The electric vehicle charging station market is projected to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. Electric vehicles are becoming an integral part of the automotive industry. The growing number of environmental concerns in tandem with the supportive government regulations to curb the emissions of harmful pollutants are among the key factors expected to result in the increased adoption of electric vehicles in the forthcoming years. This, in turn, is projected to positively impact the market growth.
The market is segmented based on the connector type into CHAdeMO, combined charging system (CCS), and others, out of which, the CHAdeMO segment is anticipated to grab the major share by the end of 2021. This can be attributed to the compatibility of the connector with a wide variety of electric vehicles, including BMW, GM, and VW, and others. In addition, it offers flexibility pertaining to the designing of EVs as it only requires one port for recharging. Concurrently, the CCS segment is projected to grow at the fastest CAGR over the forecast period. This is largely on account of the increased preference for CCS connectors by key automatable manufacturers.
Similarly, the commercial sector is expected to hold the largest application market share by the end of 2021. Government, as well as automobile manufacturers initiatives and allocations of funding pertaining to the expansion of public electric vehicle charging infrastructure, is the key factor for the growth of the segment.
In terms of regional analysis, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. Countries, including China, Japan, and South Korea, are driving the demand for electric vehicles in the region. Chinese and South Korean governments have heavily invested in the development of the electric vehicle charging infrastructure. Recently in 2020, Japan-based utility companies Tokyo Electric Power Company Holdings and Chubu Electric Power have selected ABB to modernise electric vehicle charging infrastructure. eMP (e-Mobility Power), a joint venture of the Japanese utility companies, is expected to replace obsolete chargers with more than 250 Terra 184 units at stores, which are located on the roadside along with the highways and other public places. CLICK TO DOWNLOAD SAMPLE REPORT
The global electric vehicle charging station market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric vehicle charging station market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rapidly growing number of environmental concerns coupled with the favourable government programs are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High upfront cost and emergence of hydrogen fuel cell vehicles is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities in various economies, including China, Japan, and South Korea on account of increased government investments in automotive sector in these countries.
The major players dominating the electric vehicle charging station market are ABB, AeroVironment Inc., BP Chargemaster, Eaton, and GENERAL ELECTRIC, among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by charger-type, charging-level, connector, and application.
With respect to connector, the CHAdeMO segment is anticipated to hold the largest market share owing to the compatibility of the connector with a wide variety of electric vehicles, including BMW, GM, and VW, and others.
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