Meticulous Research®—a leading global market research
company, published a research report titled, ‘Electric Vehicle Charging
Stations Market by Charging Type (Level 1, Level 2, DC Fast Charging),
Connection Type, Component, Mounting Type (Wall, Pedestal, Ceiling), Vehicle
Type, End User, and Geography - Global Forecast to 2030.’
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According to this latest publication from Meticulous
Research®, the global electric vehicle charging stations market is projected to
reach $159.7 billion by 2030, at a CAGR of 28.9% during the forecast period.
The growth of the electric vehicle charging stations market is driven by
government initiatives to promote EV adoption and the development of associated
infrastructure, the rising demand for EV fast-charging infrastructure, the
growing implementation of vehicle-to-grid charging stations, and the increasing
EV deployment by shared mobility operators. However, the high installation
costs of EV charging stations restrain the growth of this market.
The increasing adoption of electric mobility in emerging
economies and the growing deployment of charging stations by retail MNCs are
expected to generate growth opportunities for the players operating in this
market. However, high electricity tariffs in developing countries are a major
challenge to market growth. Additionally, electric vehicle charging stations
powered by renewable energy are a prominent trend in this market.
The electric vehicle charging stations market is segmented
by component (hardware [electric vehicle supply equipment {EVSE}, electrical
distribution systems, cable management systems], software [charging station
management systems {CSMS}, interoperability solutions, open charge point
protocol {OCPP}, smartphone applications]), services (maintenance services,
system integration, and installation services); charging type (Level 1, Level
2, DC fast charging); connection type (pantograph, connectors, wireless charging
[static wireless EV charging, dynamic wireless EV charging]); mounting type
(wall mount, pedestal mount, ceiling mount); vehicle type (passenger cars,
heavy commercial vehicles, light commercial vehicles, two-wheelers &
scooters); end user (commercial EV charging stations [commercial public EV
charging stations {on-road charging stations, parking space stations,
destination charging stations}, commercial private EV charging stations {fleet
charging, captive charging}], residential EV charging stations); and geography.
The study also evaluates industry competitors and analyzes the market at
regional and country levels.
Based on component, the global electric vehicle charging
stations market is broadly segmented into hardware, software, and services. In
2023, the hardware segment is expected to account for the largest share of the
global electric vehicle charging stations market. The large market share of
this segment is attributed to the rising adoption of EVs, the increasing
deployment of EV charging stations, and the increasing government initiatives
aimed at electrifying public bus fleets and deploying associated charging
infrastructure. However, the software segment is projected to register the
highest CAGR during the forecast period. The growth of this segment is driven
by various factors, such as the increasing need for transparency in electricity
consumption and demand charges, the growing need for managing EV fleets in real
time, charging reports & insights, maintenance & support, and the
increasing deployment of smart remote charging stations.
Based on charging type, the global electric vehicle charging
stations market is broadly segmented into Level 1, Level 2, and DC fast
charging. In 2023, the Level 2 segment is expected to account for the largest
share of the global electric vehicle charging stations market. The large market
share of this segment is attributed to the increased adoption of Level 2
chargers for residential and commercial applications. These chargers offer
faster charging speeds than Level 1 chargers. Furthermore, government incentives
and regulations aimed at promoting the installation of Level 2 chargers
contribute to the significant market share of this segment. However, the DC
fast charging segment is projected to register the highest CAGR during the
forecast period. The growth of this segment is driven by factors such as
government rebates on the purchase of DC fast charging stations, increasing
investments from automakers in the development of DC fast charging station
infrastructure to support their long-range battery-electric vehicles, the need
for significantly faster charging, and the increasing installation of DC fast
chargers in public locations including highways, shopping centers, restaurants,
and other high-traffic areas.
In terms of volume, in 2023, the Level 2 segment is expected
to account for the largest share of the electric vehicle charging stations
market. The large market share of this segment is attributed due to various
factors such as government rebates on the purchase of DC fast charging
stations, increasing investments from automakers towards the development of DC
fast charging station infrastructure to support their long-range
battery-electric vehicle, the need to provide significantly faster charging
compared to Level 2 chargers, and increasing installation of DC fast chargers
in public locations along highways, shopping centers, restaurants, and other
high-traffic areas. However, the DC fast charging segment is projected to
register the highest CAGR during the forecast period.
