Press release
Electric Vehicle Charging Stations Market Size, Growth, In-depth Analysis, Research Report Forecast up to 2027: ChargePoint, Inc. and The New Motion BV are key players.
Electric Vehicle Charging Stations Market is expected to grow at a CAGR of 39.46% to reach a market size worth US$72,498.896 million by 2027.Key determinants contributing to the global market expansion for EV charging stations include the booming demand for electric vehicles and favorable government policies and initiatives. Moreover, increasing demand for energy efficiency, rising fuel costs, depletion of fossil fuels such as crude oil, financial incentives, and increasing infrastructure investment are all anticipated to contribute to the growth of the global market during the analysis period.
However, the high initial investment, stringent rules & regulations, and the lack of appropriate infrastructure are hindering the growth of the global market during the analysis period.
According to the analysis, surging consumer demand for electric vehicles fosters the EV charging stations market expansion.
An EV charging station is a piece of equipment that generates energy for charging electric vehicles, including electric buses, electric automobiles, electric trucks, plug-in hybrids, electric cycles, and so on. EV charging stations are traditionally found in shopping malls, government buildings, and parking lots. However, the adoption of electric vehicles is accelerating due to greater consumer demand, considerable OEM investment, and increased government support. As a result, the need for more charging stations only increases as the market share of electric vehicles rises.
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The global electric vehicle charging stations market is divided into categories based on the type of electric vehicle, type of charging station, and geographical region.
Two types of electric vehicles are available on the global market: battery electric vehicles and plug-in hybrids. Out of all these products, the battery electric vehicle segment is anticipated to hold a significant market share during the analysis period. Increasing demand for battery electric vehicles is expected to drive the market expansion of the BEV segment. IEA estimates that 10 million electric vehicles will be on the road globally by 2020, of which two-thirds are battery-electric vehicles.
Based on the type of charging station, the classification has been done into DC Charging station and AC Charging Station. Out of all these types, the DC charging station segment is expected to hold a significant market share during the analysis period. Due to the adoption of medium- and heavy-duty electric vehicles and the installation of fast charging hubs for transportation network corporations and other applications, DC fast charging is predicted to grow. In addition, DC chargers are faster and more powerful than AC chargers, contributing to their high demand.
Geographically, the EV charging stations market is segmented in North America, South America, the Middle East and Africa, Europe, and Asia Pacific. Out of all the geographical regions North American region is expected to have a significant market share in the global electric vehicle charging market. The rapid adoption of electric cars in the United States and Canada is boosting the market's expansion in this region. According to International Energy Agency data, by 2030, 27 million electric vehicles will be on the road in the US. Government policies and initiatives are also assisting EV charging station market expansion. For example, The 2021 Infrastructure Investment and Jobs Act in the United States provides the electric vehicle charging sector with a much-needed boost by allocating US$7.5 billion for EV charging infrastructure.
The major players operating in the global electric vehicle charging station market are ABB Ltd, Hong Kong EV Power Limited, General Electric, ChargePoint, Inc., Xcharge, Inc., Xiongan Lianxing Network Technology, Instavolt, The New Motion BV, and Evgo Services LLC.
This Electric Vehicle Charging Stations Market has been analyzed into the following segments:
• By Type of Electric Vehicle
o Robotic Toys Battery Electric Vehicles (BEVs)
o Plug-In Hybrid Electric Vehicles (PHEVs)
• By Type of Charging Station
o AC Charging Stations
o DC Charging Station
• By Geography
o North America
• USA
• Canada
• Mexico
o South America
• Brazil
• Argentina
• Others
o Europe
• Germany
• France
• United Kingdom
• Others
o The Middle East and Africa
• Saudi Arabia
• UAE
• Others
o Asia Pacific
• China
• India
• Japan
• South Korea
• Thailand
• Taiwan
• Indonesia
• Others
Related Report:
• https://www.knowledge-sourcing.com/report/global-electric-vehicle-telematics-market
• https://www.knowledge-sourcing.com/report/global-electric-vehicle-battery-market
• https://www.knowledge-sourcing.com/report/ev-charging-connectors-market
• https://www.knowledge-sourcing.com/report/vehicle-surveillance-system-market
• https://www.knowledge-sourcing.com/report/vehicle-analytics-market
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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies across ten industry verticals. KSI has a team of experienced and young professionals who focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports annually centering on the niche and latest technologies. In addition, we engage with key decision-makers and stakeholders across the value chain to provide clients with a detailed analysis and bird's-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers, and challenges, and strategic recommendations for making informed decisions. Our success lies in our analysts' efforts to meet client expectations by delivering quality work within the stipulated deadlines.
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