Technology has found the answer to yet another topical problem in the automobile sector - high level of greenhouse gas emissions from automobiles contributing to global warming and climate change. With rapid technological advancements, battery powered vehicles are now a reality. With the introduction of electrically powered vehicles, new avenues have opened up for charging stations. The innovation in automobiles inventing high power electric vehicles are the biggest booster for growth in the global electric vehicle charging station market. Government policies supporting purchase of electric vehicles, push from world level organizations in reducing carbon footprint, and collective efforts to identify alternative sources of fuel are pushing growth in the global electric vehicle charging station market.
Analysts state that the global electric vehicle charging station market will surpass US$ 3 bn by 2026. It is predicted to grow at a whopping 10% CAGR between 2018 and 2026. Automobile companies are introducing cars with equivalent power of gas-powered vehicles. Besides, they are also introducing hybrid vehicles where they run on both electricity and biofuels.
DC Charging and Public Stations to Hold Prominent Shares in the Market
Based on charging station type, the global electric vehicle charging station market is divided into DC, AC, and wireless charging stations. Of this, the DC charging type segment will hold the highest share in the global electric vehicle charging station market. It held 60% of the total market share in 2017. This is mainly due to the attractive pricing and fast charging capacity of DC charging stations. Further, in DC charging stations, it converts electricity before entering the car’s converter and thus charges the battery directly. These aspects fuel growth for DC charging stations in the global electric vehicle charging station market.
When it comes to end-user type, public charging stations hold the highest share. They accounted for nearly 60% of the total shares during 2017 in the global electric vehicle charging station market. Public stations are economical as they have enough parking space and are accessible to everyone. This makes them favorable over private charging stations.
Asia Pacific to Register Highest Growth among All Regions
Geographically, analysts suggest that Asia Pacific will emerge as the largest shareholder of the global electric vehicle charging station market. The rising consumption of automobiles with hybrid and battery power are escalating demand in this region. Further, countries are becoming more responsible towards global warming and climate change. As a result, they are introducing incentives for people purchasing battery-powered automobiles. This is boosting growth in the global electric vehicle charging station market in Asia Pacific.
On the other hand, North America and Europe will continue to remain significant in the global electric vehicle charging station market. High awareness levels among people and stringent pollution-control policies are fueling growth in countries of North America and Europe. The flourishing automobile industry is also a positive for the global electric vehicle charging station market in these regions.
The global electric vehicle charging station market showcases the presence of several players. Some of the major names are Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.
Electric Vehicle (EV) Charging Station Market - Overview
This report analyzes and forecasts the market for electric vehicle charging station at the global and regional level. The market has been forecasted based on revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global electric vehicle charging station market. It also covers the impact of these drivers and restraints on the demand for electric vehicle charging station during the forecast period. The report also highlights opportunities and future scope in the electric vehicle charging station market at the global and regional level.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global electric vehicle charging station market. The Porter’s Five Forces analysis model for the electric vehicle charging station market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein product is benchmarked based on their market size, growth rate, and general market share.
The study provides a decisive view of the global electric vehicle charging station market by segmenting it in terms of charging station type, power output, end-user, supplier type, and geography. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for sun visor in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual segments in all major countries across all regions.
The study includes profiles of major companies operating in the global electric vehicle charging station Market. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, recent developments, key executive bios, and manufacturing footprint.
The global electric vehicle charging station market is primarily driven by government support and increased battery life of electric vehicles. Electric vehicles are a non-polluting mode of transportation and hence, governments of several nations across the globe are providing subsidies for electric vehicles. Several nations have announced a ban on the use of diesel powered vehicles in order to reduce emission to meet the Paris Climate Accord, an agreement signed by 195 nations to keep the global temperature rise well below 2 degree Celsius. Companies such as Tesla have developed technologically advanced batteries for electric vehicles, which vehicle has led to the significant increase in traveling distance per charge. Increased battery capacity and availability of various models of electric vehicles are attracting consumers. Increasing number of electric vehicles is likely to offer numerous opportunities for the electric vehicle charging station market.
The report provides the estimated market size of electric vehicle charging station for 2017 and forecast for the next nine years. The global market size of electric vehicle charging station has been provided in terms of revenue. Market numbers have been estimated based on charging station type, power output, end-user, by supplier type, and regional segments of electric vehicle charging station market. Market size and forecast for each charging station type, power output, end-user, and supplier type segments have been provided in terms of global and regional/country markets.
In order to compile the research report, we have gathered data from different government released papers and news from company websites. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.
Secondary research sources that are typically referred to include, but are not limited to company websites, annual reports, financial reports, broker reports, investor presentations, and SEC filings, internal and external proprietary databases, and relevant patent and regulatory databases, national government documents, statistical databases, and market reports, news articles, press releases, and webcasts specific to companies operating in the market, National government documents, statistical databases, and market reports, European Alternative Fuels Observatory, PluginIndia, Alternative Fuels Data Center, Electric Vehicle Charging Association, ROEV Association, Electric Automobile Association (EAA), Electric Drive Transportation Association, National Electric Drag Racing Association (NEDRA), Factiva, etc.
Primary research involves e-mail interactions, telephonic interviews, Linked interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.
The global electric vehicle charging station market has been segmented as follows:
Global Electric Vehicle (EV) Charging Station Market, by Charging Station Type
- AC Charging
- DC Charging
- Wireless Charging
Global Electric Vehicle (EV) Charging Station Market, by Power Output
- <11 kW
- 11kW-50 kW
- >50 kW
Global Electric Vehicle (EV) Charging Station Market, by End-user
- Private Type
- Public Type
Global Electric Vehicle (EV) Charging Station Market, by Supplier Type
- OE Charging Station
- Private Charging Station
Global Electric Vehicle (EV) Charging Station Market, by Region/Country/Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America