PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1120993
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1120993
Global Electric Vehicle (EV) Charging Station Market to Grow at a CAGR of Over 40% until 2028
The global electric vehicle (EV) charging station market is growing at a high CAGR because of the Increasing initiatives by the government to accelerate the growth of electric vehicle and electric vehicle charging stations along with growing fuel prices and rapid shift towards energy-efficient alternatives.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global electric vehicle (EV) charging station market is projected to witness a CAGR of over 40% during 2022 - 2028. The demand for the global electric vehicle (EV) charging station market is expected to grow at a significant rate, during the forecast period. Increasing initiatives by the government to accelerate the growth of electric vehicle and electric vehicle charging stations along with growing fuel prices is pushing the consumers to switch towards better and energy-efficient alternatives such as electric vehicles is anticipated to propel the demand for EV charging stations in the forecast period. Furthermore, initiatives like Net Zero and expanding the production capacity of electric vehicles are estimated to present lucrative growth opportunities to the market in the forecast period.
Growing Environment Consciousness and Aim Towards Sustainability
Growing environmental consciousness among consumers is one of the major factors propelling the demand for electric vehicles. Electric cars are 100% eco-friendly as they run on electric-powered engines and thus, do not release smoke or toxic gases such as carbon monoxide into the environment. Moreover, electric cars are also much quieter than fuel cars and therefore, help in controlling noise pollution. With the increasing number of electric cars, the need for EV charging stations is going to rise, propelling the market growth in the forecast period.
Increasing Fuel Prices and Low Charging Costs to Propel Market Growth
The fuel prices are highly volatile and are often increasing. The use of fuel cars puts a lot of burden on consumers. According to an estimate, an average American pays about 15 cents for a mile with fuel vehicles while they only have to pay around 5 cents for the same distance through electric vehicles. The use of electricity to run vehicles proves to be highly cost-effective for both consumers as well as countries since most countries have to import fuel from other oil-producing countries. The high prices of fuel are significantly prompting the consumers to shift towards electric vehicles, driving the need for electric vehicles (EV) charging stations.
Global Electric Vehicle (EV) Charging Station Market - By Supplier Type
Based on supplier type, the global electric vehicle (EV) charging station market is categorized into private charging stations and OE charging stations. The private charging station accounts for the largest market share and is also projected to witness the highest CAGR during the forecast period. Growing ties of charging station manufacturers with government regulatory bodies across the globe that offer superior charging ports and connectors is a major factor fueling the growth of the private charging station segment. The OE charging station is also anticipated to witness substantial growth in the forecast period.
Global Electric Vehicle (EV) Charging Station Market - Regional Insights
Geographically, the global electric vehicle (EV) charging station market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. Europe dominates the global electric vehicle (EV) charging station market. The Asia Pacific is likely to witness the fastest growth during the forecast period. The demand for electric vehicle (EV) charging stations in the region is projected to rise due to the expansion of the electric vehicle industry in the region. Furthermore, significant private and public sector investments towards the set-up of charging stations are expected to rise in the forecast period. For instance, in India, state-run refineries are planning on building thousands of electric vehicle charging stations in the country.
Impact of COVID-19 on Global Electric Vehicle (EV) Charging Station Market
The global electric vehicle (EV) charging station was initially negatively halted by the sudden outbreak of the COVID-19 pandemic. The hindrance to the production and supply chains of electric vehicles limited the need for charging stations. Furthermore, restrictions on mobility and the set-up of new charging stations in different regions were also obstructed by the lockdown imposed by the countries. However, the pandemic is expected to prove favorable to the market growth in the forecast period. The situation sparked the discussion surrounding sustainability and the need to take it seriously. Therefore, increasing environmental consciousness is projected to boost the global electric vehicle (EV) charging station in the forecast period.
The leading market players of the global electric vehicle (EV) charging station market are ABB, The State Grid Corporation of China, ChargePoint Inc., Star Charge, Schneider Electric SE, Qingdao TGOOD Electric Co. Ltd, Siemens AG, BP Pulse, Tesla Motors Inc., EV Solutions, Evbox, Evgo, Leviton Manufacturing Co. Inc., Efacec, SemaConnect Inc., The Newmotion BV, Hangzhou Aoneng Power Supply Equipment Co., Ltd., Royal Dutch Shell PLC, Electricite de France, and other prominent players.
The market is highly concentrated among big industry players such as ABB, Royal Dutch Shell, Tesla Motors Inc., etc. These companies are investing huge amounts into establishing charging stations in new regions to exploit the potential of new markets. Therefore, the market is very competitive and dense for new entrants. The industry players prominently adopt market strategies like partnerships, mergers, acquisitions, collaborations, etc., to gain an edge over the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electric vehicle (EV) charging station market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electric vehicle (EV) charging station market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.