HYDERABAD, TELANGANA, INDIA, Nov. 14, 2022 /EINPresswire.com/ — IndustryARC in its latest report predicts the EV charging station market size to reach $5.6 billion by 2026, with a CAGR of 5.0% in 2021-2026. Electric vehicle charging services consist of an electric vehicle charging station to charge electric vehicles. The growing demand for electric vehicles is significantly driving the demand for electric vehicle charging services. The significant implementation of the stringent emission standards globally is expected to boost the demand for electric vehicles, thereby contributing to the market for electric vehicle charging stations. The report offers a comprehensive analysis of the market, its main segments, growth factors, trends, drivers and challengers, key players and more.
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Key points to remember:
This IndustryARC report on the Electric Vehicle Charging Stations Market highlights the following areas –
• Commercial type is analyzed to experience the highest growth during the forecast period 2021-2026 owing to the high investments in the installation of public electric vehicle charging stations.
• APAC is analyzed to dominate the market owing to the increasing investments in R&D of EV charging station alongside the increasing adoption of EVs.
• Rising electric vehicle sales are expected to be a driving factor for the electric vehicle charging station market.
• Commerce is analyzed to hold the highest share in 2020 with 76.1% and is expected to grow at the highest rate during the forecast period 2021-2026, mainly due to the growth of public charging stations for electric vehicles. The Indian government has announced that it will increase the use of electric vehicles to 30% by 2030.
• The electric vehicle charging station market is segmented into plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV) by vehicle type. The BEV segment is expected to witness the highest growth of around 8.6% during the forecast period 2021 – 2026.
• APAC is the fastest growing market in 2020 with a CAGR of 8.1%. The strong growth is mainly attributed to the presence of large production bases in China and India and improved government subsidies. In 2019, the Indian government announced its intention to subsidize the installation of 5,000 electric charging stations in Indian cities and highways.
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The Top 5 Players in the Large Electric Vehicle Charging Station Industry are –
2. Blink Charging Co.
5. Delphi Automotive plc.
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