Electric Vehicle Charging Station Market (Installation Type - Fixed Charger, and Portable Charger; Charging Level - Level 1 (120 V), Level 2 (240 V), and Level 3 (200 V–600 V); Application - Public, and Private; Charging Types - Super Charging, Inductive Charging, and Normal Charging): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. The global electric vehicle charging station market is projected to grow at a CAGR of 30.6% over the forecast period of 2019-2025.
Pune, India -- (SBWIRE) -- 05/22/2020 -- Infinium Global Research has recently published a global report on "Electric Vehicle Charging Station Market" (Installation Type - Fixed Charger, and Portable Charger; Charging Level - Level 1 (120 V), Level 2 (240 V), and Level 3 (200 V–600 V); Application - Public, and Private; Charging Types - Super Charging, Inductive Charging, and Normal Charging): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025" published by Infinium Global Research", the reported study estimated the market for electric vehicle charging station will reach up to USD 25107.16 million, with a compound annual growth rate of 30.63%, in the forecast period (2019-2025).
Electric vehicles provide the potential to intensely reduce local air pollution, climate change impacts, and oil use from the transport sector. Petroleum-fuelled combustion vehicles have dominated the past century; however, the recent growth of electric vehicles create an opportunity to transform the transportation sector. In just the past few years, electric vehicles have gone from a fringe technology with no mass production to a fast-growing part of the vehicle market. An electric vehicle charging system is an equipment that is used to attach electric vehicles and plug-in electric vehicles to a source of electricity to recharge them. The development of a robust electric vehicle charging network is widely considered a key requirement for a large-scale transition to electromobility.
We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026.
The Section on the Impact of COVID-19 on this Market is Included in the Report for Free. To Know More Request Sample of this Report: https://www.infiniumglobalresearch.com/reports/sample-request/1690
The market for Electric Vehicle Charging Station is Reaching a Tipping Point
Unlike the traditional Internal Combustion Engine (ICE) vehicles that are normally fueled at gas stations, electric vehicles can be recharged at numerous locations, such as private charging networks, at residence, or commercial charging stations. However, overnight residential charging is inadequate for covering long distances and sparing hours to charge the vehicle throughout a voyage is not presumed as a good idea. These situations can ultimately discourage the usage of electric vehicles.
Therefore, the companies are now deploying electric vehicle chargers at public places, such as commercial buildings, shopping centers, airports, and restaurants to aid users traveling long distances. The increasing focus of global economies on developing supporting infrastructure for accelerating the adoption of electric vehicles is contributing to the growth. Several government agencies are arriving into partnerships with each other to develop highway electric charging stations.
For example, in the United States, the Washington State Department of Transportation has partnered with the Oregon Department of Transportation to construct the West Coast Electric Highway (WCEH) that consists of 57 EV charging stations across Oregon and Washington. Likewise, numerous governments are jointly developing intra-continental networks of highway charging stations.
Rising Sales of Electric Vehicles Anticipated to Drive the Market Growth
The government of several countries are taking initiatives to support the adoption of electric vehicles to meet the fuel consumption standards and reduce the emission of greenhouse gases. Moreover, governments are providing vehicle manufacturers with rebates, quotas, subsidies, and tax exemption. Even the government subsidies for purchasing electric vehicles is playing an essential role for the consumers. Such factors are leading to an upsurge in the sales and production of electric vehicles across the globe. The growing electric vehicle stock requires the charging stations and an established electric grid to continue the smooth operation of electric vehicles.
Additionally, a preference for home charging stations by electric vehicle owners, especially in North America and Europe is expected to significantly boost the sales of electric vehicle charging stations over the forecast period. Currently, the market for electric vehicle charging stations is highly consolidated, and thus there exists a huge influence of major players and hence electric vehicle charging stations lack standardization, which in turn is anticipated to hamper the growth of the market. Moreover, the higher cost of charging stations over the conventional electric vehicle charging stations can further hamper the market growth.
Key Vendors Are Consolidating Market Shares by Undertaking Various Strategies
The electric vehicle charging station market when mapped out of a product life cycle is still in the growth phase and is projected to remain productive and opportunistic owing to ongoing significant research and development in the field. Succeeding the footprints of key players in the market, supercharging stations are expected to be the area of focus for the remaining players during the forecast period. In addition, electric vehicle manufacturers developing strategies to attract a large customer base for electric vehicles.
