Electric Vehicle Charging Station Market by Application (Residential and Commercial), by Charging (Level 1, Level 2, and DC Fast Charging (3 Phase)), and by Standards (CHAdeMO, SAE, CSS, Tesla Supercharger, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024

Global electric vehicle charging station market expected to reach USD 26.8 billion globally by 2024, growing at a CAGR of around 30.4% between 2018 and 2024. The electric vehicle charging station charges the battery of an electric vehicle by connecting it to an electric source.

19-Sep-2018 | Number of pages: 166 | Report Code: ZMR-3368 | Report Format : | Status : Published

Analysis

Electric vehicle charging station is a section of infrastructure that provides electricity to charge electric vehicle batteries. These stations are installed at places such as in-house garages, workspace, and public parking areas. Public charging stations are provided by many companies and are usually located on streets and shopping centers.

The electric vehicle charging station market is projected to grow due to increasing investments in the production of electric vehicles. Automotive manufacturers such as Tesla, Toyota, Volkswagen, Mercedes, and BMW have announced a cumulative investment of more than USD 150 billion to manufacture more than 13 million electric vehicles by 2025. These investments include setting up electric vehicle manufacturing plants at various locations, battery manufacturing, and procurement, manufacturing new electric vehicles according to updated technology, and many more. Thus increasing investments in manufacturing electric vehicles will fuel the growth of the electric vehicle charging station market during the forecast timeframe.

Global Electric Vehicle Charging Station Market

Rising demand for electric vehicles will boost the growth of the electric vehicle charging station market. It is expected that the number of electric vehicles sold will increase from 3.1 million units in 2017 to 125 million units by 2030. The global electric vehicle sale was valued at USD 72.62 billion in 2016 as compared to USD 57.71 billion in 2015. Increasing demand for electric vehicles will propel electric vehicle charging station market during the forecast period. However, lack of standardization for connectors is expected to hinder the growth of electric vehicle charging station market. Measures are being taken by the “European Union” to develop regulations for connectors which will positively influence the rise of electric vehicle charging station market in the near future.

Electric vehicle charging station market is divided into application, charging, standards, and region. Based on application, the global electric vehicle charging station market is bifurcated into residential and commercial. Residential charging is affordable and convenient as compared to commercial charging; the residential segment is projected to hold a significant share during the forecast period. Commercial segment is expected to grow at a substantial rate owing to the increasing use of vehicles in the government sector.

Europe will hold a notable share in the global electric vehicle charging station market during the projected timeframe. This share is attributed to the initiatives taken by the government of various countries to support electric vehicles adoption. Incentives in the form of tax benefits and exemptions are now applied in various European nations. France and the UK also provide premiums on electric vehicles for buyers. Europe is anticipated to fuel the growth of electric vehicle charging station market in the near future.

Noticeable players in the global electric vehicle charging station market are AeroVironment, ABB, ChargePoint, Inc., Siemens, Engie, Schneider Electric, Tesla, EVgo, Alfen, and Blink Charging.


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