The market for electric vehicle charging stations reflects an impressive growth rate between 2021 and 2031

Electric vehicle charging station market

Global Electric Vehicle Charging Stations Market was valued at USD 30.04 Billion in 2020 and is projected to grow at a CAGR of 33.60% from 2021 to 2031.

WILMINGTON, DELAWARE, USA, June 20, 2022 /EINPresswire.com/ — According to the report, the global electric vehicle charging station market exceeded US$30.04 billion in 2020, growing at a CAGR 33.6% over the forecast period. An electric vehicle charging station provides electric power for charging electric and plug-in hybrid vehicle batteries. This station has ultra-fast chargers, as they charge the vehicle batteries in less time, which depends on the capacity of the battery. EV charging stations are used for both residential and commercial charging.

Rising electric and plug-in hybrid vehicle production capacity in developed and developing economies is increasing the demand for electric vehicle charging stations. Due to the shift in consumer preference from thermal engine vehicles to zero-emission vehicles, i.e. electric vehicles, the government is also investing in raising public awareness of electric vehicles. Additionally, increasing emission regulations are also driving the growth in sales and production of electric vehicles, which further contributes to the growth of the electric vehicle charging station market.

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Due to the outbreak of the COVID-19 pandemic, the manufacturing processes of electric vehicles have been hampered, further restraining the growth of the market. Design processes for electric vehicles have come to a halt, which has hampered development processes for electric vehicles and their associated components. Additionally, due to the disruption of supply chains, there was a shortage of raw material supply. However, the global limitations have been lifted which has restarted the design and manufacturing process which will drive the growth of the electric vehicle charging station market.

Innovations in electric vehicle turbocharging Demand for charging station infrastructure

The technology has found the answer to another current problem in the automotive sector, namely the high level of greenhouse gas emissions from automobiles contributing to global warming and climate change. With rapid advances in technology, battery-powered vehicles are now a reality. With the introduction of electric vehicles, new avenues have opened up for charging stations. Innovations in automobiles with the increasing availability of high-powered electric vehicles (EVs) are emerging as one of the biggest growth drivers in the global electric vehicle charging station market. Additionally, government policies supporting the purchase of electric vehicles, efforts by global organizations to reduce carbon footprint, and collective efforts to identify alternative fuel sources are driving the global market.

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Expansion of the electric vehicle charging station market

Increasing government incentives and tax benefits for the purchase of electric vehicles by consumers around the world and increased investment by government and private organizations to develop electric vehicle charging infrastructure are expected to propel the growth of the electric vehicle charging station market. For example, the Indian government has announced the installation of around 69,000 electric vehicle charging stations and points across India. The announcement is seen as part of the government’s first phase for the growth of electric vehicle infrastructure in the country.

Based on the type of installation, the stationary charger segment held a major share of the electric vehicle charging station market, in terms of revenue, in 2020. Stationary charging stations are widely used by residential and commercial vehicles . Because these charging stations offer fast and ultra-fast charging solutions, which are not provided in portable chargers. Therefore, the fixed charging station is the most demanded on the market.

In terms of application, the residential segment held a major share of the electric vehicle charging station market, in terms of revenue, in 2020. Residential charging station is widely used by consumers as it provides a convenient solution for users to recharge their vehicle according to their time and their needs. Additionally, the commercial charging station is expected to witness the fastest growth in the market owing to the increase in electric vehicle fleets for trucks, cars, buses, and other vehicles, which requires a large number of charging points.

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Regional Analysis of Electric Vehicle Charging Station Market

In terms of region, the global electric vehicle charging station market has been segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. Asia-Pacific dominated the global electric vehicle charging station market in 2020 as this region has the highest demand and adoption of electric and plug-in hybrid vehicles. Governments are also offering incentives to increase the rate of adoption of electric vehicles and improve electric vehicle charging infrastructure in the region. Moreover, countries like India and China have the highest usage of passenger cars, which further testifies to the adoption of electric vehicles and their related products. In addition, the South Korean and Japanese governments are also investing huge sums to develop electric vehicle charging infrastructure across the country, which is also driving the growth of the Asia-Pacific electric vehicle charging station market.

Electric vehicle charging station market players

Some of the key players operating in the global electric vehicle charging station market include AeroVironment, Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., ClipperCreek, Inc., Delta Group, Eaton Plc, Enel Group, E- Station Pty Ltd., General Electric Co., Hitachi, Ltd., KYOCERA Corp., Leviton Manufacturing Co., Inc., Nichicon Corp., Panasonic Corp., Schneider Electric SE, SemaConnect, Inc., Siemens AG, Signet Systems Inc. ., Tesla Motors, Inc., Toyota Industries Corp. and others.

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