Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station), Installation Type (Residential, Commercial), and Region (North America, Europe, Asia Pacific, and Row) - Global Forecast to 2023
“The electric vehicle charging stations market is expected to witness significant growth between 2018 and 2023”
The electric vehicle charging stations market is expected to grow from USD 5.30 billion in 2018 and reach USD 30.41 billion by 2023, at a CAGR of 41.8% between 2018 and 2023. Key factors driving the growth of the electric vehicle charging stations market include government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs. However, high price and small distance covered by EVs and lack of standardization with EV charging are the key restraining factors for the market growth.
“The market for DC charging station is expected to grow at a higher CAGR during forecast period”
The market for DC charging stations is expected to grow at a higher CAGR between 2018 and 2023. The ability of DC charging stations to charge an electric vehicle (EV) in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the electric vehicle charging stations market. Also, the increasing popularity of public charging stations is boosting the demand for DC charging stations.
“The electric vehicle charging stations market in APAC is expected to grow at the highest CAGR during the forecast period”
The electric vehicle charging stations market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The rapid expansion of EV charging stations in China supports the growth of electric vehicle charging stations market in APAC. The country aims at installing approx. 500,000 public EV charging stations by 2020. Furthermore, other Asian countries, such as India, Thailand, and Singapore, have announced their investment plans to develop EV charging infrastructure. These factors are expected to drive the growth of the electric vehicle charging stations market in APAC.
The break-up of the profiles of primary participants for the report has been given below.
By Company Type: Tier 1 - 45%, Tier 2 - 35%, and Tier 3 - 20%
By Designation: C-Level Executives - 50%, Directors - 30%, and Others - 20%
By Region: North America - 30%, Europe - 25%, Asia Pacific - 40%, and RoW - 5%
Key players operating in the electric vehicle charging stations market include ChargePoint (US), ABB (Switzerland), Tesla (US), Engie (France), AeroVironment (US), Schneider Electric (France), Siemens (Germany), Efacec (Portugal), EVgo (US), Leviton (US), Alfen (Netherlands), Allego (Netherlands), Blink Charging (US), Clipper Creek (US), SemaConnect (US), and TGOOD (Hong Kong).
The research report on the electric vehicle charging stations market analyzes and forecasts the market based on charging station, installation type, and region. Based on charging station, the market has been segmented into AC charging station and DC charging station. On the basis of installation type, the electric vehicle charging stations market has been classified into residential and commercial. The report also provides a detailed analysis of the electric vehicle market based on vehicle type and region. Based on region, the electric vehicle and electric vehicle charging stations market has been classified into 4 major regions: North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Key Benefits of Buying the Report:
Illustrative segmentation, analysis, and forecast of the market based on charging station, installation type, and region have been conducted to offer an overall view of the electric vehicle charging stations market.
The value chain analysis has been performed to provide an in-depth insight into the electric vehicle charging stations market.
The report provides a detailed overview of major drivers, restraints, opportunities, and challenges influencing the growth of the electric vehicle charging stations market.
The report also includes competitive landscape, along with in-depth analysis and revenue of key players.
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