AC Charging Station Market: Overview
- Rise in demand for electric vehicles is significantly boosting the demand for EV charging services. Significant implementation of the stringent emission norms globally is set to boost the demand for electric vehicles, thereby driving the electric vehicle charging station market. The need for smart connectivity in passenger vehicles, especially electric vehicles, is boosting the demand for electric vehicle supply equipment (including for EV charging stations).
- Electric vehicle charging station, also known as EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids
Key Drivers and Restraints of AC Charging Station market
- Electric vehicles have become an integral part of the automotive industry. They represent a pathway toward achieving energy efficiency and reduced emissions of pollutants and greenhouse gases. Increasing environmental concerns and favorable government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. Electric cars are expected to account for 15% of the overall vehicle sales by the end of 2025.
- The electric vehicle market has been expanding at a healthy pace since the last few years. In 2020, many European countries witnessed a double-digit growth rate in EV sales. Europe captured around 43% of the global EV sales in 2020 compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units compared to 2.26 million in 2019. This spike in sales can be ascribed to the increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emission vehicles.
- However, lack of standardization in charging infrastructure is the major restraint of the AC charging station market
Global AC Charging Station Market: Segmentation
- The global AC charging station market can be segmented based on vehicle type and application
- Based on vehicle type, the global AC charging station market can be bifurcated into plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV). The BEV segment is expected to witness the highest growth during the forecast period. Leading automotive companies such as Tesla, BMW, and Nissan are now offering wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf, thereby driving the demand for wireless EV charging market. OEMs are focused on BEVs for curbing rising pollution due to strict government regulations.
- Based on application, the global AC charging station market can be segregated into public and private. The public segment is projected to hold key share of the global market during the forecast period.
Global AC Charging Station Market: Regional Segmentation
- In terms of region, the global AC charging station market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe was the leading region of the global AC charging station market in 2020. Several countries in Europe are witnessing high adoption of electric vehicles. Countries such as Norway, Luxembourg, Germany, and the U.K. have large numbers of electric vehicles. Thus, demand for EV charging service points is high in these countries.
- Asia Pacific is a highly lucrative market for AC charging station. The number of electric vehicles in China is increasing. Implementation of stringent emission norms and rise in awareness about benefits of electric vehicles are propelling the demand for electric vehicles in China and India.
- Governments of several countries across Asia Pacific and Europe have announced to have about 40% of electric vehicles in the fleet of government vehicles. Increase in government support and subsidies is likely to propel the global EV charging service market during the forecast period. This is expected to drive the AC charging station market in these regions.
COVID-19 Impact on Global AC Charging Station Market
- The COVID-19 pandemic has adversely affected the global AC charging station market. With the outbreak of pandemic COVID-19, governments around the world shifted their focus from other activities to health care facilities in their countries. Imposition of lockdowns hampered infrastructure work, as people were forced to stay at home to maintain social distancing to avoid the spread of the virus. This impacted the availability of the workforce, thereby affecting projects.
Key Players in Market
The AC charging station market is fairly consolidated, with companies focusing on integrating advanced technologies to increase their market share.
Key players operating in the global market are:
- EVgo Services LLC
- ChargePoint, Inc.
- Blink Charging Co.
- Schneider Electric
- Toshiba Corporation
- Wi Tricity Corporation
- Mojo Mobility Inc.
- AeroVironment, Inc.
- Robert Bosch GmbH
- General Electric
Global AC Charging Station Market: Research Scope
Global AC Charging Station Market, by Vehicle Type
- Plug-in Hybrid Electric Vehicles (PHEV)
- Battery Electric Vehicles (BEV)
Global AC Charging Station Market, by Application
Global AC Charging Station Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.