According to the [197+ Pages Report] from Facts and Factors, a Market Research study concludes that the global Electric Vehicle Charging Station Market size & share is expected to grow at a CAGR of 33% between 2020 and 2026. The market revenue of US $9.24 Billion in 2019 is expected to grow up to US $70 Billion by 2026. The high demand from EV fleet operators for charging infrastructure is expected to fuel the electric vehicle charging station market.
Global Electrical Vehicle Charging Station Market: Overview
Adoption rates and interest in EVs are increasing among consumers across the world. Increasing investment in battery systems and high stakes in environment-friendly technology is driving the interest of automakers in electric vehicles. Moreover, governments of the countries are devising policies to increase the adoption rate of the EV. However, if we forecast the expected EV growth rate with corresponding units of electricity and average run time of vehicles, it is observed that high investments in EV charging stations are essential. This charging infrastructure can be built at home, offices, and in public spaces.
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Industry Major Market Companies
- ChargePoint Inc.
- Webasto Thermo & Comfort
- Shell International B.V.
- Schneider Electric
- Blink Charging Co.
- Groupe Renault
- Phihong USA Corp.
- EV Safe Charge Inc.
- Tata Power.
- SemaConnect Inc.
- Daimler AG.
- EVgo Services LLC.
- ENGIE EV Solutions
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Global Electrical Vehicle Charging Station Market: Growth Factors
High Demand from EV Fleet Operators for Charging Infrastructure
The important driving factor for the growth of the market is the potential market of providing charging services to EV fleet operators. It assists in reducing the managing and procuring cost of charging services. Assuming widespread EV adoption and increased growth opportunities for the fleet operators will converge and increase the demand for charging infrastructure in the forecast period. However, one of the major challenges for the charging station operator is the reduction in the time of charging the vehicle.
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APAC Region Projected To Dominate Global Electric Vehicle Charging Station Market Growth
The largest market is expected to be the Asia Pacific. During the forecast period, the Asia Pacific market is expected to be driven by the large-scale growth of EV charging networks in China, increasing demand for affordable electric vehicles for everyday use, and governments supporting electric vehicles. China’s rapidly expanding economy is propelling the country’s electrification. The governments of Japan and Korea have both announced plans to significantly increase the number of electric vehicle charging stations in their respective countries in the coming years. The Indian government has also announced plans to build 69,000 electric vehicle charging stations across the country as part of its first phase of EV infrastructure expansion, with a demand of 4 lakh charging stations anticipated by 2026.
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The global Electric Vehicle Charging Station Market is segmented as follows:
By Level of Charging:
- Level 1
- Level 2
- Level 3
By Charging Infrastructure:
- Normal Charge
- Tesla Supercharger
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