New York, July 05, 2023 (GLOBE NEWSWIRE) -- The global electric vehicle charging station market is estimated to grow at a CAGR of ~30% from 2023 to 2033. The market is estimated to garner a revenue of nearly USD 130 billion by the end of 2033, up from a revenue of about USD 15 billion in the year 2022.
The major factor attributed to the growth of the EV charging station market is the increasing production of EVs across the world. According to the International Energy Agency, electric vehicle sales surpassed those of 2020 in 2021, nearly doubling to 6.6 million. Consumers and fleets looking for electric vehicles (EVs), including pure electric vehicles and plug-in hybrid electric vehicles (PHEVs), need access to charging stations. For most drivers, this starts with charging at home or at a fleet facility. Charging stations in workplaces and public places can help increase market acceptance by offering more flexible charging options at frequently visited locations. Community leaders can learn more through preparation for PEV, including case studies of ongoing success. The EVI-Pro Lite tool estimates the amount and type of charging infrastructure needed to support EV adoption in a region by state, city, or metropolitan area and how EV charging will influence power demand.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-2912
Global Electric Vehicle Charging Station Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The private segment to garner the highest growth
- Market in North America to grow at a highest rate
Rising Air Pollution and Growing Concern Worldwide to Drive Market Growth
A fully electric vehicle, also known as a battery electric vehicle (BEV), has an electric motor instead of an internal combustion engine. It is convenient for reducing fuel consumption and emissions, which eventually help to reduce environmental pollution and air pollution. Substances that alter the natural properties of the atmosphere, whether chemically, physically, or biologically, are considered air pollutants. Air pollution can occur indoors or outdoors. Common sources of air pollution are automobiles, industrial plants, domestic combustion systems, and wildfires. Indoor and outdoor air pollution is a major cause of morbidity and mortality and is known to cause respiratory and other diseases. According to the World Health Organization (WHO), almost the entire world population (99%) breathes polluted air in excess of WHO guidelines for high levels of pollutants, with low and middle-income countries most at risk. Hence, rising concerns regarding air pollution are anticipated to add a significant amount of fuel to the growth of the global market.
Global Electric Vehicle Charging Station Market: Regional Overview
The global industry is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Large Vehicle Production to Drive Market Growth in the Asia Pacific Region
The electric vehicle charging station market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The regional growth can majorly be attributed to the increasing mass production of electric vehicles in the region. According to the International Energy Agency, China is the leading producer of electric vehicles. The number of electric vehicle registrations increased from about 1 million in 2019 to about 1.3 million in 2020. Additionally, owing to the large population of the region, the demand for electric vehicles is expected to increase during the evaluation period. According to the World Bank, the population of East Asia and the Pacific in 2021 was 2.37 billion. In addition, technological advancement, Gross Domestic Product (GDP) growth, and rising disposable income are other factors expected to drive market growth.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-2912
Increasing Expansion of the Automotive Industry to Influence Growth in the North American Region
The EV charging station market in the North American region is estimated to garner the highest CAGR by the end of 2033. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. The auto and parts industry in the United States generated approximately USD 1.5 trillion in revenue by 2021. The automobile industry contributes 3% of America's GDP. In addition, increased per capita income for local residents is estimated to enable them to switch to individual, environmentally friendly vehicles. Nearly 75% of Americans say they owns a car by 2022, and another 20% say they will own a business or family car. Hence, this is expected to drive market growth in the North American region.
Global Electric Vehicle Charging Station Market, Segmentation by Vehicle Type
- Private
- Commercial
Amongst these two segments, the private segment is anticipated to hold the largest share over the forecast period. The segment's expansion can be attributed to population growth and rising demand for private vehicles. Electric vehicles are growing in popularity for passenger cars, with an estimated 13% of new cars sold in 2022 being electric, according to the International Energy Agency. An electric vehicle (EV) is a vehicle powered by an electric motor instead of an internal combustion engine that produces electricity by burning a mixture of fuel and gas. Such vehicles are therefore believed to have the potential to replace the current generation of automobiles to address issues such as increasing environmental pollution, global warming, and the depletion of natural resources. The concept of electric vehicles has been around for quite some time but has gained considerable interest over the past decade given rising carbon emissions and other environmental impacts of fuel-based vehicles. The advantage of electric vehicles is less air pollution and less fuel consumption. All-electric models can match or exceed 75 mpg. However, they all have a limited range of 80 to 300 miles and need to recharge their batteries before they run out.
Global Electric Vehicle Charging Station Market, Segmentation by Charging Point
- AC Charging
- DC Charging
- Wireless Charging
Amongst these three segments, the wireless charging segment is anticipated to hold a significant share over the forecast period. The development of wireless charging systems for electric vehicles has gained considerable momentum over the past decade. Part of this is based on the desire of cities to move away from petrol and diesel-powered vehicles to contribute to cleaner cities in the face of the intense urbanization taking place around the world. If the wireless charging system is properly integrated into the vehicle and strategically placed around town or at the owner's home, there is no need to plug it into the vehicle. The driver should simply park as usual on a coil placed on the ground or buried in it. However, the adoption of this technology also has the potential to solve many real and perceived problems. One is that today's younger generation expects to be unleashed. The increasing global production of smart cars can be attributed to the segment's growth. It is estimated that global production of smart cars will reach nearly 12 million units by 2035.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=2912
Global Electric Vehicle Charging Station Market, Segmentation by Level of Charging
- Level 1
- Level 2
- Level 3
Global Electric Vehicle Charging Station Market, Segmentation by Installation Type
- Fixed
- Portable
Global Electric Vehicle Charging Station Market, Segmentation by Connector
- Normal Charging
- Type-2
- CHAdeMO
- CCS
- GB/T
Few of the well-known market leaders in the global market of electric vehicle charging station that are profiled by Research Nester are BYD Motors Inc., Shell Group, ABB Group, ChargePoint, Tesla, Schneider Electric, Blink Charging Co., General Electric Company, Toshiba Corporation, Siemens Aktiengesellschaft, and other key market players.
Recent Development in the Global Electric Vehicle Charging Station Market
- BYD Motors Inc. announced that his 150kW DC fast charger for buses and trucks has received his Underwriters Laboratory (UL) certification, expanding the company's charging solutions.
- ABB Group has launched Terra 360, a modular charger capable of charging up to four vehicles simultaneously with dynamic power distribution.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
