Installation of Wireless Charging Facilities to Witness High Demand in the EV Charging Station Market
According to the latest Arizton's market research report, the EV charging station market size to cross over USD 14 billion by 2026, growing at a CAGR around 36% during the forecast period.
Global Electric Vehicle Charging Station Market Growth
Charging infrastructure or charging systems are the equipment that is manufactured and installed by various EV charging players. The emergence of newer technologies such as ultra-fast charging, flash charging, and inductive charging, vendors are investing in R&D activities to witness significant growth in the global EV charging station market. By 2027, it is anticipated that Level 2 charging infrastructure will account for the majority share in the global EV charging equipment market. Many countries have recognized the necessity to go electric to minimize the rising emissions from automobiles, with the US and China leading the way. China, the US, and a few European countries have subsidized the costs for installing electric vehicle charging systems in apartment complexes, semi-public zones, and private residences, among other places.
Interesting facts to know!
- China has invested roughly USD 2.4 billion to improve the charging infrastructure in the country until 2020.
- Robust model of charging infrastructure is expected to gain profits with the growing demand along with a flexible revenue cost structure for the consumers.
- European countries have started to invest more in their own EV battery production on par with their transportation decarbonization goals.
- The concept of wireless charging will make the entire process of charging faster and easy in the global EV charging station market.
Key Offerings:
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by application, mode of charging, voltage, operation sites, and geography
- Competitive Landscape – 8 Key Company Profiles and 25 Other Prominent Vendors
APAC to Dominate the Global EV Charging Station Market
In recent years, the adoption of EV vehicles across APAC has witnessed significant growth. Major developments have taken place in EV charging owing to the rising pollution in various APAC countries. The Indian government's scheme called Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME II) is creating growth opportunities for EVs and charging infrastructure in the region. The EV charging infrastructure market in APAC is expected to reach over USD 9 billion by 2026. In March 2021, Japan trailed Norway and France in per capita of around 18000 EV charging systems. The Government of Japan is expected to meet its 2050 decarbonization target and needs to deploy a maximum number of EV charging points to increase the EV adoption rate in the nation.
Strategies Adopted by the Players in Global EV Charging Station Market
Various strategies are adopted by the leading players in the e-mobility industry to gain momentum and high market share. Alliances and collaborations have emerged as the most common alternative in the competitive environment of the EV quick charger systems market. Companies are developing new products to expand their product portfolio and presence in the global EV charging station market. To expand the EV fast charger market and make it commercially viable, a strong public-private relationship is required. The APAC, Europe, and North American economies are the three most promising EVCS markets and is expected to witness high growth in the future. These three markets are home to most of the biggest competitors. For instance, ABB Vehicle-to-Grid technology will set the global benchmark for bi-directional charging with brand-new 11 kW stations. Collaborations and partnerships are the key strategies of ABB in the global EV charging station market.
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