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- 13 January 2020 21:35
Electric Vehicle Charging Station Market Key Driving Factors
The key factors driving the growth of the market include government funding, subsidies, and incentives, growing demand of electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs. However, high price and small distance covered by EVs and lack of standardization with EV charging are the key restraining factors for market growth.
Growing adoption and sales of electric vehicles, along with the enactment of laws and subsidies for promoting the adoption of EVs and declining cost of batteries, are some of the major factors propelling the growth of the market.
The growing demand for energy-efficient automobiles is one of the major reasons for the EV charging station market growth. In a bid to reduce environmental pollution caused by gasoline and petrol vehicles, the use of energy-efficient automobiles such as EVs is being promoted by governments across the world. The adoption of EVs will help in reducing the global carbon footprint.
The Global Electric Vehicle Charging Station Market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 3.4 Billion by 2026.
This rise in sales has been the result of the enactment of stringent emission norms by governments and environmental agencies, to control exhaust emission levels, and to promote the usage of zero-emission vehicles. For instance, in China, the government to encourage the adoption of EVs among the consumers, made a policy to reimburse 30% of the total value of the electric vehicle.
Global plug-in vehicle deliveries reached 2.1 million units for 2018, which is 64% higher than for 2017, which included all BEV and PHEV passenger cars sales, light trucks in the United States/Canada, and light commercial vehicle in Europe and China.
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Some of the major players in the global Electric Vehicle Charging Stations market are, Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.
Technological Advances in EV Charging
Though there is an increase in the adoption of EVs, one of the major constraints in the market happens to be the limitations in their charging infrastructure. To overcome this hurdle, some of the major companies are focusing on developing better charging technologies. The growing need for fast and convenient charging systems for various EVs has elevated the need for EV charging stations equipped with better technology. The increasing focus on reducing the charging time for EVs has increased the adoption of fast charging networks such as universal fast chargers, ultra-fast chargers, and bidirectional fast chargers. Such advances in EV charging technology will drive market growth over the forecast period.
Factors such as the rise in adoption of EV charging stations utilizing renewable energy, and continuous development of new products will have a significant impact on the growth of the electric vehicle (EV) charging station market value during the forecast period 2019 to 2026.
Growing Sales of Electric Vehicles
Electric vehicle market has witnessed rapid growth in recent years.
The electric vehicle market has been witnessing healthy growth in the recent years, with about 1.9 million units of battery electric vehicles (BEVs) in use in 2017, compared to 109 thousand units of BEVs in 2012.
This spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles.
This strategy had a strong impact on people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.
The change has not decreased the sales of IC engine vehicles, rather created a promising market for electric vehicles in the present, as well as in the forecast period.
Governments across the world are pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.
1. For instance, France and the United Kingdom have given automakers a deadline to go fully electric by 2040.
2. China, which sold half a million EVs in 2016, has set out its own roadmap to completely make its transportation electric by 2030.
3. Last year, Germany, home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.
China is leading the Electric Vehicle Charging Station Market
Geographically, China is leading the electric vehicle charging station market, followed by Europe. China is the largest market for electric cars and buses across the world, registering more than 1.3 million vehicles in 2018. The new energy vehicle (NEV) share in all light vehicles sold was 7.9%
With the rise in EV sales and demand in the country, the demand for fast charging stations has been increased to support the rising EVs in the country. The idea of implementing DC fast charging infrastructure in the country started in 2013, by partnering with ABB.
With the rapid increase in electric vehicles sales, the demand for DC fast chargers in the country has grown at a steady pace, contributing more than 50% of the overall publicly available fast chargers in 2017, with nearly 82,000 units. The charging stations on the country’s highways are operated by the State Grid Corporation of China. The demand to supply ratio of electric vehicle fast-charging stations in China is high. As the electric vehicle sales are expected to touch the 5 million mark by 2021, the country’s state cabinet has issued a directive focusing on the construction of nearly 4.8 million EV charging stations by 2020. As of 2018, approximately 167,000 EV charging stations are actively sufficing the demand for charging.
Europe is the second largest market for electric vehicles and the demand for green vehicles is rapidly increasing in the region. Factors, such as strong growth in the Netherlands (owing to comprehensive general taxation plans in which taxes for motor vehicles progressively depends on the CO2 emissions) and change in incentive and subsidies, aided in the rise in sales of EVs.
The global Electric Vehicle Charging Stations market is segmented into type of charger, application, power output, supplier type, and region. Based on Type of charger, the global Electric Vehicle Charging Station market is segmented into AC charging station and DC charging station. DC charging station dominated the global Electric Vehicle Charging Station and it is further expected to continue its dominance during the forecast period as well. Based on Type of application, the global Electric Vehicle Charging Station market is segregated into private and public. Public charging station emerged as a global leader as of 2018 with majority of the global market share. Based on Type of power output, the global Electric Vehicle Charging Station market is segregated into <11 kW, 11kW-50 kW, and >50 kW. Market segmentation based on supplier type, the global Electric Vehicle Charging Station market is segregated into OE Charging Station and Private Charging Station.
Geographically, the Electric Vehicle Charging Stations market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global Electric Vehicle Charging Stations market owing to the increasing number of electric vehicles, stringent government regulations, and presence of electric vehicles manufacturers in the region. The U.S. is likely to hold major share of the North America electric vehicle charging stations market followed by Canada. Growing need of import-export through trucks and other transport vehicles in the U.S. and Canada is escalating the demand for electric vehicles and subsequently electric vehicle charging stations during the forecast period.
Europe electric vehicle charging stations market is the second leading region in the global market owing to the government policies of banning vehicles running on fossil fuels by 2025. Germany is expected to gross the largest share of the market due to increasing demand for electric vehicles and electric vehicle charging stations in the country followed by the U.K.
The Middle East is expected to gross low share of the global Electric Vehicle Charging Station market owing to the presence of ample amount of fossil fuel oil fields in the region.
Latin America is likely to experience significant growth with healthy CAGR owing to the rapidly increasing industrial sector in the region. Africa is forecasted to grow steadily over the next few years owing to increase in the number of favorable government regulations.
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Electric Vehicle Charging Station Market by Type of Charger
- AC Charging Station
- DC Charging Station
- <11 kW
- 11kW-50 kW
- >50 kW
- OE Charging Station
- Private Charging Station
Electric Vehicle Charging Station Market by Geography
Rest of the World