Global Electric Vehicle (EV) Charging Station Market is expected to Grow at CAGR 29% by 2027 owing to Growing Adoption of Electric Vehicles across Various Regions, says Absolute Markets Insights

The integration of technology in the automobile sector has been notable for the growth of various companies in the industry over a long time. Technological advancements in sciences and engineering have influenced numerous improvements across the sourcing, production, quality control and distribution processes for the manufacturing and automobile industry. In addition to this, the fuels used across the automobile sector have also been improved upon through various product development and quality control processes from various companies. Recent studies in the use of automobiles across various regions have represented the effects of the fuels on the environment in general. This along with favorable government initiatives have encouraged automotive manufacturers to develop electric systems for propulsion of various vehicles. Vehicle manufacturers have also collaborated with numerous organizations to construct charging stations for the vehicles manufactured by them. A notable collaboration in recent years was observed between General Motors and EVgo Services LLC for charging infrastructure across the United States. This has led to the emergence of a new sector across various countries in recent years.

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Electric vehicles are observed to be charged through two types of current namely, alternating current and direct current. Alternating current based charging is available to users through level 1 and level 2 charging stations. These levels are based on the voltage provided across various countries. Level 1 charging usually deals with 120V charging voltage whereas level 2 charging deals with 240V charging voltages. The current flow in these stations are similar to those available in the household connections available in urban and rural areas. Since the capacities of the batteries installed across various vehicles is huge, this type of charging leads to longer charging times. In order to improve charging times, vehicle charging providers have developed charging stations based on direct current charging principles. Direct current charging or fast charging is available across various stations but is observed to be lower in deployment numbers owing to higher infrastructure costs and operating costs. The growing demand for fast charging support is expected to propel the deployment of fast charging stations across various countries, which is anticipated to compliment the growth of electric vehicle (EV) charging station market over the forecast period.

Electric vehicle charging stations are primarily observed to be constructed in residential and commercial areas. Newer residential properties are seen to dedicate certain areas for housing charging stations. Commercial establishments including gas stations, workplaces, hotels and restaurants, along with government facilities among others are being considered as key positions for deployment of electric vehicle charging stations. Residential charging stations are targeted at providing charging support for users in their places of residences while commercial charging stations are targeted at providing charging support to users when they are traveling. The providers of electric vehicles are observed to be providing charging infrastructure along with their vehicles majorly in the residential positions. In addition to this, collaborations between vehicle manufacturers and utility companies have led to widespread expansion of charging stations in the commercial areas across various states and regions. In India, MG Motor India has announced a collaboration with Tata Power regarding the construction of electric charging infrastructure in the country. The stations would house 50KW fast chargers and would use DC charging methods. Growing adoption of electric vehicles in the passenger and commercial vehicle segments is expected to help the growth of electric vehicle (EV) charging station market in terms of deployment of electric vehicle charging stations in urban and rural areas. Government initiatives for encouraging the purchase of electric vehicles is also expected to aid the growth of global electric vehicle (EV) charging station market over the forecast period.

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The automobile industry has been affected significantly on the global level due to the growing prevalence of the novel coronavirus (COVID-19). The entire supply chain which is known to support and help the automobile sector has experienced limitations in executing their operations on the optimal levels over the recent months. These factors have been influential in terms of the number of vehicles sold across various segments in numerous countries. In addition to this, the construction of a variety of facilities which service the automobile industry also was observed to have slower down in the recent months. The future provides a positive foundation for the market. Major reasons for the same include reducing limitations on travel for people along with the opening of key manufacturing operations across various industry verticals. In addition to this, initiatives for collaborations regarding construction of charging infrastructure among vehicle manufacturers and service providers is also expected to aid the growth of the electric vehicle (EV) charging station market over the forecast period.

The detailed research study provides qualitative and quantitative analysis of the global electric vehicle (EV) charging station market. The electric vehicle (EV) charging station market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America

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Global Electric Vehicle (EV) Charging Station Market

  • By Product Type
  • AC EV Charging Station
    • Level 1
    • Level 2
  • DC EV Charging Station
    • CHAdeMO
    • Combiner Charging Station
    • Others
  • By Installation Type
  • Residential
  • Commercial
  • By Supplier Type
  • Private Charging Station
  • OE Charging Station
  • By Region:
  • North America
    • S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

 

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