London, Feb. 17, 2020 (GLOBE NEWSWIRE) -- According to a new market research report titled, “Electric Vehicle Charging Stations Market by Type (Level 1 Charging Station, Level 2 Charging Station, Level 3 Charging Station, Wireless Charging Station), End User (Commercial, Non-Commercial), and Geography - Global Forecast to 2027”, the global electric vehicle charging stations market is expected to grow at a CAGR of 38.4% from 2019 to reach $38.9 billion by 2027; whereas, in terms of volume, this market is expected to grow at a CAGR of 25.9% from 2019 to reach 13,902.1 thousand units by 2027.
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Electric vehicles (EVs) are a rapidly growing segment of the automotive industry owing to the improved technology, customer inclination towards minimizing carbon footprints, and government policy incentives. Currently, the electric vehicle industry is undergoing a technological transformation with two-fold objectives to improve vehicle range with charging infrastructure. Electric vehicle automakers are investing heavily in charging stations’ infrastructure in order to support their long-range battery electric vehicles. Government incentives, subsidies, and funding for the installation of charging stations; and automakers’ initiatives for charging infrastructure development are the key factors driving the growth of the global electric vehicle charging stations market. However, the high cost of fast-charging stations; stringent rules for installation; and complex charging infrastructure will obstruct the growth of this market to some extent.
The overall electric vehicle charging stations market study presents historical market data in terms of value and volume (2018), estimated current data (2019), and forecasts for 2027. The market is segmented on the basis of type (plug-in charging station {level 1 charging station, level 2 charging station, level 3 charging station}, wireless charging station), end user (commercial {on road, public parking}, non-commercial {residential, non-residential}), and geography. The study also evaluates industry competitors and analyses the market at the country level.
Based on the charging station type, the level 3 charging station sub-segment is accounted for the largest share of the overall electric vehicle charging stations market during the forecast period. The largest share of this segment is mainly attributed to the government initiatives for the installation of fast-charging stations; rebate on the purchase of level 3 charging stations; automakers’ investment in level 3 charging stations in order to support their long-range battery electric vehicle; and ability of this station to charge faster than other types of charging stations.
Based on end-user, the commercial segment accounted for the largest share of the overall electric vehicle charging stations market in 2019. The large share of this segment is mainly attributed to rising demand for setting up of charging infrastructure at commercial sites including public parking spaces, shopping malls, commercial buildings, parking areas, railway stations, and airports. In addition, growing government initiatives for the installation of publicly accessible stations are expected to fuel the commercial deployment of charging stations.
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Geographically, the Asia Pacific region commanded the largest share of the overall electric vehicle charging stations market in 2019. Also, Asia Pacific region is expected to witness a rapid growth during the forecast period. The rapid growth of this region is mainly driven by the high adoption of electric vehicles in countries such as China and Japan, owing to the electrification of the automotive industry along with initiatives for setting up charging infrastructure. For instance, the Ministry of Industry and Information Technology of China announced its new energy vehicle (NEV) quota in September 2017, requiring all car manufacturers in the country with over 30,000 annual vehicle sales to produce 10% new electric vehicles in 2019 and 12% in 2020. In addition, countries such as South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the adoption rate of electric vehicles. For instance, on 1st April 2019, the government of India launched the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme to encourage the adoption of electric vehicles and its associated charging infrastructure.
The report also includes the extensive assessment of the key strategic developments adopted by the leading market participants in the industry over the past 4 years (2016–2019). The electric vehicle charging stations market has witnessed a number of products launches in the recent years. For instance, in September 2019, ChargePoint launched its most powerful, fastest and versatile home charger, ChargePoint Home Flex, which can deliver power up to 50 amps. It also offers a unique combination of speed and versatility making it the flexible home charger. Similarly, in October 2018, Webasto had launched its two new smart charging solutions: Webasto Live for the European market and Webasto TurboDX for the American and Asian markets. These new solutions allow flexible networking through a mobile network app.
The global electric vehicle charging stations market is consolidated and dominated by a few major players, namely ABB (Switzerland), ChargePoint, Inc. (U.S.), Tesla, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Efacec (Portugal), Delta Electronics, Inc. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), EVBox (The Netherland), Blink Charging (U.S.), Alfen (The Netherland), The New Motion B.V. (The Netherland), Star Charge (China), Eaton Corporation Inc (Ireland), SemaConnect (U.S.), Webasto (Germany), Robert Bosch GmbH (Germany), and ClipperCreek Inc. (U.S.), among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/electric-vehicle-charging-stations-market-5078/
Scope of the Electric Vehicle Charging Stations Market Research Report:
EV Charging Stations Market by Type
- Plug-in Charging Station
- Level 1 Charging Station
- Level 2 Charging Station
- Level 3 Charging Station
- Wireless Charging Station
EV Charging Stations Market by End User
- Commercial
- On-Road
- Public Parking
- Others
- Non-Commercial
- Residential
- Non-Residential
EV Charging Stations Market by Geography
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- The Netherlands
- Norway
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- The Middle East and Africa
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Key questions answered in the report-
- Which are the high growth market segments in terms of the charging station types, end-user, and countries?
- What is the historical market for electric vehicle charging stations across the globe?
- What are the market forecasts and estimates from the period of 2019-2027?
- What are the major drivers, restraints, and opportunities in the global electric vehicle charging stations market?
- Who are the major players in the global electric vehicle charging stations market and what share of the market do they hold?
- Who are the major players in various countries and what share of the market do they hold?
- How is the competitive landscape?
- What are the recent developments in the overall electric vehicle charging stations market?
- What are the different strategies adopted by the major players in the overall electric vehicle charging stations market?
- What are the geographic trends and high growth countries?
- Who are the local emerging players in the overall electric vehicle charging stations market and how do they compete with the other players?
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