The global electric vehicle charging stations market is expected to be valued at USD 49.53 billion by 2027 from USD 3.64 billion in 2019, registering a CAGR of 38.5% through the forecast period, according to the latest report by Emergen Research.Market demand would be driven by an increase in the number of electric vehicles and advances in technology.
Many governments at different levels have developed policies by mandating “make-ready” infrastructure in buildings to support the electric vehicle charging infrastructure. In order to provide sufficient opportunities for OEMs to increase their income, governments around the world are investing heavily in the charging infrastructure. Recent developments in EV technology have created a lucrative opportunity for the transportation sector for its growth. Due to increased production rates and decreases in battery costs over the projected period, electric vehicles are expected to approach cost-competitiveness with traditional fuel vehicles.
Nevertheless, the high costs involved in the overhaul, initial investment, and maintenance are hindering the market’s growth. Because of the use of electric cars, the significant reduction in greenhouse gas emissions, air pollution, climate change effects, and low oil consumption from the transport industry promise a breakthrough in the future transport sector.
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Key Highlights From The Report
- A transparent and universal charging standard for electric vehicles, CCS (Combined Charging System) includes single-phase AC, three-phase AC and DC high-speed charging in both the European zone and the U.S.
- Charging stations at level 2 use either single or three-phase grid AC control. AC level 2 is a 240-volt AC plug, which requires home charging equipment to be mounted. Depending on the vehicle’s battery capacity, Level 2 charging will take between 3 and 8 hours and the charging rate falls within the range of 3 kW to 20 kW.
- Both indoor and outdoor fixed chargers with the proper charging connection are required to accommodate the driver’s requirements depending on where the electric vehicle is parked. The fixed chargers are simple to plug in and easy to charge in time to start with the beginning of the overnight tariff.
- In order to provide a cleaner alternative to fossil fuel-propelled vehicles, the United States is at the forefront of electric vehicles, which not only decreases GHG pollution but also offers better air quality, noise reduction, and national safety benefits. In the North American region, this is propelling demand for the market.
- Key participants include ABB Ltd., Chargepoint, Inc., Tesla Inc., EVGO Services LLC, BP Chargemaster, SemaConnect Network, EV Connect, Greenlots, Electrify America LLC., and OPConnect, Inc., among others.
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For the purpose of this report, Emergen Research has segmented the Global Electric Vehicle Charging Stations Market on the basis of charging infrastructure type, charging level, vehicle type, installation type, application, and region:
- Charging Infrastructure Type Outlook (Revenue, USD Billion; 2017-2027)
- Normal Charging
- Tesla Supercharger
- Charging Level Outlook (Revenue, USD Billion; 2017-2027)
- Level 1 (120 V)
- Level 2 (208 V – 240 V)
- Level 3 (Upto 600 V)
- Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
- Electric Bike
- Plug-In Hybrid PHEV
- EV Passenger Cars
- Heavy Delivery Vans
- Installation Type Outlook (Revenue, USD Billion; 2017-2027)
- Portable Chargers
- Fixed Chargers
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East &Africa
- Saudi Arabia
- Rest of MEA
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