Increasing purchase of Electronic Vehicles (EV) and increasing government policies and funding for development of EV charging stations
VANCOUVER, BRITISH COLUMBIA, CANADA, July 18, 2022 /EINPresswire.com/ — The global Electric Vehicle (EV) charging stations market size reached USD 6.72 Billion in 2021 and is expected to register a revenue CAGR of 38.7% during the forecast period, according to latest analysis by Emergen Research. Increasing purchase of electronic vehicles, government policies, and financing for expansion of electric vehicle charging stations are expected to support market revenue growth between 2022 and 2030. Demand for electric vehicle charging stations is continuously rising due to increased adoption of electric cars across the globe. Rising Carbon Dioxide (CO2) emissions and other hazardous pollutants due to petrol and diesel transportation led people to shift to electric vehicle, which is expected to drive revenue growth during the forecast period. In addition, rising adoption of green and renewable energy is also expected to boost electric vehicle charging stations market growth.
However, high initial setup cost for electric vehicle charging stations is hampering market revenue growth. Initial cost for installing and setting up an EV charging station is high, especially for level 3 and other fast-charging stations. In addition, other expenses related to electricity, manpower, maintenance, permit taxes, and installation of electrical charging equipment are increasing overall expenses to set up an electric vehicle charging station, which is expected to hamper market revenue growth to some extent.
Besides, Electric Vehicle Charging Stations Market Research Report makes clients aware about the various strategies that are used by key players of the market. These strategies mainly include new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others that boost their footprints in this market. The analysis and forecasting of market data using best statistical and coherent models, market share analysis and key trend analysis are the major accomplishing factors in the steadfast Electric Vehicle Charging Stations market report. Moreover, intricate market insights are turned into simpler version with the help of proven tools and techniques and then provided to the users.
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The report further sheds light on the competitive landscape of the Electric Vehicle Charging Stations market to offer the readers an advantage over others. The competitive landscape section of the report talks about the recent advancements in the R&D and technologies undertaken by the prominent players, along with their strategic business expansion plans, product launches, and brand promotions. The report pays special attention to the strategic alliances such as mergers and acquisitions, joint ventures, collaborations, agreements, corporate and government deals, and others adopted by the prominent players of the industry to expand their market presence and gain a substantial market position.
Major companies in Electric Vehicle Charging Stations Market Report are:
ABB Ltd., Tesla Inc., Chargepoint, Inc., BP Pulse, Schneider Electric SE, Semaconnect Network, EVGO Services LLC, EVBox Group, Eaton Corporation PLC, Shell PLC, Blink Charging Co., Siemens AG, Webasto SE, and Hyundai Motor Company
The report offers insightful information about the market dynamics of the Electric Vehicle Charging Stations market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Electric Vehicle Charging Stations market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Electric Vehicle Charging Stations market.
Emergen Research has segmented global electric vehicle charging stations market on basis of charging level, charging infrastructure, vehicle type, installation type, application, and region:
Charging level Outlook (Revenue, USD Billion; 2019–2030)
Level 1 (120V)
Level 2 (208V-240V)
Level 3 (Up to 600V)
Charging Infrastructure Outlook (Revenue, USD Billion; 2019–2030)
Combines Charging Station (CCS)
Vehicle Type Outlook (Revenue, USD Billion; 2019–2030)
Plug-In Hybrid Electric Vehicle (PHEV)
EV Passenger Cars
Heavy Commercial Vehicles
Light Commercial Vehicles
Installation Type Outlook (Revenue, USD Billion; 2019–2030)
Application Type Outlook (Revenue, USD Billion; 2019–2030)
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Estimation of Market Size
The total size of the Electric Vehicle Charging Stations Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size
Key Highlights from the Report
Level 2 segment accounted for largest market share in electric vehicle charging stations market in 2021, as it is less costly compared to level 3 charging and runs at higher input voltage than level 1 charging. In addition, level 2 charging stations are universally compatible with EVs equipped with industry standards, which is driving revenue growth of this segment.
Combined Charging System (CCS) segment is expected to expand at a significantly rapid CAGR during the forecast period due to rising adoption of CCS connections by leading electric vehicle manufacturers. CCS is a combination charging system for charging electric cars using direct current (DC) and alternating current (AC), which is increasing its adoption.
Asia Pacific is expected to account for largest revenue share due to increasing government initiatives taken by countries such as China, Japan, South Korea, and India for expansion of electric vehicle charging stations all over the region. In addition, reducing air pollution and increasing energy security and electrification is also expected to drive revenue growth in this region during the forecast period.
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Geographically, the global Electric Vehicle Charging Stations market is divided into North America, Latin America, Europe, the Middle East and Africa, and Asia Pacific. Amongst these regions, Asia Pacific is anticipated to lead the global Electric Vehicle Charging Stations market in terms of revenue share during the forecast period. This is likely to occur due to the ongoing development of agitators as well as a rise in demand for such products. Apart from Asia Pacific, the demand from Canada and the U.S. are projected to boost the Electric Vehicle Charging Stations market in North America.
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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