Electric Vehicle Charging Stations Market Growth Set to Surge Significantly during 2022 - 2028

The increasing popularity and sales of electric vehicles has resulted in robust demand for electric vehicle charging stations in recent years. Rising demand for sustainable and energy-efficient transportation and increasing environmental concerns are primary factors responsible for the increasing demand for electric vehicles and hybrid vehicles. This in turn is boosting the growth of the electric vehicle charging stations market during the forecast period. Major market players are focusing on creating wide network and developing the architecture for electric vehicle charging stations for future growth.

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Companies Profiled in this report includes:  ABB Ltd., Alfen N.V., EFACEC Group, Engie SA,  EVgo Services LLC, Leviton Manufacturing Co., Inc.,  Schneider Electric SE,  Siemens AG, Tesla, Inc.,  TGOOD Global Ltd.

MARKET SEGMENTATION

  Based on type, the global electric vehicle charging stations market is segmented into AC charging station and DC charging station.

  On the basis of vehicle type, the market is segmented into battery electric vehicle and plug-in hybrid vehicle.

  Based on installation type, the global electric vehicle charging stations market is segmented into residential and commercial.

MARKET DYNAMICS

Drivers:

  Increasing penetration of electric vehicles coupled with development of smart cities.

  Growing concern towards environment pollution is further likely to fuel the market growth.

  Introduction of vehicle-to-grid EV charging stations is likely to create substantial opportunities for the key players over the coming years.

Restraints:

  Lack of standardization during the forecast period.

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IMPACT OF COVID-19 ON ELECTRIC VEHICLE CHARGING STATIONS MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

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