Electric Vehicle Charging Station Market to Reach US$ 226.3 Billion With a CAGR of 30.5% by 2031

According to a new report the electric vehicle charging station market is estimated to reach $226.3 billion by 2031, growing at a CAGR of 30.5% from 2022 to 2031.

Asia-Pacific is expected to dominate the global market during the forecast period. An increase in electric vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific electric vehicle charging station market. Moreover, various technological advancements related to electric vehicles are taking place, due to government initiatives, which further propel the market growth.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬- https://www.alliedmarketresearch.com/request-sample/17811

People on the move demand for faster charging solutions that can charge their vehicles for a longer range in lesser time. This has encouraged the companies to launch technologically advanced level 3 DC charging solutions for these customers. In addition, several companies operating in electric vehicle charging station market are introducing new and faster electric car charger to charge an electric vehicle at public charging stations, which fuels the growth of the segment.

𝗟𝗲𝗮𝗱𝗶𝗻𝗴 𝗖𝗼𝗺𝗽𝗮𝗻𝘆 / 𝗚𝗿𝗼𝘂𝗽 -

Siemens AG
Robert Bosch GmbH
Aerovironment Inc.
Borgwarner Inc.
Eaton Corporation plc
ABB Ltd.
Delta Electronics Inc.
Schneider Electric
Moser Services Group LLC
Webasto Group
General Electric Company
PLUGLESS POWER INC.

For instance, in September 2021, ABB launched Terra 360, which is world's fastest EV charging station with the capability to charge most EVs in less than 15 minutes. It can also deliver 100 km range in less than 3 minutes. In addition, ABB exclusively launched this charger for public charging stations, and it has the potential to charge up to 4 electric vehicles simultaneously.

The growth of the global electric vehicle charging station market is propelling, due to rise in adoption of electric vehicles owing to government initiatives. However, high cost of electric vehicle charging infrastructure, and lack of standardization of current EV charging infrastructure are the factors hampering the growth of the market. Furthermore, incorporation of vehicle-to-grid (V2G) EV charging stations is the factor expected to offer growth opportunities during the forecast period.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭- https://www.alliedmarketresearch.com/electric-vehicle-charging-station-market/purchase-options

Over the first half of 2020, global electric car sales were lower than over the same period in 2019. The prominent exception was Europe where electric car sales were considerably higher due to the existing policy support schemes. Global electric vehicle charging station market trends were noticeably different in the second half of 2020, when lockdowns were relaxed for some time, and the automotive market started to recover. For electric cars, monthly sales surpassed those between July and December in 2019 in every month in all large markets including China, India, the European Union, Korea, the U.S., and the UK.

However, some countries such as Canada, Japan and others witnessed drop in the figures as both the demand for new vehicles and their production was impacted severely. This impacted the revenue streams allocated toward the R&D and adoption of new technologies like electric vehicle charging system. However, the pandemic's impact on the automotive industry with the growing vaccination numbers globally, is expected to come down gradually over the span of a couple of years. The post pandemic demand for electric vehicle charging system-backed solutions is expected to grow appreciably as they offer superior comfort and safety to the vehicles.

𝗦𝗶𝗺𝗶𝗹𝗮𝗿 𝗥𝗲𝗽𝗼𝗿𝘁𝘀 𝗪𝗲 𝗛𝗮𝘃𝗲 𝗼𝗻 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗩𝗲𝗵𝗶𝗰𝗹𝗲 𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

Electric Vehicle On Board Charger Market - https://www.alliedmarketresearch.com/electric-vehicle-on-board-charger-market-A06307

Wireless Electric Vehicle Charging Market - https://www.alliedmarketresearch.com/wireless-electric-vehicle-charging-market

Electric Vehicle Battery Swapping Market - https://www.alliedmarketresearch.com/electric-vehicle-battery-swapping-market-A10601

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This release was published on openPR.