Dublin, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The "Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle charging stations market is expected to grow at a CAGR of 39.8% from 2020 to 2027 to reach $29.7 billion by 2027; whereas, in terms of volume, the market is expected to grow at a CAGR of 31.8% from 2020 to 2027 to reach 15,025.5 thousand units by 2027.
The global electric vehicle charging stations market study presents historical market data in terms of value and volume (2018 and 2019), estimated current data (2020), and forecasts for 2027.
This market is majorly driven by the government incentives, subsidies, and funding for the installation of charging stations; and automakers' initiatives for the charging infrastructure development. However, the high cost of fast-charging stations, stringent rules for installation, and complex charging infrastructure obstructs the growth of this market to some extent.
Based on the charging station type, plug-in charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2020. The growth in this segment is mainly driven by the government and automakers initiatives to expand the level 3 plug-in charging station infrastructure.
However, the wireless charging stations market is expected to witness rapid growth during the forecast period. The rapid growth of this segment is primarily attributed to the automaker's initiatives for the development of wireless charging stations technology and government funding for the installation of the wireless charging stations.
Based on bus charging infrastructure, the off-board top-down pantograph segment is estimated to command the largest share of the overall electric vehicle charging stations market in 2020. However, the on-board bottom-up pantograph segment is estimated to witness rapid growth during the forecast period.
The on-board bottom-up pantograph charging solution is a fast-charging system mainly used for the charging of electric buses in cities with existing DC networks, such as for tramways. Factors attributed to driving the growth of this segment include increasing adoption of electric buses in countries such as China and the United States over the past years.
Market Dynamics
Drivers
- Government Initiatives to Drive the Adoption of Electric Vehicle and Associated Infrastructure
- Incentives and Subsidies for Purchase of Chargers
- Funding for Installation of Charging Stations
- Automakers' Initiative for Charging Infrastructure Development
Restraints
- High Cost of Charging Infrastructure
- Stringent Rules and Complex Infrastructure
- High Cost and Low Fuel Economy of Electric Vehicles
Opportunities
- Electric Vehicle Charging Stations Powered by Renewable Energy
- Use of Vehicle-To-Grid (V2g) Electric Vehicle Charging Stations
- Growing Demand of Electric Vehicles in Emerging Economies
Challenges
- Lack of Standardization of Charging Infrastructure
Trend
- Ridesharing Companies Adopting Electric Vehicles and Charging Stations for Their Fleets
Scope of the report
Electric Vehicle Charging Stations Market, by Type
- Plug-in Charging Station
- Level 1 Charging Station
- Level 2 Charging Station
- Level 3 Charging Station
- Wireless Charging Station
Electric Vehicle Charging Stations Market, by Component
- Hardware
- Software
Electric Vehicle Charging Stations Market, by Bus Charging Infrastructure
- Off-Board Top-Down Pantograph
- On-Board Bottom-Up Pantograph
Electric Vehicle Charging Stations Market, by Connector Type
- CCS
- CHAdeMO
- GB/T
- Tesla Supercharger
- Type 1 (SAE J1772)
- Type 2 (IEC 62196)
Electric Vehicle Charging Stations Market, by Installation Type
- Portable
- Fixed
Electric Vehicle Charging Stations Market, by End User
- Commercial
- On-Road
- Public Parking
- Others
- Non-Commercial
- Residential
- Non-Residential
Companies Mentioned
- ABB (Switzerland)
- Alfen (The Netherland)
- Blink Charging (U.S.)
- ChargePoint Inc. (U.S.)
- ClipperCreek Inc. (U.S.) among others.
- Delta Electronics Inc. (Taiwan)
- EVBox (The Netherland)
- Eaton Corporation Inc (Ireland)
- Efacec (Portugal)
- Leviton Manufacturing Co. Inc. (U.S.)
- Robert Bosch GmbH (Germany)
- Schneider Electric SE (France)
- SemaConnect (U.S.)
- Siemens AG (Germany)
- Star Charge (China)
- Tesla Inc. (U.S.)
- The New Motion B.V. (The Netherland)
- Webasto (Germany)
For more information about this report visit https://www.researchandmarkets.com/r/p2pt9w
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