Sarasota, FL -- (SBWire) -- 02/17/2019 --According to the report, the global electric vehicle charging station market accounted for USD 4.2 billion in 2017 and is expected to reach USD 26.8 billion by 2024, growing at a CAGR of around 30.4% between 2018 and 2024.
The electric vehicle charging station charges the battery of an electric vehicle by connecting it to an electric source. Electric vehicle charging stations come in various types depending on various charging speeds and standards. Some stations have several advanced features such as network connectivity, smart metering along with basic components.
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Government initiatives for leveraging the production and encouraging civilians to buy electric vehicles will propel the electric vehicle charging station market during the forecast period. Tax incentives on the purchase of electric vehicles are offered by various countries. In 2018, the Indian Government announced incentives for electric vehicle battery manufacturers to set-up their plants. The government of India plans to sell only electric vehicles in the country by 2030. In 2017, the government of Denmark provided exemptions on registration tax up to 60% for BEVs. In Germany, electric vehicles are excluded from annual circulation tax for a period of 10 years from the date of first registration. In the Netherlands, zero carbon dioxide emission vehicles are exempted from motor vehicle tax till 2020. Thus, the growth of the electric vehicle charging station market during the forecast period is imminent owing to all the aforementioned factors.
Investments in the utility sector are fueling the growth of electric vehicle charging station market. In 2018, "California Public Utility Commission" announced an investment of USD 738 million for electric vehicle charging projects. Similarly, the New York government announced an investment of USD 250 million to construct an electric vehicle charging infrastructure across the city. These investments are expected to increase, as automotive manufacturers are planning to increase the production of electric vehicles over the next 5 years. Thus, the electric vehicle charging station market is projected to grow during the forecast period.
The global electric vehicle charging station market is fragmented as per charging into level 1, level 2, and DC fast charging (3 phase). Level 1 segment is anticipated to hold a significant share in electric vehicle charging station market during the estimated timeframe owing to the rising demand for the residential sector. Further, DC fast charging (3 phase) segment is projected to grow at a substantial rate. The growth is attributed to the rise of commercial electric vehicles.
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North America is expected to witness a substantial surge in the global electric vehicle charging station during the forecast timeframe. The U.S. is projected to lead the electric vehicle charging station market in the region. Technological developments have leveraged the production of electric vehicles in the country. In the Asia Pacific region, China is anticipated to contribute significantly to fuel the electric vehicle charging station market. The growth is anticipated owing to the increasing sales of electric vehicles in the country. Thus, the region is estimated to grow substantially during the projected timeframe.
Certain leading players in the electric vehicle charging station market are ABB, ChargePoint, Inc., Siemens, Engie, Schneider Electric, Tesla, EVgo, Alfen, AeroVironment, and Blink Charging, among others.
The report segments the global electric vehicle charging station market as follows:
Global Electric Vehicle Charging Station Market: Application Segment Analysis
Residential
Commercial
Global Electric Vehicle Charging Station Market: Charging Segment Analysis
Level 1
Level 2
DC fast charging (3 Phase)
Global Electric Vehicle Charging Station Market: Standards Segment Analysis
CHAdeMO
SAE
CSS
Tesla supercharger
Others
Global Electric Vehicle Charging Station Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
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