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Electric Vehicle Charging Stations Equipment Market Trends, Top Companies, Share, Growth And Forecast 2033
Electric Vehicle Charging Stations Equipment Market Trends
According to The Business Research Company's, The electric vehicle charging stations equipment market size has grown exponentially in recent years. It will grow from $192.15 billion in 2023 to $262.5 billion in 2024 at a compound annual growth rate (CAGR) of 36.6%. The growth in the historic period can be attributed to growing ev adoption, environmental concerns, government incentives, technological advancements, range anxiety mitigation.
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Market Drivers and Trends:
National and international legislative policies for promoting the electric vehicle (EV) are driving the growth of the electric vehicle charging stations equipment equipment market. The scheme to provide incentives to motivate investors in buying electric vehicles and installing the EV charging stations help in driving the electric vehicle charging stations equipment market. This helps in boosting the electric vehicle charging stations equipment equipment market. For example, an attractive scheme was launched by the German government to provide a direct discount of $4,520 for EV buyers. Also, public funding for charging stations for every 50 km is provided in Norway. Thus, driving the EV charging stations market, thereby driving the electric vehicle charging stations equipment equipment market.
Major companies operating in the electric vehicle charging station equipment market are focusing on innovating products, such as Terra 360, to gain a competitive edge in the market. Terra 360 is an electric charger used as electric vehicle charging station equipment that is ideal for installation in small depots or parking lots where space is at a premium. For instance, in September 2021, ABB Ltd., a Switzerland-based automation company, launched Terra 360. Terra 360 is the fastest electric car charger that is capable of fully charging an electric car in less than 15 minutes, with 100km of range in less than 3 minutes. This can charge up to four vehicles simultaneously with dynamic power distribution.
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Major Key Players of the Market:
ABB Ltd.; Siemens AG; The New Motion BV; Tesla Motors Inc.; ClipperCreek Inc.; DBT SA; Chargemaster Plc; Engie SA; Fortum Oyj; Leviton Manufacturing Co; Qualcomm Inc.; Robert Bosch GmbH; Schneider Electric SE; AeroVironment Inc.; National Thermal Power Corporation; Mahindra Reva Electric Vehicles Pvt Ltd.; Tata Power Ltd.; ACME Group; ChargePoint Inc.; BP plc; Shell plc; Webasto SE; Hyundai Motor Company; RWE AG; Mercedes-Benz Group AG; EVBox; Southern California Edison; San Diego Gas and Electric Co; PG&E Corporation; Blink Charging Co
Electric Vehicle Charging Stations Equipment Market 2024 Key Insights:
• The electric vehicle charging stations equipment market size is expected to grow to $819.66 billion in 2028 at a compound annual growth rate (CAGR) of 32.9%.
• Incentive Schemes For Electric Vehicle Charging Station Equipment Market
• Innovation In The Development Of Electric Vehicle Charging Station Equipment
• Asia Pacific was the largest region in the electric vehicle charging stations equipment market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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