According to the new market research report "Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station), Installation Type (Residential, Commercial), and Region (North America, Europe, Asia Pacific, and Row) - Global Forecast to 2023", published by MarketsandMarkets™, the market is expected to grow from USD 5.30 Billion in 2018 to reach USD 30.41 Billion by 2023, at a CAGR of 41.8% between 2018 and 2023. Key factors such as government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers of EVs are driving the electric vehicle charging stations market.
Early buyers will receive 10% customization on this report
DC charging station to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The ability of DC charging stations to charge an EV in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the electric vehicle charging stations market. Also, the increasing popularity of public charging stations is boosting the demand for DC charging stations. Furthermore, automakers are planning to invest in DC fast charging network to support their launch of long-range battery electric vehicles (BEVs).
Commercial installation to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the commercial installation of charging stations.
APAC held the largest share of the electric vehicle charging stations market in 2017
A majority of electric vehicle charging station installations in APAC are driven by huge demand in countries such as China and Japan. Currently, APAC is the largest market for electric vehicle charging stations globally. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of EVs. For instance, India, one of the largest contributors of greenhouse gases, has pledged to phase out petrol and diesel cars by 2030.
This initiative by the Indian government is expected to create a huge demand for EVs and EV charging infrastructure in the country. Moreover, in September 2017, the Indian government decided to buy 10,000 electric cars from Tata Motors to replace old petrol and diesel cars used by government agencies. Furthermore, in September 2017, the Singapore government launched its first large-scale EV car sharing program. Under the car sharing program, BlueSG (Singapore), a subsidiary of Bollore Group, will install 500 charging stations equipped with 2,000 charging points in Singapore.
Major players in the electric vehicle charging stations market are ChargePoint (US), ABB (Switzerland), Tesla (US), Engie (France), and AeroVironment (US).
Know more about the Electric Vehicle Charging Stations Market:
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model - GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact: Mr. Salgarkar MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: [email protected]