Global Electric Vehicle Charging Station Market Analysis
The global electric vehicle charging station market to exhibit a CAGR of 38.50% from 2023 to 2032 (review period).
Government to fund up to 80% of the total cost of charging infrastructure installations in many countries. Furthermore, the government's involvement in charging station planning and development, in partnership with the oil and gas industry, has aided the growth of the global electric vehicle charging station sector. Government cost-cutting initiatives, such as supplying lower-cost electricity to commercial charging stations, are crucial in driving business growth. The government also intends to build charging stations every 100 kilometers along the national highway, which will enable the market to grow during the forecast period.
The government provides automakers with incentives, rebates, tax cuts, and fixed quotas. Government incentives for the purchase of electric vehicles are also essential for consumers. These factors have resulted in an increase in global electric vehicle sales and production. The growing number of electric vehicles necessitates the installation of charging stations and power grids to ensure that the vehicles operate smoothly. As a result, market growth is expected to be driven by this factor. Furthermore, the strict government has compelled customers to buy electric vehicles. As a consequence, the global electric vehicle charging station industry is expected to grow during the assessment period.
COVID-19 Impact on the Electric Vehicle Charging Station Market
The current COVID-19 outbreak has had an effect on many aspects of life, from consumer products to industrial activities. The automotive and transportation industries are currently facing unprecedented volatility as a result of the continuing COVID-19 outbreak. COVID-19 is projected to have a major effect on the automotive industry's supply chain and product demand. The industry's focus has moved from China's supply chain disruption to a general decrease in demand for automotive products. Demand for commercial vehicles is expected to decline when all non-essential services are shut down.
Nevertheless, the situation in terms of electric vehicle production is much less affected by the pandemic, as estimated EV production levels in 2020 are expected to be similar to those in 2019. As a consequence, demand for EV infrastructure is not expected to be significantly impacted by the current pandemic, as electric vehicles and their associated charging infrastructure and sales originate in China, which has recovered from the pandemic to maintain its global EV production dominance. The Chinese government has also proposed stimulus packages aimed at accelerating the expansion of an electric vehicle charging station network.
The adoption of electric vehicles is growing, and many countries worldwide are investing aggressively in research and development. Countries like Canada, Australia, India, the Netherlands, and Germany have launched a variety of campaigns to promote the use of electric vehicles. Government incentive programs for the future will help the energy industry solve the economic downturn caused by COVID-19 by investing heavily in charging stations. As a consequence, most governments in the regions concerned used rehabilitation of infrastructure as an economic stimulus during COVID-19.
Market Segmentation
· The global electric vehicle charging station industry has been segmented into charging station, connector type, installation type, and vehicle type.
· By charging station, the global market has been segmented into DC Charging Station, AC Charging Station, and Inductive Charging Station.
· By connector type, the global market has been segmented into Chademo, Combined Charging System, and Others.
· By installation type, the global market has been segmented into Residential and Commercial.
· By vehicle type, the global market has been segmented into Battery Electric Vehicle (BEV) and Plug–In Hybrid Vehicle (PHEV).
Regional Analysis
By region, the global electric vehicle charging station industry has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific dominated the global market for electric vehicle charging stations in 2018, followed by Europe and North America. The Asia Pacific region dominates the global market as a result of successful policies implemented by governments in countries like China, Japan, India, and Singapore. The countries in the area are primarily focused on investing money and time in the creation of charging infrastructure, and growing cooperation between vehicle OEMs and technology providers in the aftermarket will further fuel market growth.
Key Players
Siemens, Schneider Electric, ChargePoint Inc., Leviton Manufacturing Co. Inc., ABB, Tesla, Eaton, EVgo Services LLC, The New Motion B.V., Webasto Group.
Summary
The global electric vehicle charging station industry is anticipated to register a CAGR of 41.79% from 2017 to 2025 (forecast period). The growing adoption of electric vehicles worldwide is a major driver of the market for electric vehicle charging stations. Increasing environmental concerns, as well as government policies and programs to promote the adoption of electric vehicles in different regions, are driving up demand for electric vehicle charging stations. Increased public and private investment in the construction of electric vehicle charging infrastructure is also expected to fuel demand growth for electric vehicle charging stations during the forecast period.
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