EV Update Media – Electric Vehicles and Battery Industry News & Updates

A platform specially designed and developed to keep the industry updated with the right Knowledge, News and Information about developments happening in the Electric Vehicles & Battery sector

Industry Forecast

Global Electric Vehicle Charging Station Market To Reach 30.8 Billion USD By 2026

The global electric vehicle charging station market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 30.8 Billion by 2026.

Electric vehicle charging stations is known with multiple names including electric vehicle charging point, electric recharging point is an infrastructural point that is known for supplying electric energy to the electric vehicle. There are main three types of electric vehicle charging including rapid, fast and slow depending on the power outputs which also represents charging speed. Electric vehicle charging is simply convenient and one can also charge their vehicle from home itself. Charging station comes with heavy duty connectors which made vehicle charging easy from normal source of energy.

Considering the emergence of electric vehicle over the past few years, the global electric vehicle charging stations market is operating at introductory phase of its industry life cycle. With growing adoption of electric vehicle the market is expected to heading towards growth expansion phase over the next decade. Emergence of electric vehicle is the prominent factors which are pushing the need of charging infrastructure thereby driving the overall market growth. Globally collective efforts are being undertaken in order to reduce carbon footprint. To support this, government from various geographies are launching policies to support the sales of electric vehicle as a suitable alternative to fuel. This factor is impacting the overall market growth with increasing adoption of electric vehicles across the globe.

Technological advancement across the globe and in the automotive industry itself is also giving the birth to the advanced products which made manufacturers to produce sustainable products. In addition to this, increasing level awareness among the consumers and shifting trend of automotive industry from fuel based to electric eco system is further supporting the growth of global electric vehicle charging station. On the other hand, higher cost of DC charging stations as compared to the traditional one is anticipated to hamper overall market growth. Nevertheless, ongoing research and development activities and increasing investment in the same is further offer lucrative growth opportunities.

Asia Pacific is the largest regional market in the global market for electric vehicle charging station market and it is expected to be the largest one by the end of forecast period. High automotive production base in the China and India and largest product launches of hybrid vehicle in the Asia-Pacific region is encourage the growth of electric vehicle charging stations. Increasing initiatives at country level regarding pollution and climatic changes is resulting into increased awareness for electric eco systems by reducing the fuel based vehicle adoption. The intensity of this factor is expected to more effective over the coming years in Asia Pacific which likely unlock immense growth opportunities over the next decade.

Some of the major players in the global Electric Vehicle Charging Stations market are, Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.

Electric Vehicle Charging Station Market Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026 Report
Acumen Research and Consulting