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Electric Vehicle Charging Services Market by Vehicle Type(Battery Electric Vehicle (BEV), Plug–In Hybrid Vehicle (PHEV)) by Charging Station (AC Charging Station, DC Charging Station, Inductive Charging Station) by Application (Residential, Commercial): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Vehicle Charging Services Market is expected to cross-market value of USD 5,787.9 million in 2027 from USD 3,986.4 million in 2020. It is expected to grow at a CAGR of over 5.4% during the forecast period.

Key Market Drivers and Restraints

Growing demand for electric vehicles and changing preference toward promoting eco-friendly coupled with increasing environmental concerns are major factors expected to drive the growth of the global market. Also, rising R&D activities by manufacturers for highly developed charging stations with improved charging capabilities and charging time are expected to create new opportunities for players operating in the global market.

However, the high cost of an electric vehicle is expected to restrain the growth of the global market.

Impact of COVID 19

With the outburst of pandemic COVID-19, the earth's governments have shifted their focus to health care services in their countries. With the forced lockdown, all transportation work was affected as the public was required to stay at home to keep a social distance, affecting the workers' availability and the projects. However, infrastructure projects are resuming with the steady opening of the economies.

The Asia Pacific to Dominate the global Electric Vehicle Charging Services Market

The global Electric Vehicle Charging Services Market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. Asia Pacific is dominated by the global market and accounts for more than 71% of the total market. This is attributed to china being the largest market for electric cars and buses, and it sold 872 thousand units of New Energy Vehicles for the first nine months of 2019, exhibiting a growth rate of 20.8%.

The Charging Station leads Global Electric Vehicle Charging Services Market.

AC Charging Station, DC Charging Station, and Inductive Charging Station are the key Charging Station in the Electric Vehicle Charging Services Market. In 2020, the DC Charging Station segment accounted for the largest share of the Electric Vehicle Charging Services Market. However, the AC Charging Station segment is anticipated to grow at the fastest CAGR during the forecast period.

Battery Electric Vehicle (BEV) would continue to dominate the global Electric Vehicle Charging Services Market in terms of Vehicle Type.

Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV) are some major types of Vehicles Type. Battery Electric Vehicle (BEV) segment accounted for the largest share of 2020 in the Electric Vehicle Charging Services Market 2020. This is attributed to long-term solutions for mobility compared with an internal combustion engine (ICE) powered vehicles.

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Godaddy
Published Date:  May 2021
Category:  Automotive & Transportation
Report ID:   60366
Report Format:   PDF
Pages:   120
Rating:    4.3 (69)
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