Market Research Report
Electric Vehicle Charging Stations Market, By Charging Station, By Connector Type, By Installation Type, By Vehicle Type, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026
|Published by||AnalystView Market Insights||Product code||937174|
|Published||Content info||180 Pages
Delivery time: 2-3 business days
|Electric Vehicle Charging Stations Market, By Charging Station, By Connector Type, By Installation Type, By Vehicle Type, and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026|
|Published: April 1, 2020||Content info: 180 Pages||
Electric vehicle charging stations market was valued at USD 2.67 billion by 2019, growing with 38.4% CAGR during the forecast period, 2020-2026.
An electrical Vehicle is enabled with an electrical motor that utilizes electrical energy to power and function the vehicle as opposed to using conventional fossil fuel-based energy generation. There is a rampant rise in the electrical vehicle market that can be attributed to a more environment-conscious trend that the vehicle industry is witnessing globally. The natural resources across the globe are getting exhausted owing to the over consumption of such fuel through the years. Normal, non-electric vehicles consume staggering amounts of fuel that harm the environment.
Across the globe, governments are shifting towards initiatives to enhance the use of electric vehicles. Once the demand for electrical vehicle goes up, consequently the demand for Electric Vehicle Charging Stations is expected to go higher as well. Based on an article published in the Business Standard, it stated that India rolled out a 95-crore scheme that was approved by the Ministry of New and Renewable Energy (MNRE) in 2010. Later by 2013, National Electric Mobility Mission Plan (NEMMP) 2020 announced a plan to shift the trend towards electrical vehicles by 2020. Even Formula E cars announced its launch by the year 2022. However, the first need would be faster-charging stations. The New Tesla Model S battery was expected to charge within 10 minute, as stated on the Wired website, March 2020, thereby improving the scope of the future of fast charging vehicles. The key issues with the market continue to remain the high price of the charging station and the technology which may act as a restraining factor.
Charging Station Takeaway
Based on the types of charging stations, the market has been categorized into AC charging station, dc charging station, and inductive charging station.Of these, the AC Charging segment dominates the worldwide industry. The AC or Alternate Current/ power is generally in Electrical vehicles. The main reason for this being the economical factor that AC charging points provide. This charge is converted into DC by the car. However, in termsof fast charging. DC charging stations are preferred;however, they are comparatively more expensive. The DC charging station is expected to witness growth over the forecasted period. An article published on the Inc42 website stated, that the Slow AC charging is expected to continue to dominate owing to the volumes of consumption.
Connector Type Takeaway
Based on the connector type, the electric vehicle charging station industry has been categorized into CHAdeMO, Combined Charging System and others. Of these, the CHAdeMO accounts for the fastest-growing category over the forecasted period. Based on data posted on the Clean Technica Website, March 2020, stated that the CHAdeMO is the only form of bi-directional charging that supports the vehicle and the grid, which is favored by Nissan, one of the manufacturers of an electrical vehicle.
Installation Type Takeaway
Concerning Installation type, the industry is segmented into residential and commercial. Of these, the residential category leads the market share. Owing to the convenience of charging from home, this category continues to dominate the market. The charging costs are comparable to working an air conditioning system or a heater, which is why it becomes much cheaper than conventional vehicles as published on the website of Energy Efficiency & Renewable energy, the U.S Department of Energy.However, it is expected that the commercial category is deemed to be one of the fastest-growing categories over the forecasted period.
Vehicle Type Takeaway
Based on thevehicle type, the market iscategorized into the Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV). Currently, the battery electric vehicle holds the largest market share. However, with newer technology coming in the market, the hybrid vehicle category is projectedto witnessthe fastest growth in the future. Mild Hybrid systems can switch off during traffic lights and thereby help the user economically, the full hybrid systems are more efficient in terms of fuel economy, and however, the vehicles cost more as stated in the Energy Efficiency & Renewable energy, U.S Department of Energy.
Europe is expected to be one of the fastest-growing regional market players owing to the demand in the area. However, currently,the Asia Pacific region holds the largest market share. Countries such as China and Japan already have a high rate of adoption of these electric vehicles, thereby they are better equipped with convenient charging stations across the city. An article published on the Inside EV's Website stated that Japan installed about 7,250 CHAdeMO DC chargers across the city and about 20,000 AC Level 2 Chargers thereby justifying the market dominance.
Key Vendor Takeaway
The companies that are some of the key players in the electric vehicle charging station industry are Siemens, The New Motion B.V, Schneider Electric, Tesla, ABB, Eaton, EVgo Services LLC, Leviton Manufacturing Co, ChargePoint, Inc.,andWebasto Group. Tesla, one of the largest manufacturers of electric vehicles has been growing sales and technologies. Tesla's production reaches 1 million as stated in the news published on Economic Times of India, March 2020. The article also states how players like BMW have begun entering the electric vehicle market.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2015 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
ELECTRIC VEHICLE CHARGING STATIONS MARKET PLAYERS
EVgo Services LLC
Leviton Manufacturing Co
The New Motion B.V
ELECTRIC VEHICLE CHARGING STATIONS MARKET BY CHARGING STATION
AC Charging Station
DC Charging Station
Inductive Charging Station
ELECTRIC VEHICLE CHARGING STATIONS MARKET BY CONNECTOR TYPE
Combined Charging System
ELECTRIC VEHICLE CHARGING STATIONS MARKET BY INSTALLATION TYPE
ELECTRIC VEHICLE CHARGING STATIONS MARKET BY VEHICLE TYPE
Battery Electric Vehicle
Plug-In Hybrid Vehicle
ELECTRIC VEHICLE CHARGING STATIONS MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA
Combined Charging Systemmarket size forecast and trend analysis, 2015 to 2026 (USD Million)