Electric Vehicle Charging Stations Market worth 12.61 Billion USD by 2022
PUNE, India, March 28, 2016 /PRNewswire/ --
According to the new market research report "Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station, Inductive Charging Station), Connector Type (Chademo, CCS, Others), Location (Public, Private), and Geography - Global Trend and Forecast to 2022", published by MarketsandMarkets, the market is estimated to reach USD 12.61 Billion by 2022, at a CAGR of 29.8% between 2016 and 2022.
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Browse 69 Tables and 64 Figures spread through 146 Pages and in-depth TOC on "Electric Vehicle Charging Stations Market"
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Factors which are driving the electric vehicle charging stations market include government subsidies and incentives, increasing use of EVs, and the growing need to reduce carbon emissions.
"Battery electric vehicles expected to lead the electric vehicle market between 2016 and 2022"
The U.S. Environmental Protection Agency (EPA) categorizes battery electric vehicles (BEVs) as zero-emission vehicles because they produce no direct emissions. BEVs use no other fuel; the widespread use of these vehicles could significantly reduce the petroleum consumption. Further, BEVs have several other advantages such as comparatively longer driving range than PHEVs, smooth operation, stronger acceleration, and less maintenance than ICEs.
"AC charging stations expected to lead the electric vehicle charging stations market"
AC charging stations are expected to hold the largest share of the electric vehicle charging stations market during the forecast period. AC chargers are less expensive, convenient, and require less modification or upgrades as they work on 120V or 240 V AC, which is same as that used for residences. Thus, a majority of EV owners prefer AC chargers over DC fast chargers.
"Market for public charging stations expected to grow at the highest CAGR between 2016 and 2022"
The demand for public charging stations is increasing in the market. These public charging stations are located at on-street parking lots, taxi stands, retail stores, government offices, and parking lots of work places, hotels, airports, shopping malls, fast food restaurants, and coffee shops. Some public charging stations offer free charging and others could charge a fee.
"APAC expected to be the largest market for electric vehicle charging stations during the forecast period"
APAC is expected to lead the Electric Vehicle Charging Stations Market between 2016 and 2022. The growth is attributed to high EV infrastructure spending and the increasing use of electric vehicles to reduce greenhouse gas emissions. Further, governments in the region are investing a large amount for the R&D related to EVs and the expansion of the charging infrastructure as a key for a transformation to a "low carbon society".
Major players involved in the development of electric vehicle charging stations include ABB Ltd. (Switzerland), AeroVironment Inc. (U.S.), ChargePoint Inc. (U.S.), Delphi Automotive Plc.(U.K.), Eaton Corp. Plc. (Republic of Ireland), Elektromotive Limited (U.K.), GE Company (U.S.), Pod Point Ltd. (U.K.), Schneider Electric SE (France), SemaConnect Inc. (U.S.), Siemens AG (Germany), and Tesla Motors Inc. (U.S.).
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This research report categorizes the electric vehicle market on the basis of vehicle type and region; and describes the electric vehicle battery market on the basis of types. This research report categorizes the global electric vehicle charging stations market based on charging station, connector type, location, and region. This report describes the drivers, restraints, opportunities, and challenges for the growth of the electric vehicle charging stations market. The Porter's five forces analysis has been included in the report with a description of each of its forces and their respective impact on the electric vehicle charging stations market.
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