Electric Vehicle Charging Stations Market to Witness Huge Growth by 2027
The global portable chargers for electric cars market size is expected to showcase a significant growth by reaching USD 100.96 billion by 2027, while exhibiting an astounding CAGR of 23.24% between 2020 and 2027. This is attributable to the increasing government fund to develop electric charging infrastructure and the growing demand for electrification of vehicles across the globe. This information is published by Fortune Business Insights, in its latest report, titled, âElectric Vehicle Charging Station Market Size, Share & Industry Analysis, By Charger Type (Fast, Slow/Moderate), By Application (Commercial, Residential) and Regional Forecasts, 2020-2027.â The report further mentions that the market was worth USD 39.70 billion in 2019.
Source:
https://www.fortunebusinessinsights.com/electric-vehicle-ev-charging-stations-market-102058
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An electric vehicle charging station is a built-in charging point infrastructure that is used to supply energy to electric vehicles (EVs). The EVs consists of converter boards that can be used to plug into the standard high-capacity electrical outlets or stations. These stations support faster charging of the EVs even at higher currents and voltages. In addition to this, they consist of a heavy-duty special type of converters that can be plugged into an EV to facilitate rapid charging.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
DRIVING FACTORS
Increasing Government Fund for Developing Charging Infrastructure to Promote Growth
Several automakers are introducing new plug-in hybrids and electric vehicles across the globe. Owing to the increasing focus on reducing greenhouse gas emission and providing better quality air, the government is facilitating funds to develop new electric vehicle charging station networks in the forthcoming years. For instance, in July 2020, the Florida Governor, Ron DeSantis announced about USD 8.6 million funding to develop electric vehicle charging stations along the state highways. Therefore, the increasing government funds to develop charging stations are expected to drive the global electric vehicle charging station market during the forecast period.
SEGMENTATION:
Slow/Moderate Charger Segment Held a 16.92% Share Stoked by the Increasing Availability of the Chargers
The segment slow/moderate charger, based on charger type, held a market share of about 16.92% in 2019 and is likely to showcase a considerable growth owing to the presence of chargers largely across the globe.
REGIONAL INSIGHTS
Asia-Pacific to Remain at the Forefront; Increasing Focus on Developing Charging Infrastructures to Spur Demand
Among all the regions, Asia-Pacific was worth USD 20.06 billion in 2019 and is likely to hold the highest global electric vehicle charging station market share during the forecast period. This is attributable to the increasing focus on developing electric vehicle charging stations in countries such as China in the region. The market in North America will experience an exponential growth in the forthcoming years. This is ascribable to factors such as the presence of several electric charging networks in the United States between 2020 and 2027.
COMPETITIVE LANDSCAPE
Partnerships between Major Companies to Strengthen Their Market Positions
The global electric vehicle charging station market is consolidated with the presence of major players such as ChargePoint, Inc. Key players are expanding their operations by establishing partnerships between them in a bid to broaden their footprints in the fiercely competitive global marketplace. In addition to this, the adoption of strategies such as merger and acquisition, collaboration, and the introduction of new products by the companies will bode well for the market growth during the forecast period.
Industry Development:
July 2020: Eversource, a leading energy solutions provider, in collaboration with the Town of Natick, completed the installation of 3 dual-port electric vehicle charging stations at John J Lane Park and Community Gardens, Dug Pond, and Connor Heffler Park. The collaboration is aimed at bringing down the emission levels drastically and promote green culture in the town.
List of the Companies Proliferating in the Market:
ChargePoint Inc. (California, USA)
Schneider Electric (Rueil-Malmaison, France)
Tesla Inc. (Palo Alto, California, USA)
BP Chargemaster (Luton. UK)
Shell International BV (The Hague, The Netherlands)
Webasto Group (Stockdorf, Germany)
Siemens AG (Munich, Germany)
EVBox (Amsterdam, USA)
Eaton (Dublin, Ireland)
Other
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