Electric Vehicle Charging Station Market to Reach US$ 57.3 Billion by 2028 | Growth Rate (CAGR) of 36.1%

According to the latest report by IMARC Group, titled "Electric Vehicle Charging Station Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028," the global electric vehicle charging station market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.3 Billion by 2028, exhibiting a growth rate (CAGR) of 36.1% during 2023-2028. An electric vehicle charging station, or EVSE, is a device that charges plug-in electric vehicles (EVs) such as hybrids, electric cars, and neighborhood electric vehicles. A software app, energy controller, network operations center, facility meter, and energy conversion system associated with the power grid run the charging stations. The electric vehicle charger device allows for different degrees of charging. Level 1 charging stations utilize a conventional household outlet, and level 2 charging stations are consistent with all-electric vehicles and have a cord that joins directly to the car. Level 3 charging stations are direct current (DC) fast chargers that charge automobiles quickly. Some electric vehicle charging stations offer advanced features, such as cellular connectivity, network connectivity, and smart metering, while others are simpler.

The global market is majorly driven by an increasing focus on mitigating greenhouse gas emissions. In line with this, the growing awareness about the benefits of sustainable fuel sources is significantly contributing to the growth trajectory of the electric vehicle charging station market. Residential buildings near transportation facilities are at a more significant risk of vehicle emissions associated with cardiac and respiratory health issues such as asthma. Since these issues are regarded as long-term chronic ailments, the acceptance of low-emission cars and electric car charging stations will accelerate considerably over the forecast period. Furthermore, stringent regulatory frameworks regarding emissions and rapid growth in electric vehicle adoption are positively influencing the industry's expansion. With the rapid technology innovation and integration of built-in developed elements, AC-powered electric vehicle charging stations will gain considerable traction. Apart from this, rising cooperation among automobile manufacturers for charging infrastructure and a subscription model is catalyzing market expansion.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Global Electric Vehicle Charging Station Market Growth:

With the widespread usage of electric vehicles, the number of commercial charging stations is anticipated to surge. Moreover, increasing demand for electric vehicles, fast charging infrastructure, and rising deployment of electric cars by shared mobility operators are propelling market growth. Besides, the growing popularity of vehicle-to-grid electric vehicle charging stations is creating a positive outlook for the market. Additionally, rapid technological advancements such as the integration of all-EV charging station systems with the internet of things (IoT) and real-time information solutions are providing a boost to the overall market growth.

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Competitive Landscape with Key Players:

• ABB Ltd.
• Blink Charging Co.
• BP plc
• ChargePoint Inc
• Daimler AG,
• Eaton Corporation PLC
• EFACEC Power Solutions SGPS S.A.
• Engie SA
• EVgo Services LLC (LS Power Development LLC)
• Renault Group
• Schneider Electric SE
• SemaConnect
• Siemens AG
• Tata Power Company Limited
• Tesla Inc.

Breakup by Charging Station Type:

• AC Charging
• DC Charging
• Inductive Charging

Breakup by Vehicle Type:

• Battery Electric Vehicle (BEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)

Breakup by Installation Type:

• Portable Charger
• Fixed Charger

Breakup by Charging Level:

• Level 1
• Level 2
• Level 3

Breakup by Connector Type:

• Combines Charging Station (CCS)
• CHAdeMO
• Normal Charging
• Tesla Supercharger
• Type-2 (IEC 621196)
• Others

Breakup by Application:

• Residential
• Commercial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance
• Market Outlook
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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