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(I-AutoNewsWire.com, March 23, 2022 ) The global Electric Vehicle Charging Station Market size is projected to grow from 2,354 thousand units in 2022 to 14,623 thousand units by 2027, at a CAGR of 44.1%. Automotive companies and component manufacturers are investing significant amounts in research and testing of EV charging technology. Factors such as rising sales of EVs around the world, along with the growing demand for zero emission transport will boost the demand for the Electric Vehicle Charging Station Market. The Electric Vehicle Charging Station Market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US), and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the Electric Vehicle Charging Station Market.
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Level 3 segment is estimated to account for the fastest-growing market during the forecast period
Level 3 charging is expected to be the fastest-growing segment by level of charging during the forecast period. The Asia Pacific region currently has the highest number of level 3 EV charging stations due to the high growth of EV usage in countries such as China, Japan, and South Korea. It is also expected to be the region where level 3 charging stations are expected to grow the fastest. In this region, the fast plug and charge options are preferred to home charging or waiting long hours for vehicles to charge. China’s significant expansion in the EV infrastructure led to the highest growth of level 3 charging in the Asia Pacific region. In Europe, level 3 charging is led by countries such as the Netherlands, the UK, France, and Germany. These countries have collaborated with major automobile manufacturers and charging service providers to increase their EV charging network. These measures make Europe the second-highest growing market for level 3 charging. The North American region is led by the US, which has also started implementing measures to increase EVs on roads. 13 US states, including California, Maryland, Oklahoma, and Washington, have been at the forefront of increasing EV usage in their states. While these states have well-developed level 3 charging networks, the rest of the US has yet to increase EV usage and infrastructure.
Public chargers will be the fastest-growing segment during the forecast period
The availability of public EV charging plays an important role to purchase electric vehicles across the globe. Public charging and access to fast charging are viewed as key criteria when buying an electric vehicle. This is anticipated to bolster revenue growth for the public charging segment. The Asia Pacific region continues to install public chargers at a significant rate due to the rising number of EV users, especially in China, India, and South Korea. These countries have implemented policies to increase the usage of EVs by providing subsidies and reduced taxes. They also encourage the growth of EV manufacturers and related industries by providing grants or implementing preferential policies for EV-related companies to enable them to expand faster. A steady surge in economic growth, urbanization, travel demand, etc., coupled with increasing investments toward electric mobility to contribute to energy storage and environmental sustainability is anticipated to bolster the growth of the public charging station segment.
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Key Market Players:
The electric vehicle charging station market is dominated by major charging providers including ABB (Switzerland), Shell (Netherlands), ChargePoint (US), Tesla (US) and BYD (China). They develop products and provide service offerings for the electric vehicle charging ecosystem. They have initiated partnerships to develop their EV charging technology and provide finished products and charging services to their respective customers for the electric vehicle charging station market.
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Mr. Aashish Mehra