The growing demand for electric vehicles is expected to propel the global electric vehicle charging stations market growth throughout the forecast period
Electric Vehicle Charging Stations Market was valued at USD 5.1 Bn in 2020 and is expected to reach USD 59.9 Bn by 2027, with a growing CAGR of 42.2% during the forecast period 2021-2027
The low charging cost of electric vehicles is anticipated to accelerate the electric vehicle charging stations market growth. The increase in the price of oil in the developing nation is one of the important factors to switch on the alternative fuels that influence the faster adoption of electric vehicles, which in turn, proliferating the growth of the electric vehicle charging stations over the forecast period.
Based on the charging point type, the market has been segmented into AC charging/normal charging, DC charging/super charging, and inductive charging. The DC charging/super charging is the fastest-growing segment during the forecast period owing to the lower charging time. Super charging has a lower charging time as compared to normal charging and can charge EVs within 30 minutes.
The key players such as Shell, Siemens, Tesla, and others are operating in this industry and adopting various strategies for the growth of the EVs market. Tesla is the U.S.-based electric vehicle company located in California that offers one of the exceptional electric cars, battery-electric cars, together with different products and services associated with solar energy along with solar panels, solar roof tiles, and storage systems. In 2020, the organization managed to promote most plug-in electric vehicles and battery electric vehicles, capturing approximately 16% of the market. Tesla is certainly considered as one of the largest electric vehicle companies in the world that give an extensive range of charging stations most effective for Tesla models. However, in 2021, Tesla is ready to open a charging network to other electric vehicles as well.
The high initial cost for fast charging is the major restraining factor that limits the development of the market. Moreover, the growing demand for CNG and LPG vehicles might be hampering the market growth. However, the rapid implementation of the constantly changing technologies is the most lucrative opportunity that influences the growth of the electric vehicle charging stations Industry to a great extent.
Global Electric Vehicle Charging Stations Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, the Asia Pacific electric vehicle charging stations market held the largest market share of over 80% in 2019 and is expected to show its dominance during the forecast period. The growth in the region is mainly attributed to the advanced electrification technology and the government initiatives in the region.
The Global Electric Vehicle Charging Stations Market Segmentation:
Global Electric Vehicle Charging Stations Market by Charging Point Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Electric Vehicle Charging Stations Market by Vehicle Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Electric Vehicle Charging Stations Market by Installation Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Electric Vehicle Charging Stations Market by Technology Industry Outlook (Revenue, USD Million, 2021-2027)
Global Electric Vehicle Charging Stations Market by Charger Type Industry Outlook (Revenue, USD Million, 2021-2027)
Key Findings:
The key players operating in the electric vehicle charging stations market are:
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