Electric Vehicle Charging Station Market Dynamics
An electric vehicle charging station is an electric charging point that supplies electric energy for the charging of plug-in electric vehicles. Electric vehicles have witnessed significant growth, owing to the rising environmental concerns and surging demand for sustainable and energy-effective transportation. The rising levels of carbon discharge and other hazardous gases emanating from transportation have encouraged the adoption of EVs. Thus, the growing demand for EV across commercial and residential applications is a major factor fuelling the electric vehicle charging station market growth.
In addition, the accelerating penetration of EV charging equipment is higher in commercial spaces than the residential areas. The number of commercial charging stations is projected to increase with the adoption of EVs. The ongoing technological innovations, such as the incorporation of all-EV charging stations with the Internet of Things and real-time solutions, will help in market growth.
The coronavirus pandemic had a moderate influence on the EV charging business in early 2020 because of the stringent lockdown. Nearly 95% of all automotive-related companies decided to put their workforce on hold during the lockdown. However, the market is likely to regain its place as economic activities resume.
Charging Level Segment Analysis
Level 3 charging is projected to be the fastest-growing segment by charging level over the forecast period. The increasing usage of EV in nations such as Japan, China, and South Korea has bolstered the market growth. Also, people prefer fast plug and charge options instead of home charging or long waiting hours. The Level 1 segment is expected to grow at a faster CAGR during the forecast period. These chargers use a 120 Volt AC plug, offer a charging range of two to five miles, and do not need any extra equipment for installation. Thus, the easy installation and cost-efficiency of these chargers will augment the electric vehicle charging station market share.
Application Type Segment Analysis
The Public segment is anticipated to expand at a larger compound annual growth rate during the forecast period. Public charging and access to fast charging are the major criteria considered when buying an electric vehicle. Also, the public charging station offers several benefits, such as safe charging of vehicles in less time and remote management. Leading producers and government agencies have taken various initiatives for the expansion of public EVSE infrastructure across movie theatres, airports, shopping malls, stadiums, corporate buildings, and hotels.
Geographically, Asia-Pacific is projected to hold the largest share in the market over the forecast period. Asia Pacific Region is home to the fastest-developing economies, such as China and India. Government across the developing countries have identified the growth potential of the market and thus have adopted several initiatives to captivate major OEMs to produce electric vehicles infrastructure in domestic markets. Additionally, the accelerating per capita income of people in emerging nations, including India, China, Bangladesh, and Thailand, and the increasing awareness among consumers to reduce greenhouse gas emission will offer growth opportunities to the market. For instance, the Federal Ministry of Transport and Digital Infrastructure, Germany, offers subsidies and tax rebates to the owners of charging stations and has decided to install 1 million electric vehicle charging stations by 2030.
Various notable players operating in the global electric vehicle charging station market include Tesla Inc., BYD Company Limited, Nissan Motor Company, ABB Group, Volkswagen AG, Yazaki, Bosch, Efacec Power Solutions, Mitsubishi Electric and Leviton
In 2020, Siemens AG joined forces with Ubitricity, a charging solution company converteto convert 24 lampposts into EV charge points with the help of existing city infrastructure in London. This development helped the company to expand its electric vehicle charging stations in the UK.
In 2019, Nissan Motor Company partnered with EVgo Services LLC, a U.S. based public electric vehicle charging network to offer better electric vehicle charging facilities to the customers. This partnership will allow Nissan Leaf car’s owner to get pre-paid charging credits and access to over 30,000 chargers in the U.S.
In September 2021, ABB developed the world’s fastest EV charging station Terra 360, with the ability to charge EVs in less than 15 minutes. It can deliver 100 km range in less than 3 minutes.
Electric Vehicle Charging Station Market Segmentation:
Electric Vehicle Charging Station Market by Charging Level
• Level 1
• Level 2
• Level 3
Electric Vehicle Charging Station Market by Application Type
Electric Vehicle Charging Station Market by Installation Type
Electric Vehicle Charging Station Market by Charging Station Type
• Normal Charging
• Super Charging
• Inductive Charging
Electric Vehicle Charging Station Market by Charging Infrastructure Type
• Normal Charger
• Tesla Supercharger
• Type 2 (IEC 62196)
Electric Vehicle Charging Station Market by Electric Bus Charging Type
• Off-Board Top-Down Pantograph
• Off-Board Bottom-Up Pantograph
• Charging via connector
Segmentation by Region:
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
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