iCrowdNewswire Feb 2, 2021 2:00 AM ET
According to a new market report published by BlueWeave Consulting, the global electric vehicle (EV) charging station market was valued around USD 3.58 Billion in 2017 and is expected to expand at over a CAGR of 29% from 2018 to 2025, by value, reaching around USD 28.93 Billion by the end of the forecast period. According to the report, Asia Pacific was the largest contributor in terms of revenue to global electric vehicle (EV) charging station market in 2017.
Increasing supportive initiatives by the government to accelerate the growth of the EV and EV charging station market is driving the electric vehicle (EV) charging station market
Electric vehicles provide great potential to radically reduce local air pollution, greenhouse gas emissions, resulting climate change impacts, and oil use from the transport sector. With the steady decrease in the price of electric vehicles, the transition seems to become more feasible. This potential is facilitated and made compelling by the ubiquity of electricity and the emerging availability of low-carbon, renewable energy sources. Governmental support policies are one of the possibilities to overcome the challenges of an emerging market. There is a wide array of policy implemented by government to support the introduction of EVs and charging infrastructure. For instance, the Indian government under the Ministry of Heavy Industries and Public Enterprises has launched the FAME scheme (Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles in India) in 2015 under the National Electric Mobility Mission Plan 2020 (NEMMP 2020), to promote faster transformation from Internal Combustion Engines (ICE) to EVs.
Governments at the local, regional, and even national levels all around the world have used various strategies to promote public as well as private charging infrastructure. Successful programs have evidently engaged many stakeholders through integration of driver feedback on charger deployment, distribution of funding to local governments, creation of public-private partnerships, implementation of smart charging systems, and consultation with electric utilities. In order to address the shifting needs in this growing market, governments are creating and funding programs that target challenging market segments, such as curbside multi-unit dwellings, charging stations, and intercity fast charging.
Global Electric Vehicle (EV) Charging Station Market: Scope of the Report
The global market for electric vehicle (EV) charging station is segmented by product type, form, installation type, supplier type, and geography. The product type is further segmented into AC EV charging station, and DC EV charging station. The AC EV charging station is segmented into Level 1 and Level 2. The DC EV charging station is segmented into CHAdeMO, Combiner charging station, and others. The installation type is segmented into Residential and Commercial. The supplier type is segmented into Private charging station and OE charging station. Geographically, the Global Electric Vehicle (EV) charging station market is bifurcated into North America, Asia Pacific, Europe, Middle East & Africa and Latin America. The Asia Pacific Electric Vehicle (EV) charging station market was the most prominent market in 2017 with 52.32% market share and is estimated to grow with a CAGR of 30.9%
Global Electric Vehicle (EV) Charging Station Market: Competitive Dynamics
Major industry players in global Electric Vehicle (EV) Charging Station market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, launches and collaborations for strategic expansion in the electric vehicle (EV) charging station market. For instance, Schneider Electric SE along with Temasek had an agreement on May 2018 to buy the electric and automotive business of Larsen and Toubro.
Market Segmentation: Global Electric Vehicle (EV) Charging Station Market By Product Type
- AC EV charging station
- DC EV charging station
By AC EV charging station
- Level 1
- Level 2
By DC EV charging station
- Combiner charging station
By installation Type
By Supplier Type
- Private charging station
- OE charging station
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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