Global Electric Vehicle Charger and Charging Station Market to Grow at a CAGR of 32.14% by 2028

According to the latest research by SkyQuest Technology, Global electric vehicle charger and charging station market was valued at USD 19.26 billion in 2021, and it is expected to reach a value of USD 200.4 billion by 2028, at a CAGR of more than 32.14% over the forecast period of 2022-2028. The research provides up-to-date electric vehicle charger and charging station market analysis of the current market landscape, latest trends, drivers, and overall market environment.

Long-distance trips would benefit from ultra-fast charging capabilities made possible by public charging stations. Although they offer a more affordable and practical method of charging electric vehicles than commercial charging stations, EV chargers for residential spaces also have sizable growth potential. In order to incorporate chargers into the current infrastructure, EVCI manufacturers are working with the car rental service. For instance, Eaton announced in January 2020 its collaboration with Green Motion, a provider of car rental services, to offer integrated chargers inside buildings with energy storage. The growth of Car2X technology for charging infrastructure is being fueled by investments made by numerous automakers, including the Volkswagen Group, BMW Group, and General Motors, among others.

Several campaigns to increase the adoption of electric vehicles have been launched in nations like France, India, the Netherlands, and Canada. EVs are anticipated to continue attracting a lot of attention as governments around the world concentrate on recovering from the pandemic with a stronger and more resilient economy. In the United States, for example, California is emerging with ambitious goals for electric vehicles, which is anticipated to have a positive effect after the pandemic and spur market expansion.

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Read Market Research Report, "Global Electric Vehicle Charger and Charging Station Market by Charger Type (Normal Charger, Fast Charger), Application (Commercial, Residential), and Region -Forecast and Analysis 2022-2028" by SkyQuest
Electric vehicle charger and charging station market will likely be dominated by Asia Pacific. Currently, the Asia Pacific region has the most level 3 EV charging stations because the use of EVs is increasing so quickly in nations like China, Japan, and South Korea. Additionally, level 3 charging station growth is anticipated to be the fastest in this area. Fast plug-and-charge options are preferred in this area over home charging or waiting around for long periods of time for vehicles to charge. In the Asia Pacific region, level 3 charging grew at the fastest rate thanks to China's significant investment in EV infrastructure. Countries like the Netherlands, the UK, France, and Germany are at the forefront of level 3 charging in Europe. In order to expand their EV charging network, these nations have teamed up with leading car producers and charging service providers. The second-fastest growing market for level 3 charging is now Europe thanks to these measures. The US, which is the dominant country in North America, has begun to put policies in place to increase the number of EVs on the road. Increasing the use of EVs in their states has been a priority for 13 US states, including California, Maryland, Oklahoma, and Washington. Although the rest of the US has yet to increase EV usage and infrastructure, these states have well-developed level 3 charging networks.

The prominent market players are constantly adopting various innovation and growth strategies to capture more market share. The key market players are Charge Point Inc., Schneider Electric, BP Chargemaster, Shell International BV, Webasto Group among others.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about Electric Vehicle Charger and Charging Station Market Revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

Report Findings
● Drivers- Adoption of electric vehicles is a major driving factor for the electric vehicle charger and charging station market. OEMs provide a wide selection of electric vehicles, ranging from compact hatchbacks like the Leaf to luxurious sedans like the Tesla Model 3. Due to the large number of consumers drawn by the variety of product options, the market for electric vehicles has grown. For instance, GM announced plans to invest USD 35 billion in October 2021, with the goal of developing and selling more than one million EVs and other technologies by 2025. By 2035, the company wants to be entirely electric. Similar to this, Ford announced in November 2021 that it would increase its annual EV production capacity to 600,000 by 2023. By 2030, it intends to offer 40% electric vehicles.
● Restraint- Electric car charging station standardisation is essential, as evidenced by factors like the expansion of the electric vehicle industry and variances in charging loads. Some EV charging stations might only work with a particular voltage. For instance, level 1 charging stations for AC devices offer a voltage of 120V AC, and level 2 charging stations offer a voltage of 208/240V AC. On the other side, DC charging stations use 480V AC to deliver quick charging.

What does this Report Deliver?
• Market Estimation for 20+ Countries
• Electric Vehicle Charger and Charging Station Market demand by Region, Sub-Region, and Country
• Customization on Segments, Regions, and Company Profiles
• 100+ tables, 150+ Figures
• Global, Regional and Country specific Electric Vehicle Charger and Charging Station Market Trends
• Comprehensive Mapping of Electric Vehicle Charger and Charging Station Industry Parameters
• Attractive Investment Proposition in the Global Electric Vehicle Charger and Charging Station Industry
• Competitive Strategies Adopted by Electric Vehicle Charger and Charging Station Market Key Players
• Drivers, Restraints, Opportunities, Challenges and the impact on the Electric Vehicle Charger and Charging Station Market Size
• Market growth rate till 2028
• Regulatory scenario, regional dynamics, and Electric Vehicle Charger and Charging Station market insights of leading countries in each region
• In-depth Market insights by Region and Country
• Market Segmentation Trend Analysis, Opportunities and Growth
• Porter's five force analysis to know the market's condition
• Pricing Analysis and Electric Vehicle Charger and Charging Station Market Sales
• Parent market analysis
• Product portfolio benchmarking

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SkyQuest has segmented the Global Electric Vehicle Charger and Charging Station Market based on Charger Type, Application, and Region:
● Global Electric Vehicle Charger and Charging Station Market by Charger Type (Revenue, USD billion, 2022 - 2028)
o Normal Charger
o Fast Charger
● Global Electric Vehicle Charger and Charging Station Market by Application (Revenue, USD billion, 2022 - 2028)
o Commercial
o Residential
● Global Electric Vehicle Charger and Charging Station Market By Region (Revenue, USD billion, 2022 - 2028)
o North America
▪ US
▪ Canada
o Europe
▪ Germany
▪ France
▪ UK
▪ Italy
▪ Spain
▪ Rest of Europe
o Asia Pacific
▪ China
▪ India
▪ Japan
▪ Rest of Asia Pacific
o Central & South America
▪ Brazil
▪ Rest of CSA
o Middle East & Africa
▪ GCC Countries
▪ South Africa
▪ Rest of MEA

Key Players in the Global Electric Vehicle Charger and Charging Station Market
• Charge Point Inc. (US)
• Schneider Electric (France)
• Tesla Inc. (US)
• BP Chargemaster (England)
• Shell International BV (UK)
• Webasto Group (US)
• Siemens AG (Germany)
• EVBox (Netherlands)
• Eaton (Ireland)

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This release was published on openPR.