- 30 October 2019 23:44
Electric Vehicle Charging Stations Market: Rapid Technological Advancements
With rapid technological advancements, battery powered vehicles are now a reality. With the introduction of electrically powered vehicles, new avenues have opened up for charging stations. The innovation in automobiles inventing high power electric vehicles are the biggest booster for growth in the global electric vehicle charging station market. Government policies supporting purchase of electric vehicles, push from world level organizations in reducing carbon footprint, and collective efforts to identify alternative sources of fuel are pushing growth in the global electric vehicle charging station market.
The Global Electric Vehicle Charging Station Market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 3.4 Billion by 2026.
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DC Charging and Public Stations to Hold Prominent Shares in the Market
Based on charging station type, the global electric vehicle charging station market is divided into DC, AC, and wireless charging stations. Of this, the DC charging type segment will hold the highest share in the global electric vehicle charging station market. It held 60% of the total market share in 2017. This is mainly due to the attractive pricing and fast charging capacity of DC charging stations. Further, in DC charging stations, it converts electricity before entering the car’s converter and thus charges the battery directly. These aspects fuel growth for DC charging stations in the global electric vehicle charging station market.
When it comes to end-user type, public charging stations hold the highest share. They accounted for nearly 60% of the total shares during 2017 in the global electric vehicle charging station market. Public stations are economical as they have enough parking space and are accessible to everyone. This makes them favorable over private charging stations.
The global electric vehicle charging station market is catching pace across the world. Primarily, the demand is high from Europe as some countries have announced ban on diesel automotive.
North America dominates the global Electric Vehicle Charging Stations market owing to the increasing number of electric vehicles, stringent government regulations, and presence of electric vehicles manufacturers in the region. The U.S. is likely to hold major share of the North America electric vehicle charging stations market followed by Canada. Growing need of import-export through trucks and other transport vehicles in the U.S. and Canada is escalating the demand for electric vehicles and subsequently electric vehicle charging stations during the forecast period.
Europe electric vehicle charging stations market is the second leading region in the global market owing to the government policies of banning vehicles running on fossil fuels by 2025. Germany is expected to gross the largest share of the market due to increasing demand for electric vehicles and electric vehicle charging stations in the country followed by the U.K.
The Middle East is expected to gross low share of the global Electric Vehicle Charging Station market owing to the presence of ample amount of fossil fuel oil fields in the region.
Latin America is likely to experience significant growth with healthy CAGR owing to the rapidly increasing industrial sector in the region. Africa is forecasted to grow steadily over the next few years owing to increase in the number of favorable government regulations.
Competitive Landscape is the most valuable part of this report
Some of the major players in the global Electric Vehicle Charging Stations market are, Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.
Key financial developments of a particular company and product & company overview are some of the elements that help in acquiring information about top vendors in the market. This will help the audience in knowing about opportunities, strengths, threats and weaknesses that are facing by the key vendors across the world. As the competitive landscape is the most valuable part of any report, it consists of all the required information for the detailed study of top players. It is also an interesting part to find how exactly these key manufacturers implement various strategies to secure the top rank in the industry. Such an in-depth information is useful for the new entrants into the industry as they would be able to learn a bit from these key vendors. Similarly, the information provided in the research report will also be valuable for the renowned key players as well, as they come to know the strategies of their counterparts to sustain in the competitive industry.
The research study includes the profiles of key players and also analysis of their footprint in the global Electric Vehicle Charging Stations market. The profiles of the leading players are done with the analyzing of the Porter’s Five Force model and SWOT analysis to understand the competitive landscape in the Electric Vehicle Charging Stations market. The strategies mainly include new product development, research and development. Also provides revenue shares, company overview, and recent company developments to remain competitive in the market.
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By Type of Charger: AC Charging Station, DC Charging Station
By Type of End User: Private, Public
By Power Output: <11 kW, 11kW-50 kW, >50 kW
By Type of Supplier: OE Charging Station, Private Charging Station