WILMINGTON, DE / ACCESSWIRE / August 11, 2022 / Transparency Market Research Inc. - The demand for EV charging stations is expected to proliferate, riding on the back of rise in sales of electric vehicles and hybrid vehicles. Inductive charging technology is likely to gain electric vehicle charging station market share during the forecast period, whereby growth is propelled by popularity of wireless chargers. The electric vehicle charging station market is projected to reach worth of US$ 727.06 Bn by 2031.
Firms in emerging markets are gearing for raising awareness about the EVs as a major step toward decarbonizing of road transport, thus enriching prospects of the EV charging station industry. In particular, many have ramped up investments for setting up of new charging stations that can offer cost-effective as well as fast charging.
The study authors however concur that initial cost of electric vehicles is high, and is a major impediment to the swift adoption of these vehicles. The dynamic will be key to influencing the evolution of electric vehicle charging station market. On the other hand, some countries are offering purchase incentives for EVs, which in turn will bolster the need for more EV charging stations, notes EV charging infrastructure report scrutinizing the market dynamics.
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Key Findings of Electric Vehicle Charging Station Market Study
- Massive Demand for Super Charging Stations Underpins Abundant Avenues: The study on the electric vehicle charging station market found that supercharging stations are a markedly lucrative segment, and held leading revenue shares in 2020. Ever-increasing need for fast charging of EVs has spurred the demand. Players are keenly capturing profits from the preference of public charging stations over private ones. Rapid pace of commercialization of plug-in hybrid and battery electric vehicles is spurring prospects in the segment.
- Product Innovations to Enable Firms Capture Profits from Residential and Commercial Users: The electric vehicle charging station market found that Level 2 charging station held a major revenue share in 2020. The demand is lucrative, especially emanating from residential as well as commercial users who need fast charging for their plug-in hybrid electric vehicles (PHEVs) and electric cars.
Electric Vehicle Charging Station Market: Key Drivers
- Enormous initiatives by governments and other automobile industry stakeholders around the world for commercialization of electric vehicles (EVs) and hybrid vehicles is a major anchor for the expansion of the EV charging station market size.
- New charging technologies aim at making frequent charging affordable and fast for owners of EVs. Ever-rising need for low-cost charging systems among residential and commercial users will thus generate tremendous revenue streams for EV charging station industry during the forecast period.
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Electric Vehicle Charging Station Market: Regional Growth Dynamics
- North America and Europe have been lucrative markets, and are estimated to remain so during the forecast period. Stringent implementation of pollution norms has spurred the adoption of EVs, which has been stirring substantial revenue prospects in the markets.
- Asia Pacific held a major share of the global electric vehicle charging station market. Awareness of EVs, invigorated by purchase incentives, will the regional market buoyant over the next few years. Rapid pace of commercialization of electric vehicles in emerging economies will catalyze prospects considerably.
Electric Vehicle Charging Station Market: Key Players
Some of the key companies in the electric vehicle charging station market include Siemens AG, Hitachi, Ltd., Tesla Motors, Inc., Schneider Electric SE, Panasonic Corp., Nichicon Corp., KYOCERA Corp., General Electric Co., Enel Group, Eaton Plc., Delta Group, ChargePoint, Inc., and AeroVironment, Inc.
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Electric Vehicle Charging Station Market Segmentation
- Charging Level
- Level-1
- Level-2
- Level-3
- Charging Type
- Normal Charging
- Super Charging
- Inductive Charging
- Installation Type
- Portable Charger
- Fixed Charger
- Application
- Residential
- Commercial
- End-Use Industry
- Government
- Public Space and Municipalities
- (Parks and Street)
- Commercial Office Space
- Healthcare
- Retail
- Hospitality
- Residential
- Logistics & Transportation (Fleet Services)
- Education
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