The global electric vehicle charging stations (EVCS) market is predicted to grow from USD 3.22 billion in 2021 to succeed in USD 30.41 billion by 2026, expanding at a CAGR of 41.8% between 2021 and 2026.
An electric vehicle charging system is an equipment that is used to connect electric vehicle and a plug-in electric vehicle to a source of electricity to recharge them. Supported the charging level, electric vehicle charging systems are categories into level 1, 2, and 3 chargers. Powered by batteries and electric motors, electric cars are available in sort of models with various capabilities and range. These systems also are provided by private companies or electric utility companies. Interest for equipment that supports quick charging at a higher voltage and current is increasing, due to the rising demand for publicly accessible charging stations.
The crucial factors propelling the expansion of the global electric vehicle charging station market include government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and massive investment from automakers in EVs. However, high price and little distance covered by EVs and scarcity of standardization with EV charging are the preventing factors for market growth. Strategic initiatives by major players to provide a free charging facility to electric vehicle owners will gain significant attraction in the market over the foreseen period.
Electric vehicles (EVs) charging infrastructure are going to be available at every 4 kilometres in big cities within a year, following the award of two, 600 charging stations to state-run companies, said people conscious of the matter. This is able to address the difficulty of hysteria over the range of EVs, they said.
Tata PowerNSE -1.64 which there's getting to increase its network of electric vehicle charging stations to 700 by next year, top company officials announced.
The month of February began on a dull-note for India's electric vehicle industry because the minister of finance Nirmala Sitharaman missed mentioning the driving e-mobility opportunity within the country and its players within the Union Budget 2020. This was followed by Auto Expo haul within the capital city which brought in new launches also as new commitments from larger manufacturers.
Drivers and Restraints of Electric Vehicle Charging Stations:
The growing need for EVs in various parts of the planet is predicted to extend the demand for charging stations. As a result, multiple governments are funding for the event of charging station infrastructure, also as subsidizing the EV charging infrastructure. As an example, in July 2016, the United States government introduced to make a partnership between the Department of Transportation (DOT) and therefore the Department of Energy (DOE) for "a 2020 vision for a national fast-charging network." The project may be a part of Fixing America's Surface Transportation (FAST) Act. The partnership will determine the most unaffected locations for charging stations and therefore, the cost for charging and utility infrastructure. However, in September 2017, the German Federal Ministry of Transport and Digital Infrastructure granted a fund of USD 4.9 million to Fastened B.V., an EV fast-charging station provider. This fund was a charge to develop 25 quick-charging stations in Germany, which are capable of supplying a distance up to 250 km within 20 minutes.
Electric vehicles are advantageous over conventional vehicles; moreover, their cost is above traditional cars. The extra cost of shopping for an electric vehicle rather than the fuel-powered vehicle is mainly thanks to the high price of the battery. Involvement of pricy manufacturing process and use of costly raw materials is one among the main reasons for the high cost of electric vehicles, which hinders the expansion of the electric vehicle charging system market.
By Product Type
By Mode of charging
Instead of using a plug-in cable charging method to charge electric vehicles, wireless charging technology for electric vehicle take on the principle of magnetic induction to charge electric vehicle batteries. Additionally, various automobile giants are performing on the event of the wireless electric vehicle charging system. As an example in June 2018, BMW, an industry giant, deployed wireless charging technology in its newest Hybrid Electric Vehicle (HEV) named 530e iPerformance. Furthermore, this technology enables drivers of electric vehicles to park their vehicles over a charging pad on the bottom to charge it. This charging system isn't suffering from rain, snow, and other weather. However, the development of wireless charging technology for electric vehicle holds an exciting growth opportunity for the players operating within the electric vehicle charging system industry.
By Charging voltage level
Electric Vehicle Charging Stations Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
A majority of electric vehicle charging station installations in the Asia Pacific (APAC) is driven by huge demand in countries like China and Japan. Currently, APAC is the largest marketplace for electric vehicle charging stations globally. Moreover, South Korea and India are taking initiatives to scale back greenhouse emission emissions by increasing the utilization of EVs. as an example, India, one among the most critical contributors of greenhouse gases, has pledged to end petrol and diesel cars by 2030. This initiative by the Indian government is predicted to make an enormous demand for EVs and EV charging infrastructure within the country. However, in September 2017, the Indian government decided to shop for 10,000 electric cars from Tata Motors to exchange old petrol and diesel cars employed by government agencies. Thus, in September 2017, the Singapore government announced its first large-scale EV car-sharing program. Under the program called car-sharing, BlueSG (Singapore), a subsidiary of Bollore Group, will develop 500 charging stations equipped with 2,000 charging points in Singapore.
Key Players of Market:
Some of the Major Key players are:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Electric Vehicle Charging System Market, By Product Type
6.1.1 Home Charging Systems
6.1.2 Commercial Charging Systems
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Electric Vehicle Charging System Market, By Mode of Charging
6.2.1 Plug-In Charging System
6.2.2 Wireless Charging System
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Electric Vehicle Charging System Market, By Charging Voltage Level
6.3.1 Level 1
6.3.2 Level 2
6.3.3 Level 3
6.3.4 Market Size Estimations & Forecasts (2019-2024)
6.3.5 Y-o-Y Growth Rate Analysis
6.3.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Product Type
7.2.3 By Mode of Charging
7.2.4 By Charging Voltage Level
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Product Type
7.3.3 By Mode of Charging
7.3.4 By Charging Voltage Level
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Product Type
7.4.3 By Mode of Charging
7.4.4 By Charging Voltage Level
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Product Type
7.5.3 By Mode of Charging
7.5.4 By Charging Voltage Level
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Product Type
7.6.3 By Mode of Charging
7.6.4 By Charging Voltage Level
8. Key Player Analysis
8.1 Tesla Motors Inc.
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Delphi Automotive Plc
8.3 Schneider Electric
8.4 Leviton Manufacturing Co., Inc.
8.5 AeroVironment, Inc.
8.6 ChargePoint Inc.
8.7 General Electric
8.8 SemaConnect Inc.
8.9 Bosch Automotive Service Solutions Inc
8.10 Clipper Creek
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures