Electric Vehicle Charging Station Market Is Expanding at a CAGR of 29.3% by 2031 - ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US)

The global electric vehicle charging station market was valued at USD 20 billion in 2022 and it is anticipated to grow up to USD 217.5 billion by 2032, at a CAGR of 29.3% during the forecast period.

New York, Global Electric Vehicle Charging Station Market report from Global Insight Services is the single authoritative source of intelligence on Electric Vehicle Charging Station Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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An electric car charging station is a piece of hardware that connects plug-ins and electric vehicles to an electrical source so they may be recharged. Private businesses or electric utility providers place charging stations in public areas like parking lots, shopping malls, and other places. Moreover, level 1, level 2, and level 3 charging levels are available at electric car charging stations. Also, there are several designs for electric vehicle charging stations, including wall-mounted or free-standing, single or multiple charging heads, commercial or residential grade, and indoor or outdoor installation.

Major Players in the Global Electric Vehicle Charging Station Market

Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global electric vehicle charging station market include ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US), Robert Bosch GmbH (Germany), Schneider Electric (France), Siemens (Germany), Tesla (US), Webasto (US), and WiTricity Corporation (US), among others.

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Global Electric Vehicle Charging Station Market Segmentation

By Level of Charging

Level 1
Level 2
Level 3
By Mode of Charging

Plug-in Charging
Wireless Charging
By Installation Type

Fixed
Portable
By End User

Residential
Commercial
By Region

North America
The U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific

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Market Trends and Drivers

Due to growing knowledge of the harmful impacts of operating fossil fuel-powered vehicles, governments worldwide are taking steps to minimize carbon footprints by promoting electric bikes, automobiles, and bicycles. Also, governments worldwide are pressuring automakers to invest in the development of electric cars to combat greenhouse gas emissions and minimize carbon emissions brought on by the burning of diesel fuel. In addition, governments throughout the globe are promoting the purchase of electric mobility in terms of tax credits and incentives. Also, the central governments of a select few nations exclude electric cars from paying highway tolls. For instance, the Indian government intends to reduce the Goods & Service Tax (GST) on e-cars to hasten electric vehicle adoption. Moreover, tax exemptions will be provided on loans made to buy an e-mobility.

Similarly, the South Korean government would offer tax breaks and subsidies to create and purchase electric and fuel-cell vehicles. Consequently, one of the key reasons driving demand for electric cars is a growth in government support for developing and purchasing electric mobility through tax credits, subsidies, and incentives. Hence, the market for electric vehicle charging stations is expected to develop throughout the projected period due to government efforts to increase the use of electric vehicles.

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