Global electric vehicle charging infrastructure/stations market is anticipated to reach USD 56.9 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the electric vehicle charging infrastructure/stations market based on product, technology, end user and region.
According to the report, increased adoption of electric vehicles across the globe owing to their decreased cost, burgeoning fuel prices, and rising government initiatives like tax benefits and subsidies together with powerful environmental regulations are anticipated to drive the electric vehicle charging infrastructure/stations market over the forecast timeline.
Key highlights of the geographical bifurcation of the electric vehicle charging infrastructure/stations market are listed below:
- In the year 2017, Asia Pacific market dominated the business space by accounting for the biggest share in the market.
- Based on the high penetration of EV in Europe, Asia-Pacific, and North America these regions are considered as the prime earning generators for the worldwide market.
- The Asia Pacific is anticipated to dominate the market during the predicted period.
- In Asia-Pacific, Japan is the biggest market for EV charging stations.
- India is an emerging market with lucrative growth prospects.
- North America is anticipated to be the fastest growing market segment, growing at a rate of over 45% during the projected period.
The report cites that the demand for electric vehicles has grown globally, especially for electricity powered cars. The rising demand has prompted leading companies to develop and launch new EV models with research and development. This progress has added traction to the EV charging infrastructure/stations market growth. The EV charging facilities bestow customers with an array of benefits such as reduced cost and time required for charging. These infrastructures are mostly developed within the city’s periphery to offer ease of charging.
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The surging proliferation of EVs in regions such as Asia Pacific, Europe, and North America, makes them the collective key revenue pockets of the market. The report cites that Asia-Pacific is a promising market having huge development potential creditable to the quick escalating quantities of electric vehicles in nations such as China, Japan, and India. In the Asia-Pacific market, Japan has emerged as the fastest adopter of EV charging stations. On the other hand, India is following the suite and has recently deployed its first charging station, jointly developed by an online cab service company and the government.
As per the report, the development of technically advanced DC chargers that are capable of charging EVs in less than thirty minutes is further advancing industry growth. Also, connectors like CHAdeMO & Combined Charging System together with superchargers created by Tesla Motors are adding momentum to the product demand. Furthermore, the improvements in charger type for building rapid charging arrangements are anticipated to induce market development.
The key players profiled in the global electric vehicle charging infrastructure/stations market report include Delphi Automotive LLP, SemaConnect, Inc., Tesla Motors, Inc., General Electric, Schneider Electric SE., Leviton Manufacturing Co, Inc., ChargePoint, Inc., AeroVironment, Inc., and ABB Limited among others. These key players launch novel technologies and join forces with other mammoths to innovate and debut new products to meet the rising needs and requirements of customers.
Top automobile makers are seen strongly investing in augmenting EV charging framework. For instance, Daimler, Ford Motors, Volkswagen, and Bavarian Motor Works announced a venture that would deal with the advancement of more than 350 charging stations across Europe.
The electric vehicle charging infrastructure market is anticipated to grow at a CAGR of more than 40.8 percent from 2018-2026. Moreover, the fast chargers market segment is expected to exhibit the fastest development, cites the report.