According to the latest report by IMARC Group, titled "Electric Vehicle Charging Station Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global electric vehicle charging station market reached a value of US$ 6.97 Billion in 2021. An electric vehicle charging station refers to a device that is generally utilized for supplying power to electric vehicles (EVs). It mainly comprises a facility meter, energy controller, network operating center and lithium-ion batteries. Along with this, it is connected to a power grid or electric current outlet and software application that facilitates charging of varying levels that is widely installed across government facilities, retail shopping centers and parking areas. The easy availability of EV charging stations across public facilities is providing a boost to the market growth across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Electric Vehicle Charging Station Market Trends:
The global market is primarily driven by the increasing preference for electric vehicles (EVs) among the masses. With the growing environmental concerns among individuals, there has been a considerable rise in the preference for EVs. Along with this, the advent of digitalized electrical distribution systems across multiple countries is providing a boost to the market growth. Moreover, continual technological advancements in EV charging technology are creating a positive outlook for the market. Furthermore, the rising government initiatives for developing standards and offering funds for building EV charging stations are positively influencing the market growth. Additionally, increasing investments by leading players in the development of charging stations across geographically extended locations are propelling the market growth. Other factors, including significant growth in the automotive sector, the rising manufacturing of electric vehicles, continuous product innovations, and extensive research and development (R&D) activities conducted by key players, are creating a positive outlook for the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 51.25 Billion by 2027, growing at a CAGR of 39.60% during 2022-2027.
- On the basis of the charging station type, the market has been segmented into AC, DC and inductive charging.
- Based on the vehicle type, the market has been segregated into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV) and hybrid electric vehicle (HEV).
- On the basis of the installation type, the market has been bifurcated into portable and fixed chargers.
- Based on the charging level, the market has been categorized into level 1, level 2 and level 3.
- On the basis of the connector type, the market has been classified into combines charging station (CCS), CHAdeMO, normal charging, tesla supercharger, type-2 (IEC 621196) and others.
- Based on the application, the market has been segmented into residential and commercial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players are ABB Ltd., Blink Charging Co., BP plc, ChargePoint Inc., Daimler AG, Eaton Corporation PLC, EFACEC Power Solutions SGPS S.A., Engie SA, EVgo Services LLC (LS Power Development LLC), Renault Group, Schneider Electric SE, SemaConnect, Siemens AG, Tata Power Company Limited and Tesla Inc.
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