Electric Vehicle Charging Station Market Estimated To Surpass Us$ 3 Bn, Globally, By 2026:
As the global market for electric vehicles is gaining momentum, manufacturers, vendors and end-users of the industry are looking into development of auxiliary infrastructure required for the product. Electric vehicle charging stations are a pivotal requirement, and their demand is expect to augment over the coming years with incrementing adoption of electric vehicles. Typically, an electric vehicle requires charging time from anywhere between 15 minutes to several hours. Charging stations for electric vehicle are anticipated to offer an exhaustive solution for charging the vehicle’s battery. They may be in the form of simple charging posts for street-side use, as charging cabinets for sheltered parking spots, or fully automated stations comprising of power distribution equipment. In the coming years, battery swapping is expected to gain traction, due to substantial reduction in charging time. On account of these factors, the global electric vehicle charging station market is expected to witness a substantial lift over the coming years.
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The study offers an in-depth description of the global electric vehicle charging station market while providing a rich analysis of the market situation, with detailed focus on its drivers, opportunities, restraints and trends. The report delves into the resultant of the product in associated industries and application areas. The global reports provides exhaustive information on the procedures that current vendors in the market could attempt so as to pick up momentum in the business, alongside an examination on entry points for new players. The market intelligence study represents an intensive guide on the global market for electric vehicles charging stations over the forecast duration mentioned.
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DC Charging to Remain Lucrative Type Segment over Forecast Period
Segmented on the basis of type, the study considers DC charging, AC charging, and wireless charging. DC charging provides faster charging than the other charging types. With the growing awareness regarding DC charging’s rapid charging feature and other properties, the segment is expected to a prominent market share over the forecast period. The report classifies the market on the basis of power output, out of which the segment of >50 KW segment holds a significant market share. Charging with >50 KW results in rapid charging- upto 20 minutes for a top-up. Several government are also encouraging the adoption of this segment, leading to its popularity.
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Asia Pacific To Emerge as Leading Regional Market
The report analyzes the global electric vehicle charging station market in terms of geography by dividing it into- Asia Pacific, Europe, North America, South America, and the Middle East and Africa. Currently, Asia Pacific holds a superior market position amongst the regional markets. The soaring production and sales of electric vehicles, especially in populous China, is a key factor responsible for the dominance of the Asia Pacific electric vehicle charging station market. The country has also adopted fully electric bus fleets across cities such as Shenzhen, fuelling the gigantic rise of the market in the region.
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