Electric Vehicle Charging Station Market Synopsis:
An electric charging station, also known as electric vehicle supply equipment (EVSE), is an infrastructure or a component which supplies electrical energy to electric vehicles and recharges batteries at public spaces or homes. It offers energy to plug-in electric vehicles such as plug-in hybrids and electric cars.
The demand for charging stations has boosted the sales of electric vehicles in the last few years. The growing concern about environmental pollution has led people to switch to alternatives such as hybrid and electric vehicles. The global market for electric vehicle charging station has witnessed significant growth during the forecasted period according to a new report by Market Research Future (MRFR). Global Electric vehicle Charging Station Market Information Report by charging station (AC charging station, DC charging station and inductive charging station), Connector Type (chademo, CCS and others), and by Regions – Global Forecast To 2023
Some of the prominent players of electric vehicle charging station globally are ABB Ltd. (Switzerland), Elektromotive Limited (U.K.), AeroVironment Inc. (U.S.), Schneider Electric SE (France), and GE Company (U.S.).
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Drivers and Restraints:
With the increasing awareness regarding environmental degradation among people, electric vehicles are taking over traditional fuel-based vehicles, thus resulting in increasing demand for charging stations. Adoption of electric vehicles is witnessed to be more in passenger cars compared to commercial vehicles. The market is also gaining from government policies, for instance, several subsidies to promote the sale of electric vehicles. These might also incorporate road tax exemption. Moreover, manufacturers are working on reducing their production cost and offer advanced models at a reasonable price. Also, installation of charging stations at private offices, government offices, airport, hospitals, parking lots, shopping malls and several others are expected to drive this market over the forecasted period.
Meanwhile, the high initial cost associated with batteries of electric vehicles is sure to act as a prime hurdle for this market globally. Although the battery prices have been declining steadily, batteries still comprise a major chunk of the electric vehicle prices. Also, lack of financing model and sustainable business is a major restraint to the growth of the market. Consumers are aware of using such vehicles due to the limited range offered. It takes 15 minutes to a few hours for an EV to get charged fully. Thus, public charging stations need to have other infrastructure as well to keep users engaged.
Global Electric Vehicle Charging Station Market Segmentation:
Based on charging mode, the market for electric vehicle charging station can be segmented into wireless charging system and plug-in charging system.
The market can also be segmented into chademo, CSS and others based on connector type. Further, the market has been segmented into Europe, North America, South America, Asia Pacific, Middle East and Africa.
The market can been segmented into level 1, 2 and 3 based on technology. Among these, level 2 charging station has accounted for the highest adoption in the last few years. These stations perform faster than level 1 and are cheaper and advanced than level 3 stations. While the level 2 charging stations are expected to accelerate during the forecasted period, level 3 charging stations are gaining popularity with technological advancements.
The market can also be segmented into healthcare, education, retail, logistics and transportation, residential, public space and municipalities, government, commercial office space, hospitality, and others on the basis of end-users. Among these, the residential sector has emerged to be dominant.
Geographically, the market for electric vehicle charging station has been segmented into Europe, North America, Asia Pacific and Rest-of-the-World (RoW). Among these, Asia Pacific region has accounted for the highest market share followed by North America and Europe. The major factors driving the growth of this market are increasing sales of electric vehicles and government initiative increasing fuel prices leading to the demand for such vehicles.
The market is also flourishing in North America since the sales of electric car have doubled from 2014. Sale of electric vehicles has also doubled in the US, which implies that the market will generate ample revenue. The major factor driving the US market are high disposable income, government initiatives and increasing demand for electric cars. Europe being one of the most promising regions has achieved ample opportunities due to the presence of profitable countries like France, Germany, UK, Norway, and others.
- Distributer & Supplier companies
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
ABB Ltd. looks forward to bring its EV chargers and leverage its solar energy ecosystem. The company is keen to implement its foothold in solar energy in India to offer EV chargers with clean charging ecosystem.
The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
Browse more details on “Electric Vehicle Charging Station Market Research Report – Forecast to 2023” at: https://www.marketresearchfuture.com/reports/electric-vehicle-charging-station-market-5401
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