Westford, USA, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Asia Pacific to emerge as a promising regional market owing to a rise in government initiatives to boost the usage of electric vehicles and associated infrastructure in the region. The main drivers of the electric vehicle charger and charging station market's expansion are the rising demand for electric vehicle fast-charging infrastructure, an increase in the prevalence of range anxiety, and an increase in the deployment of EVs by shared mobility operators. Significant growth prospects for market participants are provided by rising R&D in V2G technology, rising adoption of electric mobility in emerging nations, and rising deployment of charging stations by retail MNCs. In addition, a subscription model and more manufacturer cooperation for charging infrastructure are anticipated to support market growth further.
According to SkyQuest, electric vehicles will require around 22 billion kilowatt-hours of total energy in 2025 and 290 billion kilowatt-hours in 2030. With such rapid expansion, several players emphasize installing more charging stations to match the rising demands.
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- Pages - 277
- Tables - 61
- Figures - 64
Electric vehicles, such as electric cars, community electric vehicles, and plug-in hybrids, can be recharged or charged at an electric vehicle charging station, sometimes referred to as an EV charging station or EVSE (electric vehicle supply equipment).
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Prominent Players in Electric Vehicle Charger and Charging Station Market
- Charge Point Inc.
- Schneider Electric
- Tesla Inc.
- BP Chargemaster
- Robert Bosch GmbH
- Shell International BV
- Webasto Group
- ClipperCreek, Inc.
- Siemens AG
- EVBox
- Plugless Power Inc.
- SemaConnect, Inc.
- Moser Services Group
- Eaton
- AeroVironment Inc.
Commercial Segment to Exhibit Strong Growth Rate as Count of Long-Distance Travelers Increases
The commercial segment accounted for a 79.66% revenue share in 2021. The segment's growth is attributed to initiatives and budget allocations by governments and automakers for extending public EVCI infrastructure. The construction of supporting infrastructure in public locations is required as charging at home would not be sufficient for long-distance travel. The growth is further fueled by partnerships between several public transportation organizations and automakers to construct electric bus charging stations.
Asia Pacific emerged as the fastest-growing electric vehicle charger and charging station market and is anticipated to be the most profitable during the forecast period. Such growth is attributed to the rising investments made in the construction of charging infrastructure by the governments of China, South Korea, Japan, and other Asian nations. As demand for vehicles without emissions rises, the market for electric vehicles in Japan is expanding. The market for electric vehicles is receiving significant government investment as well. By 2050, the Japanese government wants all new automobiles sold in the nation to be electric or hybrid models.
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Fast Charger Segment to Drive Higher Sales Thanks to Increased Installation in Commercial Stations
The fast charger segment held a dominant market share in 2022 and accounted for more than 93.0% of worldwide revenue, owing to rising demand for its installation in commercial stations. Additionally, as part of their campaigns to promote their electric vehicles, automakers are strongly emphasizing installing charging stations for their employees' EVs. California started building a network of charging stations to promote the widespread use of electric automobiles. As per SkyQuest's insights, there are more than 42,000 publicly accessible charging stations in the United States as of 2021.
Several European nations have pledged to stockpile electric vehicles and have set high goals for reducing carbon emissions. For example, Germany created the German National Platform for Electric Mobility, a government advisory organization, to examine the growth of electric mobility and the development of infrastructure for publicly accessible electric vehicle charging. Other European countries, including France, the U.K., Germany, and Belgium, are working to create the infrastructure required for EV charging and support to encourage EV interoperability throughout the continent.
The research report on the electric vehicle charger and charging station market covers detailed case studies of leading market participants to gain insights into their successful strategies, key developments, and major advancements.
Key Developments in Electric Vehicle Charger and Charging Station Market
- According to Governor Kathy Hochul, the largest open-access electric vehicle rapid charging center in the Southern Tier region has officially opened. Together with Tesla, the New York Power Authority built the 16-charger location at Hancock Town Hall in Delaware County along Route 17, the main east-west route between the Hudson Valley and Western New York. Additionally, EV owners can walk their dogs while charging in the nearby town-run dog park.
- Tesla has introduced a Wall Connector, a home charging station compatible with other electric cars in addition to Tesla models. For automobiles made for the North American market, Tesla employs its exclusive connector, unlike all other electric car manufacturers. The company's home chargers and charging network are only compatible with its electric automobiles. Tesla has been moving toward making its own charging infrastructure and goods available to other automakers' electric vehicles.
- According to the County of Los Angeles (County) and PowerFlex, 40 electric vehicles (EV), Level 2 charging stations, and 3 DC Fast Chargers have been added to the Walt Disney Concert Hall parking garage. The initiative is the most recent in a string of initiatives to provide desperately needed EV charging infrastructure for usage by County residents, employees, and fleet vehicles. In addition, the proprietary Adaptive Load Management (ALM) technology from PowerFlex, an intelligent software regulating the energy flowing to each vehicle, is integrated into the network that houses the Level 2 EV chargers.
- The Volkswagen subsidiary Electrify America, which provides charging stations for electric vehicles, has announced plans to build new "human-centered" charging stations with solar-panel awnings and waiting areas in a number of cities in California and New York. To enhance the consumer experience, the firm is also releasing a new, thinner electric vehicle charger. In addition, the company has released a revised EV charger with a slimmer profile and freshly simpler controls.
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Key Questions Answered in Electric Vehicle Charger and Charging Station Market Report
- What is the anticipated valuation and growth rate for the global market?
- Who are the most renowned vendors operating in the target market?
- Which are the key drivers of the electric vehicle charger and charging station market?
- Which trends likely drive higher market traction during the forecast period?
- Which region registered the highest revenue share in recent years?
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