The Worldwide Electric Vehicle Charging Station Industry is Expected to Reach $120 Billion by 2028 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The “Global Electric Vehicle Charging Station Market, By Vehicle Type, By Charger Type, By Application & By Region- Forecast and Analysis 2022-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Electric Vehicle Charging Station Market size was valued at USD 18.1 Billion in 2021, and it is expected to reach a value of USD 120.6 Billion by 2028, at a CAGR of 31.12% over the forecast period (2022 – 2028).
Companies Mentioned
- ABB
- BP Chargemaster
- BYD
- ChargePoint Inc.
- Eaton
- EVBox
- Schneider Electric.
- Seimens AG.
- Shell International BV
- Tesla Inc.
- Webasto Group
- Tata Power
- Delta Electronics
- Amara Raja
- Magenta Group
Electric car charging systems connect the plug-in electric vehicle and electric vehicle to an electrical outlet to charge the vehicle’s battery. Furthermore, numerous automakers and electric component manufacturers are collaborating on the development of improved electric car charging systems in order to meet the growing demand for electric vehicles.
Some charging stations have complex capabilities such as smart metering, cellular connectivity, network connectivity, and so on, while others are more basic. The global EV sector is expanding quickly, particularly in the United States and China. Zero-emission transportation is the driving force behind increased EV sales throughout the world. It will increase demand for electric car charging stations. Technological advancements in portable charging stations, smart charging with load management, and automated payment with rapid charging technology will open up new markets for the Electric Vehicle Charging Station Market.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Electric Vehicle Charging Station Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research.
This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Electric Vehicle Charging Station Market is segmented on the basis of Application Type, Vehicle Type, Charger Type, and Region. Based on Application, the market is segmented into Public and Private. Based on the Vehicle, the market is segmented into Passenger and Commercial vehicles. Based on the Charger, the market is segmented into AC Charging and DC Charging. Based on the Region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Drivers
The increased popularity and use of electric vehicles has necessitated the creation of charging infrastructure. Leading EV markets such as China, the United States, and Germany are investing heavily in EV charging infrastructure as well as research and development for faster and more efficient charging techniques.
Significant enterprise expenditures are expected to respond to the growing demand for EVs and have a significant impact on market growth. Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors all have significant R&D resources dedicated to EV research.
Restraints
The EV industry’s growth, as well as variations in charger types, has necessitated the standardization of EV charging stations. Some EV charging stations may only work with a certain voltage. Level 1 charging stations, for example, provide a voltage of 120V AC, while level 2 charging stations provide a voltage of 208/240V AC.
DC chargers, on the other hand, enable rapid charging with 480V AC. Many governments must standardize charging infrastructure to create a favourable environment and encourage EV sales.
Market Trends
Governments around the world have implemented a variety of programs and initiatives to encourage buyers to choose EVs over conventional vehicles. APAC, Europe, and the United Kingdom are some of the countries offering various incentives to people looking to purchase an EV, which will increase demand for the Electric Vehicle Charging Station Market in the coming years.
For more information about this report visit https://www.researchandmarkets.com/r/gekza3
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