singapore), a subsidiary of Bollore Group, will install 500 charging stations equipped with 2,000 charging points in Singapore.
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Major players in the electric vehicle charging stations market are ChargePoint (US), ABB (Switzerland), Tesla (US), Engie (France), and AeroVironment (US).
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