For example, in December 2019, Volkswagen developed robot charging technology through V2X communication, in which robots will move in the parking lots and charging spaces and will connect or disconnect to the vehicle that requested for charging. Such strategies added with a robust macro-economic environment boosting the growth of electric vehicles is anticipated to fuel the growth of the electric vehicle charging station market too, in the near future.
The Asia Pacific Market Is Expected to Register the Fastest Growth During the Forecast Period
The Asia Pacific region is projected to be the largest market, followed by Europe. The rising concerns of carbon emission owing to existing vehicles and the efficiency in this mode of transport have led the authorities to develop a charging infrastructure network that has impelled the growth of this market. Government initiatives have encouraged the major players to develop the infrastructure for the charging network. The adoption of new technologies and the establishment of new government regulations are pouring the market in this region. China is the largest market for electric cars and buses across the globe. With the rise in electric vehicle sales and demand in the country, the demand for fast charging stations has been increased to support the rising electric vehicles in the country. China has the biggest infrastructure for electric vehicle charging in the world with 976,000 charging units up to June 2019. By average, there has been an addition of 11,025 charging units monthly.
Get this Section as a Free Customization in the Report along with 30% Discount on the Study: https://www.infiniumglobalresearch.com/reports/enquiry/1690
"We have Decided to Extend our Support to the Industry on Account of Corona Outbreak by Offering Flat Discount 30% on All Our Studies and Evaluation of the Market Dynamics in Global on Electric Vehicle Charging Station Market Amidst COVID-19."
Global Electric Vehicle Charging Station Industry Coverage
Chapter - 1 Preface
=> Report Description
=> Research Methods
=> Research Approaches
Chapter - 2 Executive Summary
=> Electric Vehicle Charging Station Market Highlights
=> Electric Vehicle Charging Station Market Projection
=> Electric Vehicle Charging Station Market Regional Highlights
Chapter - 3 Global Electric Vehicle Charging Station Market Overview
=> Market Dynamics Drivers
=> Porter's Five Forces Analysis
=> IGR-Growth Matrix Analysis
=> Value Chain Analysis of Electric Vehicle Charging Station Market
Chapter - 4 Electric Vehicle Charging Station Market Macro Indicator Analysis
Chapter - 5 Global Electric Vehicle Charging Station Market by Installation Type
=> Fixed Charger
=> Portable Charger
Chapter - 6 Global Electric Vehicle Charging Station Market by Charging Level
=> Level 1 (120 V)
=> Level 2 (240 V)
=> Level 3 (200 V–600 V)
Chapter - 7 Global Electric Vehicle Charging Station Market by Application
Chapter - 8 Global Electric Vehicle Charging Station Market by Charging Types
=> Super Charging
=> Inductive Charging
=> Normal Charging
Chapter - 9 Global Electric Vehicle Charging Station Market by Region 2019-2025
=> North America
Chapter - 10 Company Profiles and Competitive Landscape
=> Tesla, Inc.
=> BYD Auto Co., Ltd.
=> Robert Bosch GmbH
=> Toyota Industries Corporation
=> Hitachi, Ltd.
=> Leviton Manufacturing Co., Inc.
=> Siemens AG
=> Panasonic Corporation
=> Schneider Electric SE
=> Signet Systems Inc.
Browse in-depth TOC on https://www.infiniumglobalresearch.com/automotive/global-electric-vehicle-charging-station-market
About Infinium Global Research
Infinium Global Research is a business consulting and market research firm; a group of experts that caters to fulfilling business and market research needs of leading companies in various industry verticals and business segments. The company also serves government bodies, institutes and non-profit/non-government organizations to meet their knowledge and information needs.
Through our information services and solutions, we assist our clients to improve their performance and assess the market conditions to achieve their organizational goals. Our team of experts and analysts are engaged in continuously monitoring and assessing the market conditions to provide knowledge support to our clients. To help our clients and to stay updated with the advances and inventions in technology, business processes, regulations, and environment, Infinium often conducts regular meets with industry experts and opinion leaders. Our key opinion leaders are involved in monitoring and assessing the progress in the business environment, so as to offer the best opinion to our clients.