Global Electric Vehicle Charging Stations Market
Posted: Feb 28, 2019
Global Electric Vehicle Charging Stations Market is expected to reach US$ 20.67 Bn by 2024 from US$ 2.36 Bn in 2017 at a CAGR of 32.5% (Detailed analysis of the market CAGR is provided in the report).
The growing concern of people towards environmental pollution has led them to switch to environment-friendly alternatives for fossil fuel-based vehicles, such as electric and hybrid vehicles. The electric vehicle charging stations market when mapped out of a product lifecycle is still in the growth phase and is expected to remain lucrative and opportunistic due to ongoing significant research and development in the technical field. Low maintenance and operation cost features are further attracting more consumers towards electric vehicles, which, in turn, is boosting the demand for electric vehicle charging stations. Due to a decline in the prices of batteries and government incentives, the adoption of electric vehicles (EV) is increasing, thereby driving the growth of the electric vehicles charging stations market. A major restraint to the market is the lack of a sustainable business and financing model. Consumers are wary of using electric vehicles because of the limited range they offer.
Global Electric Vehicle Charging Stations Market is majorly segmented by Charging Station, and Installation Type. By Charging Station, the market is segmented as AC Charging Station, DC Charging Station. The ability of DC charging stations to charge an EV in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the electric vehicle charging stations market. Also, the rise in popularity of public charging stations is boosting the demand for DC charging stations.
The market is segmented by Installation Type, which includes Residential, and Commercial. The growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is anticipated to boost the adoption of electric vehicles.
Geographically, the Electric Vehicle Charging Stations Market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia-Pacific is expected to be the largest market for Electric Vehicle Charging Stations market during the forecast period. China has witnessed growth in both electric vehicles and their charging infrastructure.
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Global Electric Vehicle Charging Stations Market, by Supplier Type
- OE Charging Station
- Private Charging Station
Global Electric Vehicle Charging Stations Market, by Power Output
- Less than 11 kW
- 11kW-50 kW
- Above 50 kW
Global Electric Vehicle Charging Stations Market, by Charging Station Type
- AC Charging
- DC Charging
- Wireless Charging
Global Electric Vehicle Charging Stations Market, by Installation Type
Global Electric Vehicle Charging Stations Market by End User
- Private Type
- Public Type
Global Electric Vehicle Charging Stations Market, By Geography:
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Key Players in the Global Electric Vehicle Charging Stations Market Are:
- General Electric Company
- Schneider Electric SE
- Delphi Automotive
- Eaton Corporation
- Siemens AG,
- Chargemaster PLC.
- Elektromotive Limited
- SemaConnect, Inc.
- ClipperCreek, Inc.,
- Leviton Manufacturing Co., Inc.
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