Global Electric Vehicle (EV) Charging Station Market Gathering Steam: Likely to Grow at a CAGR of 46.3% by 2027
Published | 12 November 2021
The global electric vehicle (EV) charging station market is growing at a high CAGR because of the increasing initiatives by the government to accelerate the growth of EVS and EV charging stations. Moreover, growing fuel prices and rapid shift towards energy-efficient alternatives also favors the market’s growth…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global electric vehicle (EV) charging station market was worth 2116 thousand units in the year 2020. According to the study, the market is estimated to grow at a CAGR of 46.3%, reaching around 30,173 thousand units by the end of 2027. The demand for the global electric vehicle (EV) charging station market is expected to grow at a significant rate, during the forecast period. Increasing initiatives by the government to accelerate the growth of EVs and EV charging stations, along with growing fuel prices, is pushing consumers to switch towards better and energy-efficient alternatives, which in turn is driving the demand for EV charging stations. In addition, initiatives such as Net Zero, which indicates America’s aggressive approach in cooperating with countries to drive a global shift to net zero emissions by 2050 is also propelling the market forward. Also, rising electric car production capacity is expected to provide lucrative growth possibilities for the market during the forecast period.
Growing Environment Consciousness And Aim Towards Sustainability
Growing environmental consciousness among consumers is one of the major factors propelling the demand for electric vehicles. Electric cars are 100% eco-friendly as they run on electric-powered engines and thus, do not release smoke or toxic gases such as carbon monoxide into the environment. Moreover, electric cars are also much quieter than fuel cars and therefore, help in controlling noise pollution. With the increasing number of electric cars, the need for EV charging stations is going to rise, propelling the market growth in the forecast period.
Increasing Fuel Prices And Low Charging Costs Is Estimated To Propel The Market Growth
Fuel prices are always volatile and are often increasing, putting an enormous burden on consumers. An average American is estimated to pay 15 cents for every mile driven with fuel, whereas they only have to pay 5 cents for the same distance driven with electricity. The use of electricity to run vehicles proves to be highly cost-effective for both consumers as well as countries since most countries have to import fuel from other oil-producing countries. The high prices of fuel are significantly prompting the consumers to shift towards electric vehicles, driving the need for electric vehicles (EV) charging stations.
Global Electric Vehicle (EV) Charging Station Market - By Supplier Type
Based on supplier types, the global electric vehicle (EV) charging station market is categorized into private charging stations and OE charging stations. The private charging station accounts for the largest market share and is also projected to witness the highest CAGR during the forecast period. Growing ties of charging station manufacturers with government regulatory bodies across the globe that offer superior charging ports and connectors is a major factor fueling the growth of the private charging station segment. On the other hand, the OE charging station is also anticipated to witness substantial growth in the forecast period.
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Global Electric Vehicle (EV) Charging Station Market - Regional Insights
Geographically, the global electric vehicle (EV) charging station market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Europe dominates the global electric vehicle (EV) charging station market among these regions. However, the Asia Pacific is likely to witness the fastest growth during the forecast period. The demand for electric vehicle (EV) charging stations in the region is projected to rise due to the expansion of the electric vehicle industry in the region. In the forecast period, significant investments are expected to be made by the public and private sectors in charging stations. For example, the national refineries of India intend to build a huge number of charging stations for electric vehicles throughout the country.
Impact of COVID-19 on Global Electric Vehicle (EV) Charging Station Market
The sudden outbreak of the COVID-19 pandemic initially had a negative impact on electric vehicle (EV) charging stations around the world. The production and supply chains for electric vehicles were hampered, thus limiting the need for charging stations. Additionally, the lockdown imposed by the countries hindered mobility and the establishment of charging stations in different regions. However, the pandemic is expected to prove favorable to the market growth in the forecast period. The current situation has raised the question of sustainability and how seriously it should be taken. Therefore, increasing environmental consciousness is projected to boost the global electric vehicle (EV) charging station during the forecast period.
The leading players in the global electric vehicle (EV) charging station market are ABB, The State Grid Corporation of China, ChargePoint Inc., Star Charge, Schneider Electric SE, Qingdao TGOOD Electric Co. Ltd, Siemens AG, BP Pulse, Tesla Motors Inc., EV Solutions, Evbox, Evgo, Leviton Manufacturing Co. Inc., Efacec, SemaConnect Inc., The Newmotion BV, Hangzhou Aoneng Power Supply Equipment Co., Ltd., Royal Dutch Shell PLC, Électricité de France, and other prominent players.
The market is highly concentrated among big industry players, such as ABB, Royal Dutch Shell, Tesla Motors Inc., etc. These companies invest huge amounts into establishing charging stations in new regions to exploit the potential of new markets. Therefore, the market is very competitive and dense for new entrants. Moreover, the industry players prominently adopt market strategies like partnerships, mergers, acquisitions, collaborations, etc., to gain an edge over the market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global electric vehicle (EV) charging station market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global electric vehicle (EV) charging station market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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