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Global Electric Vehicle Charging Station Market is Predicted to Reach USD 141.53 Billion by 2027

The latest market report published by Credence Research “Global Electric Vehicle Charging Station Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The global market has acquired a market size of around USD 40.18 billion in 2020 and expected to reach a healthy CAGR of over 23.35% during the forecast period from 2021 to 2027 to reach around USD 141.53 billion in 2027.

Global Electric Vehicle Charging Station Market, 2020 – 2027 (USD Billion)

Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-charging-station-market 

Infrastructure for electric vehicle charging is critical for widespread adoption of electric vehicles. Charging stations may be installed at homes, in commercial spaces such as offices, malls, and on highways. Governments are financing charging infrastructure projects through various schemes, and car companies are also investing capital to construct charging infrastructure.

Key Trends in Global Market

Green Energy is Expected to Boost the Market

In both the public and private EV charging spaces, renewable energy is expected to play a significant role. Carbon emissions are a big problem for electric vehicle owners. Companies are rapidly improving the charging systems of their EV charging networks to overcome these concerns. In comparison to residential areas, industrial spaces have a much higher market share of EV charging equipment. With the increasing popularity of electric vehicles, the number of commercial charging stations is expected to rise.             

Encouragement from Government Bodies for Electric Charging Stations  

The automotive industry is constantly working to develop lightweight, fuel-efficient vehicles that can dramatically reduce CO2 emissions. CO2 pollution standards are being applied all over the world. Electric Vehicle Charging Station are crucial in lowering CO2 emissions.  The structural strength of vehicles is provided by these adhesives. They have the ability to adhere to a variety of surfaces.

Global Market by Charger Type Insights

Fast Charger and Slow Charger are two Charger Types available in this market. Fast Charger dominated the market in 2020 and held three-fourth of the market share. The high demand for fast chargers in commercial stations was cited as the reason for the increase. The majority of businesses have installed Level 1 DC fast chargers or Level 2 AC charging stations, which can completely charge an electric vehicle in a time frame of 4 to 6 hours.

Fast Charger Segment to Dominate the global market

Global Market by Application Insights

Global market is segmented based on application as commercial, and residential. In 2020, the residential held the highest share in the market and is likely to dominate in the forthcoming years. The growth of this market is attributed to higher sales of the EV and rising number of charging infrastructure.

Global Market by Regional Insights

Asia-Pacific is the largest market for electric vehicle charging stations, followed by Europe. China is the largest market for buses and electric cars in Asia-Pacific, selling 872 thousand units of New Energy Vehicles (both commercial and passenger vehicles) in the initial nine months of year 2019. The Chinese electric vehicle charging station industry is bolstered by the country's battery electric vehicle market, which receives generous government funding. The incentives for the purchase of new energy vehicles (NEVs) in China have been extended until 2022.

Global Market Competitive Landscape

Most prominent players in the global market include ChargePoint, Inc., AeroVironment, Inc., ClipperCreek, Inc., ABB, BP Chargemaster, Eaton Corp., General Electric Company . The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Charging Station Market by Charger Type, 2015 - 2027

· Slow Charger

· Fast Charger

Global Electric Vehicle Charging Station Market by Application, 2015 - 2027

· Commercial

· Residential

Global Electric Vehicle Charging Station Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Charging Station Market: Key Players

· AeroVironment, Inc.

· ABB

· BP Chargemaster

· ChargePoint, Inc.

· ClipperCreek, Inc.

· Eaton Corp.

. General Electric Company

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