Press release
2019-2027| Electric Vehicle Charging Stations Market is expected to reach $45.3 billion by 2027
According to this latest publication from Meticulous Research, in terms of value, the global electric vehicle charging stations market is expected to grow at a CAGR of 38.9% from 2019 to 2027 to reach $45.3 billion by 2027; whereas, In terms of volume, the market is expected to grow at a CAGR of 25.7% from 2019 to 2027 to reach 18,658.2 thousand units by 2027.
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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.
The global electric vehicle charging stations market study presents historical market data in terms of value and volume (2017 and 2018), estimated current data (2019), and forecasts for 2027. The market is segmented on the basis of type (plug-in charging station- level 1 charging station, level 2 charging station, level 3 charging station; wireless charging station), and by end-user (commercial-on road, public parking, others; non-commercial- residential, non-residential). The study also evaluates the industry competitors and analyses the market at the country level.
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Based on the electric vehicle charging station type, the electric vehicle charging stations market is segmented into Level 1 charging station, level 2 charging station, and level 3 charging station. The level 3 charging station commanded the largest share of the overall electric vehicle charging stations market in 2019. The large share of this segment is mainly attributed to rising government initiatives for installation of fast-charging stations; rebate on the purchase of level 3 charging stations; growing investment by automakers in level 3 charging stations in order to support their long-range battery electric vehicle; and advantage of faster charging than other types of charging stations.
Based on end-user, the overall electric vehicle charging stations market is segmented into commercial and non-commercial. The commercial end-user segment accounted for the largest share of the overall market in 2019, mainly due to the increased installation of charging stations in public places like shopping malls, restaurants, commercial buildings, public parking spaces, and airports owing to the convenience of usage during the commercial activities. The commercial end-user segment is further segmented into on-road, public parking, and others. The on-road end-user segment accounted for the largest share of the overall electric vehicle charging stations market in 2019. The growth of this segment is aided by the growing installation of charging points by fuel stations within their premises and rise in the installation of charging stations at highways and intercity roads.
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Geographically, the Asia Pacific region commanded the largest share of the overall electric vehicle charging stations market in 2019. The large share of this region is primarily attributed to the increasing demand for electric vehicles in countries such as China, Japan, and South Korea owing to the factors such as stringent regulations to reduce the pollution; incentives to promote the sale of the electric vehicles; and subsidy on installation of charging stations. For instance, according to the International Renewable Energy Agency (IEA), on 12 February 2018, to promote energy-efficient electric vehicles, China offered subsidies on electric vehicles that were meeting an additional range of requirements. The incentives increased from 44,000 Yuan (USD 6613) to 50,000 Yuan (USD 7440) for vehicles with at least 400 km range. Further, in 2018, Taiwans Ministry of Economic Affairs (MOEA) announced that its Bureau of Industrial Development would provide subsidies of up to NT$300,000 (USD 10,141) for the installation of electric vehicle charging stations in front of PX Mart chain stores and 7-11 convenience stores.
The key players operating in the global electric vehicle charging stations market are ABB (Switzerland), ChargePoint, Inc. (U.S.), Tesla, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Efacec (Portugal), Delta Electronics, Inc. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), EVBox (The Netherland), Blink Charging (U.S.), Alfen (The Netherland), The New Motion B.V. (The Netherland), Star Charge (China), Eaton Corporation Inc (Ireland), SemaConnect (U.S.), Webasto (Germany), Robert Bosch GmbH (Germany), and ClipperCreek Inc. (U.S.) among others.
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Key questions answered in the report-
1. Which are the high growth market segments in terms of the charging station types, end-user, and countries?
2. What is the historical market for electric vehicle charging stations across the globe?
3. What are the market forecasts and estimates from the period of 2019-2027?
4. What are the major drivers, restraints, and opportunities in the global electric vehicle charging stations market?
5. Who are the major players in the global electric vehicle charging stations market and what share of the market do they hold?
6. Who are the major players in various countries and what share of the market do they hold?
7. How is the competitive landscape?
8. What are the recent developments in the overall electric vehicle charging stations market?
9. What are the different strategies adopted by the major players in the overall electric vehicle charging stations market?
10. What are the geographic trends and high growth countries?
11. Who are the local emerging players in the overall electric vehicle charging stations market and how do they compete with the other players?
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