According to Nova One Advisor Reports, the global Electric Vehicle Charging Station market size was valued at US$2,114 thousand units in 2020 and is expected to grow at a CAGR of 45.9% from 2021 to 2027.
Global Electric Vehicle Charging Station market size is expected to surpass around US$ 30,757 thousand units by 2027. Factors such as growing demand for energy-efficient commuting, governments supporting electric vehicles, and their charging infrastructure through preferencial policies, subsidies, and tax rebates have led to a growing demand for this segment along with the fact that within the next 2 decades, many governments around the world have announced plans to phase out fossil fuel vehicles from the market.
Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience the fastest growth owing to the high demand for electric vehicles and aggressive reforms from governments of countries like China, Japan, South Korea and their efforts to promote growth of EV Charging infrastructure to make EV charging more accessible. Meanwhile the North American and European markets are growing due to the government initiatives and growing demand for fast charging segment. However, factors like high costs involved in initial investments for fast charging, need for better batteries, charging time of EV vehicles being much higher than fossil fuel vehicles (Specially in case of Level 1 and Level 2 Charging), charging compatablity not being uniform, grid capacity and current trend of pricing of EV being higher than their fossil fuel counterparts could hamper the growth of global EV and electric vehicle charging stations market.
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The market survey provides compelling insights into important drivers that enable growth. It highlights untapped potential in a variety of industries.For the purpose of the study, the market has been segmented in terms of Charging Level, Charging Point Type ,Installation type, and regions. The report presents an incisive view of various factors impacting growth across these categories. Challenges posing threat also are studied in detail.
Apart from underscoring unexplored prospects, the report is intended to prepare businesses for unforeseen challenges in the future. It covers recommendations to help them navigate their businesses through obstacles to continue reporting growth at a sustainable pace.
COVID-19 Impact on Electric Vehicle Charging Station Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Electric Vehicle Charging Station market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Electric Vehicle Charging Station market 2021 onwards. This trend will however continue through the course of the report’s assessment period
Emerging Nations to Continue Attracting Investments
The expansion of various industries across India, China, Brazil, and other emerging countries will help the Electric Vehicle Charging Station market flourish. Consistent investment towards industrialization and urbanization, as well as the implementation of policies favouring foreign investment, will continue to be major growth drivers.
Expansion initiatives undertaken by various countries will aid the growth of the Electric Vehicle Charging Station market. Besides, the easy availability of raw materials and labours at a cheaper cost will attract an increasing number of companies within the Electric Vehicle Charging Station market.
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List of key players:
Webasto Group, EVBox Group, Electrify America LLC., BP plc., Royal Dutch Shell PLC, Evgo Services LLC., Connected Kerb Limited, Wanbang Xingxing Charging Technology Co., Ltd., Électricité de France, Tesla, Inc., Hangzhou AoNeng Power Supply Equipment Co., Ltd., EV Charging Installers of America LLC, Addénergie Technologies, Inc., EV Connect, Inc., and ChargePoint Holdings, Inc. among others.
Market Segmentation:
The report is divided into major categories comprising product, application, regions and others. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Every segment is studied thoroughly in order to offer a better picture to the buyers and stakeholders to benefit from. Information like highest prevailing product, highly demanded product by the application segment and end users are rightly mentioned in the Electric Vehicle Charging Station report.
Based on the Charging Level:
- Level 1
- Level 2
- Level 3
Based on the Charging Point Type:
- Normal Charging
- Super Charging
- Inductive Charging
Based on the Installation type:
- Portable Charger
- Fixed Charger
Based on the Charging Infrastructure Type:
- CCS
- CHADEMO
- Normal Charge
- Tesla Super Charger
- Type 2 (IEC 621196)
Based on the application type:
- Private
- Public
Based on the DC fast charging:
- Fast
- Ultra Fast
Based on the electric bus charging type:
- Off-board Top-down Pantograph
- On-board Bottom-up Pantograph
- Charging Via connector
The regional segmentation covers:
-North America Region (U.S., Canada, Mexico)
-Europe Region (Germany, UK, France, Russia, Italy, Rest of Europe)
-Asia-Pacific Region (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
-South America Region (Brazil, Argentina, Columbia, Rest of South America)
-The Middle East & Africa Region (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Findings of the Electric Vehicle Charging Station Market Study
- Backed by the presence of well-established industrial infrastructure and willingness to spend on advanced technologies will strengthen North America’s hold in the global market.
- The Europe market will continue gaining from surging demand in Germany, U.K., Italy, France, and Spain.
- Investment towards industrialization and favourable policies intended at encouraging foreign investment will drive growth in India and China, sealing Asia Pacific’s position as a highly lucrative market for Electric Vehicle Charging Station.
- In Latin America, the market will gain from surging focus on economic development.
Why Buy this Report?
The purpose of Nova one advisor’s Electric Vehicle Charging Station market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
Some of the key highlights of the report are:
- Electric Vehicle Charging Station Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Nova one advisor presents the most precise rate of growth for the market for the assessment period starting from (start year) to (end year).
- Electric Vehicle Charging Station Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Key Market Segments – To present an exhaustive overview, the global Electric Vehicle Charging Station market is segmented in terms of Charging Level, Charging Point Type ,Installation type ,Charging Infrastructure Type, and region. Opportunities existing across each of these categories are reflected on to help businesses realize their true potential.
- Competitive Landscape Analysis – Some of the leading companies operating in the Electric Vehicle Charging Station market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
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