Transparency Market Research has released a new market report titled “electric vehicle charging station market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018-2026.” According to the report, the global electric vehicle charging station market is anticipated to expand at a CAGR of about 10% during the forecast period and estimated to touch US$ 3 Bn by 2026.
An electric vehicle charging station, also called Electric Vehicle Supply Equipment (EVSE), is a device that connects the electric vehicle to a source of electricity in order to recharge the electric vehicle’s battery. Charging stations include wired and wireless charging, depending on the vehicle type. The EVSE can be installed at home, at municipality-operated charging stations, at private charging stations, at malls, and beside roads. Continuous research and development have resulted in the development of chargers that can charge vehicles at a rapid pace.
Based on charging speed, chargers have been classified into various levels. Level 1 chargers are basic chargers, which have very slower speed of charging. DC chargers or level 3 chargers are widely being utilized owing to their rapid charging ability; however, these chargers are not compatible with all types of electric vehicles. Few electric vehicle manufacturers, such as Tesla, have developed superfast chargers that are capable of expressively rapid charging. Increase in the number of electric vehicles is fueling the demand for publicly available fast chargers, which in turn is expected to offer lucrative opportunities for manufacturers of fast chargers.
Advancement in Technology Likely to Offer Promising Growth Opportunity
On the basis of technology, the global market for electric vehicle charging station is likely to dominate on account of level 2 charger that provide charging capacities of 120 to 240 Volts. This charger is better and more cost effective than the other charger such as charging level 3 charger and also more efficient than the level 1 charger are some of the factor boosting its growth across the globe. Geographically, Asia Pacific likely to dominate the global market for electric vehicle charging station on account rising concern about the environmental pollution and favorable government policy to boost the growth of this market in near future.
Tax Exception by the Government Likely to Boost Sale
The demand for electric vehicle charging station increases due to rise in sale of the electric vehicles across the globe. Furthermore, increasing government regulation and policy and environmental awareness about the growing population are some of the key factors likely to influence positive growth of the global electric vehicle charging station. The government has promoted several policies such as tax exception to boost the growth of the electric charge vehicle, this can be another factor propelling the overall growth of this market. Moreover, the government are also lowering the overall production cost of the highly advanced electric vehicle at favorable price which is one of the important factor positively triggering the growth of the global electric vehicle charging station market.
On the other hand, high cost involves with the production of the electric vehicle and high speculation associated with the manufacturer to develop charging are some of the factor negatively impacting the growth of this market in coming years. As the market keeps on reeling under these speculations and the electric vehicle market is missing out in the developing countries, this can be another restraining factor affecting the growth of the overall global electric vehicle charging station market.
In terms of region, Asia Pacific dominates the global electric vehicle charging station market. Asia Pacific accounted for around 84 % share of the market. This high share held by the region is due to the expansion of the electric vehicle industry in the region, especially in China, Japan, and South Korea. China held a prominent share of the market in Asia Pacific and is projected to remain dominant during the forecast period. Rising sales of electric vehicles in the region and surging electric vehicle network in China are major factors that are anticipated to propel the electric vehicle charging station market during the forecast period. Furthermore, the government of China has formulated several policies toward the development of charging bases and electric vehicle fleet.
Prominent players operating the global electric vehicle charging station market include ABB, EVgo Services LLC., ChargePoint, Inc., Blink Charging Co., Allego, Scheinder Electric, Toshiba Corporation, Wi Tricity Corporation, Mojo Mobility, Inc., AeroViroment, Inc., Robert Bosch GmbH, GENERAL ELECTRIC, Evatran Group, Chargemaster plc., Siemens AG, Hella KGaA Hueck & Co., Leviton Manufacturing Co., Inc., Efacec, Alfen N.V., Elix Wireless, Engie, Denso Corporation, ClipperCreek, Tesla, Infineon Technologies AG, and Qualcomm Technologies, Inc.