New York, USA, Oct. 15, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global EV charging infrastructure market is likely to register a revenue of $18,589.0 million by 2026, at a CAGR of 34.9% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the continuous and fascinating evolutions in electric vehicles (EVs) along with the supportive government policies across the globe are the major factors anticipated to accelerate the growth of the global EV charging infrastructure market over the forecast period. Besides, the consumers’ attitudes on carbon footprint reduction and the growing investments in EV charging stations infrastructure are other factors estimated to create massive growth opportunities for the EV charging infrastructure market by 2026. However, the higher cost of fast-charging infrastructure and installation may restrict the EV charging infrastructure market growth in the coming years.
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Direct Charging Sub-segment to Hold Significant Market Share
By type, the DC charging sub-segment is expected to surpass $10,688.7 million by 2026 and grow at a CAGR of 34.0% over the forecast period. This is mainly due to the heavy investments on R&D activities by top players and the rapid growth in the number of charging stations across the globe. In addition, the growing popularity of clean power equipment is projecyed to drive the demand for DC charging system in the upcoming years.
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Level 3 (300-600V) Sub-segment to be Most Profitable
By charging level, the level 3 (300-600V) sub-segment valued for $487.0 million in 2018 and is projected to witness significant growth by 2026. This is mainly because in the public charging area such as mall parking, city parking garages Level 3 can make it more efficient fr users on-the-go and decrease the charging time.
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Private Sub-segment to Grow at Healthy Rate
This is mainly because the EV owners are constantly looking to construct efficient EV charging stations in their garages and parking. Besides, extensive adoption of EVs by people another major factor expected to boost the sub-segment’s growth by 2026.
Asia-Pacific Region to Witness Significant Growth
By region, the Asia-Pacific EV charging infrastructure market is expected to account for $538.9 million in 2018 and is predicted to observe substantial growth over the forecast period. This growth is mainly because the transition to EV’s is progressing rapidly as these electric vehicles assist in tackling the climate change. Besides, EVs can go longer distances on single charge and are more affordable, and thus more and more people are opting for electric vehicles. Moreover, to fulfil the growing demand for EVs, the key market players of the industry are investing heavily in EVs. All these factors are anticipated to upsurge the growth of the EV charging infrastructure market in the Asia-Pacific region.
Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global EV charging infrastructure market are:
1. ABB
2. Eaton.
3. ChargePoint, Inc.
4. ClipperCreek, Inc.
5. GENERAL ELECTRICE
6. Honeywell International Inc
7. Rittal GmbH & Co. KG
8. Pod Point.
9. Leviton Manufacturing Co., Inc.,
10. Tesla.
These players are implementing several strategies to gain a chief position in the global industry.
For instance, in March 2021, Tata Power, the leading power generation & transmission company, and Tesla Inc., an American electric vehicle & clean energy company, announced to set up EV charging infrastructure in India. Tesla has registered as a new company based in Bangalore and is expected to soon launch its EVs in the Indian market.
The report also provides an overview of many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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