New York, NY, Sept. 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Electric Vehicle Charging Station Market by Application (Residential and Commercial), by Charging (Level 1, Level 2, and DC Fast Charging (3 Phase)), and by Standards (CHAdeMO, SAE, CSS, Tesla Supercharger, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global electric vehicle charging station market accounted for USD 4.2 billion in 2017 and is expected to reach USD 26.8 billion by 2024, growing at a CAGR of around 30.4% between 2018 and 2024.
The electric vehicle charging station charges the battery of an electric vehicle by connecting it to an electric source. Electric vehicle charging stations come in various types depending on various charging speeds and standards. Some stations have several advanced features such as network connectivity, smart metering along with basic components.
Browse through 69 Tables & 26 Figures spread over 166 Pages and in-depth TOC on “Global Electric Vehicle Charging Station Market Size 2017: Industry Type, Share, Trends and Forecast to 2024”.
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Government initiatives for leveraging the production and encouraging civilians to buy electric vehicles will propel the electric vehicle charging station market during the forecast period. Tax incentives on the purchase of electric vehicles are offered by various countries. In 2018, the Indian Government announced incentives for electric vehicle battery manufacturers to set-up their plants. The government of India plans to sell only electric vehicles in the country by 2030. In 2017, the government of Denmark provided exemptions on registration tax up to 60% for BEVs. In Germany, electric vehicles are excluded from annual circulation tax for a period of 10 years from the date of first registration. In the Netherlands, zero carbon dioxide emission vehicles are exempted from motor vehicle tax till 2020. Thus, the growth of the electric vehicle charging station market during the forecast period is imminent owing to all the aforementioned factors.
Investments in the utility sector are fueling the growth of electric vehicle charging station market. In 2018, “California Public Utility Commission” announced an investment of USD 738 million for electric vehicle charging projects. Similarly, the New York government announced an investment of USD 250 million to construct an electric vehicle charging infrastructure across the city. These investments are expected to increase, as automotive manufacturers are planning to increase the production of electric vehicles over the next 5 years. Thus, the electric vehicle charging station market is projected to grow during the forecast period.
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The global electric vehicle charging station market is fragmented as per charging into level 1, level 2, and DC fast charging (3 phase). Level 1 segment is anticipated to hold a significant share in electric vehicle charging station market during the estimated timeframe owing to the rising demand for the residential sector. Further, DC fast charging (3 phase) segment is projected to grow at a substantial rate. The growth is attributed to the rise of commercial electric vehicles.
North America is anticipated to hold a substantial share in global electric vehicle charging station market. The U.S. is anticipated to be a vital contributor in the region. Due to the increasing investments in the manufacturing of electric vehicles, it is expected that the U.S. will fuel the growth of the electric vehicle charging station market. Till January 2018, a total of USD 19 billion was invested in electric vehicles by automotive manufacturers in the U.S. With top electric vehicle manufacturers such as Tesla, Ford Motors, and General Motors headquartered in the U.S., North America is anticipated to propel the electric vehicle charging station market over the coming years.
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The European electric vehicle charging station market is driven by investments made in installing electric vehicle charging station. Oil companies such as Shell, BP Plc, have started to build their own chargers at their fuel stations. In 2017, Shell announced the acquisition of over 30,000 chargers. Further, BP Plc also announced an investment of USD 5 million in FreeWire that manufactures mobile charging systems for electric vehicles. Additionally, European automotive manufacturers such as Volkswagen, Mercedes, and BMW have announced to launch 80, 10, and 12 electric vehicle models by 2025 respectively. Thus, it is projected that Europe will fuel the growth of the electric vehicle charging station market.
The Asia Pacific is expected to grow at an exceptional rate in the global electric vehicle charging station market during the forecast period. China is projected to have a great potential for electric vehicle charging stations. The growth is expected to owe to the increase in sales and production of electric vehicles in the country. In 2016, electric car sales in China was about 336,000 with BEVs and PHEVs sales growing by almost 75% and 30% respectively as compared to 2015. The number is expected to increase over the coming years as China had about one-third of the global electric car stock in 2016. Thus, Asia Pacific is estimated to witness a significant rise in electric vehicle charging station market.
Browse the full "Electric Vehicle Charging Station Market by Application (Residential and Commercial), by Charging (Level 1, Level 2, and DC Fast Charging (3 Phase)), and by Standards (CHAdeMO, SAE, CSS, Tesla Supercharger, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" report at https://www.zionmarketresearch.com/report/electric-vehicle-charging-station-market
Latin America will contribute substantially to the global electric vehicle charging station market. Government initiatives to reduce import tax on electric vehicles will boost the growth of the electric vehicle charging station market. In 2017, the Argentina government announced to reduce import taxes on pure electric vehicles and hybrid electric vehicles from 35% to 2% and 5% respectively. Thus, the growth of the electric vehicle charging station market in Latin America is imminent.
Certain leading players in the electric vehicle charging station market are ABB, ChargePoint, Inc., Siemens, Engie, Schneider Electric, Tesla, EVgo, Alfen, AeroVironment, and Blink Charging, among others.
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The report segments the global electric vehicle charging station market as follows:
Global Electric Vehicle Charging Station Market: Application Segment Analysis
- Residential
- Commercial
Global Electric Vehicle Charging Station Market: Charging Segment Analysis
- Level 1
- Level 2
- DC fast charging (3 Phase)
Global Electric Vehicle Charging Station Market: Standards Segment Analysis
- CHAdeMO
- SAE
- CSS
- Tesla supercharger
- Others
Global Electric Vehicle Charging Station Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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