PUBLISHER: SkyQuest | PRODUCT CODE: 1179216
PUBLISHER: SkyQuest | PRODUCT CODE: 1179216
Global Electric Vehicle Charging Station Market size was valued at USD 18.1 billion in 2021, and it is expected to reach a value of USD 120.6 billion by 2028, at a CAGR of 31.12% over the forecast period (2022-2028).
The high amount of greenhouse gas emissions from cars that contribute to global warming and climate change is a current issue in the automotive industry, but technology has found a solution.
Battery-powered cars are already a possibility thanks to quick technology breakthroughs. With the advent of electric vehicles, more opportunities have arisen for charging stations. High-power electric vehicle (EV) availability and automotive innovation are emerging as two of the key growth drivers for the worldwide electric vehicle charging station industry.
Top-down and bottom-up approaches were used to estimate and validate the size of the global electric vehicle charging market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The Global Electric Vehicle Charging Station Market is segmented on the basis of Application Type, Vehicle Type, Charger Type, level of charging, charging infrastructure type, and Region. Based on Application, the market is segmented into Public and Private. Based on the Vehicle, the market is segmented into Passenger and Commercial vehicles. Based on the Charger, the market is segmented into AC Charging and DC Charging. Based on level of charging, the market is segmented into Level 1, level 2, level 3. Based on charging infrastructure type, the market is segmented into Normal charging, type 2, CHAdeMO, CCS, Tesla SC, GB/T. Based on the Region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The global market is being driven by government initiatives encouraging the purchase of electric vehicles, pressure from international organizations to reduce carbon footprints, and coordinated attempts to seek alternative fuel sources. The requirement for the use of electric vehicles has been prompted by the rising levels of carbon emissions and other dangerous substances resulting from transportation. As a result, there is a growing need for electric vehicle (EV) charging stations in both business and residential settings. Additionally, expanding collaborations between automakers to provide charging stations using a subscription model is anticipated to fuel industry expansion.
Restraint
The standardization of EV charging stations is necessary due to the growth of the EV sector and variations in charger types. There are some EV charging stations that might only work with a certain voltage. For instance, level 1 charging stations for AC chargers deliver a voltage of 120V AC, and level 2 charging stations deliver a voltage of 208/240V AC. While using 480V AC, DC chargers enable rapid charging. To create a favorable eco-system and boost EV sales, many countries must standardize the charging infrastructure.
Market Trends
Car manufacturers are releasing automobiles that have the same power as gasoline-powered vehicles. In addition, hybrid vehicles that run on both electricity and biofuels are being introduced.
As one of the world's biggest producers of automobiles, India should take advantage of this opportunity by investing in the construction of new charging stations to promote EV sales and raise knowledge of the benefits of EVs. The recently enacted annual budget in India offers exciting opportunities for market participants. Even though the market's production and commercial activities have been impacted by the coronavirus outbreak, stakeholders are utilizing government stimulus plans and helpful emission regulations to construct the EV charging infrastructure.
Before implementing new production technology, they invest in R&D.