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[225+ Pages Report] According to a report published by Facts & Factors, the global electrical vehicle charging station market was estimated at USD 9.24 Billion in 2019 and is expected to hit USD 70 Billion by the end of 2026, expanding at CAGR by 33% between 2020 and 2026.
Adoption rate and interest in EV are increasing among consumers across the world. Increasing investment in battery systems and high stakes in environment-friendly technology is driving the interest of automakers in electric vehicles. Moreover, governments of the countries are devising policies to increase the adoption rate of the EV. However, if we forecast the expected EV growth rate with corresponding units of electricity and average run time of vehicle, it is observed that high investments in EV charging stations are essential. This charging infrastructure can be built at home, offices, and in public spaces.
Low operating cost of EV in the long run as compared to petrol/Diesel car is driving the market for the electric vehicle market. The main reason for the decreasing trend in the price of the EV is a reduction in the price of lithium-ion batteries. High competition and excessive research projects under corporates and institutions are assisting in dragging the price of lithium-ion batteries. Another important driving factor for the growth of the market is the potential market of providing charging services to EV fleet operators. It assists in reducing the managing and procuring cost of charging services. Assuming widespread EV adoption and increased growth opportunities for the fleet operators will converge and increase the demand for charging infrastructure in the forecast period. However, one of the major challenges for the charging station operator is the reduction in the time of charging of the vehicle.
The global Electrical Vehicle Charging Station Market is segregated based on the charging level as level 1, Level 2 & Level 3.By charging infrastructure the market is divided as normal charge, type-2, ccs, chademo, and tesla supercharger. By application, the market is bifurcated as commercial, and residential. The commercial segment is likely to grow by higher CAGR as a result of government funding to create robust charging infrastructure and automobile companies investing in charging stations.
The largest market is expected to be the Asia Pacific. During the forecast period, the Asia Pacific market is expected to be driven by the large-scale growth of EV charging networks in China, increasing demand for affordable electric vehicles for everyday use, and governments supporting electric vehicles. China's rapidly expanding economy is propelling the country's electrification. The governments of Japan and Korea have both announced plans to significantly increase the number of electric vehicle charging stations in their respective countries in the coming years. The Indian government has also announced plans to build 69,000 electric vehicle charging stations across the country as part of its first phase of EV infrastructure expansion, with a demand of 4 lakh charging stations anticipated by 2026.
Major players in the market are ChargePoint, Inc., ABB, bpChargemaster, Webasto Thermo & Comfort, Shell International B.V., Schneider Electric, Blink Charging Co., Groupe Renault, Phihong USA Corp., EV Safe Charge Inc., Eaton., Tata Power., Tesla, SemaConnect, Inc., Daimler AG., Siemens, EVgo Services LLC., ENGIE EV Solutions.
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