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Based on connection type, the global electric vehicle
charging stations market is broadly segmented into pantograph, connectors, and
wireless charging. In 2023, the connectors segment is expected to account for
the largest share of the global electric vehicle charging stations market. The
growth of this segment is attributed to the increasing development and adoption
of standardized connector types to ensure compatibility between charging
stations and electric vehicles, the increasing need for faster charging
connectors compatible with high-power DC fast charging, the growing need for
reliable connectors to minimize the risk of electrical faults, overheating, and
other potential hazards, and dynamic international standards and regulations
for promoting a harmonized charging infrastructure worldwide. Moreover, the
connectors segment is projected to register the highest CAGR during the
forecast period.
Based on mounting type, the global electric vehicle charging
stations market is broadly segmented into wall mount, pedestal mount, and
ceiling mount. In 2023, the wall mount segment is expected to account for the
largest share of the global electric vehicle charging stations market. The
large market share of this segment is attributed to the increasing use of
either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the
increasing need for high-speed charging in a compact, affordable, and scalable
package. Moreover, the wall mount segment is projected to register the highest
CAGR during the forecast period.
Based on vehicle type, the global electric vehicle charging
stations market is broadly segmented into passenger cars, heavy commercial
vehicles, light commercial vehicles, and two-wheelers & scooters. In 2023,
the passenger cars segment is expected to account for the largest share of the
global electric vehicle charging stations market. The large market share of
this segment is attributed to the increasing adoption of electric vehicles,
environmental concerns and emission regulations, advancements in EV battery
technology, and expansion of charging infrastructure networks. However, the
two-wheelers & scooters segment is projected to register the highest CAGR
during the forecast period. The growth of this segment is driven by various
factors, such as the increasing popularity of electric scooters and 2-wheelers,
the rising need for cost-effective and nimble modes of transportation, and
government incentives and policies, including subsidies, tax benefits, and
grants for purchasing electric 2-wheelers.
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Based on end user, the global electric vehicle charging
stations market is broadly segmented into commercial EV charging stations and
residential EV charging stations. In 2023, the commercial EV charging stations
segment is expected to account for the larger share of the global electric
vehicle charging stations market. The large market share of this segment is
attributed to the increasing adoption of electric vehicles in commercial fleets
for cost savings and reduced emissions, government regulations and incentives
for electric vehicle adoption in commercial fleets, infrastructure development
for shared mobility services, and installations of commercial EV charging
stations for cost savings and reduced emissions. Moreover, the commercial EV
charging stations segment is slated to register the highest CAGR during the
forecast period.
Based on geography, the electric vehicle charging stations
market is segmented into North America, Europe, Asia-Pacific, Latin America,
and the Middle East & Africa. In 2023, Asia-Pacific is expected to account
for the largest share of the global electric vehicle charging stations market
in terms of volume and value. Asia-Pacific’s major market share is attributed
to the growing demand for electric vehicles in countries such as China and
Japan and the rising government initiatives to reduce greenhouse gas emissions,
which, in turn, is poised to increase electric vehicle adoption. Moreover, the
market in Asia-Pacific is projected to register the highest CAGR during the
forecast period.
Key Players
The key players operating in the global electric vehicle
charging stations market are ChargePoint Holdings, Inc. (U.S.), Tesla, Inc.
(U.S.), BP p.l.c. (U.K.), EVgo Inc. (U.S.), Shell Plc (U.K.), Électricité De
France (France), EVBox Group (Netherlands), Electrify America LLC (U.S.),
AddÉnergie Technologies, Inc. (Canada), Connected Kerb Limited (U.K.), Hangzhou
AoNeng Power Supply Equipment Co. LTD. (China), Webasto Group (Germany), EV
Charging Installers of America LLC (U.S.), Wanbang Xingxing Charging Technology
Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG (Germany), and Blink
Charging Co. (U.S.).
TOP 10 COMPANIES IN ELECTRIC VEHICLE CHARGING STATIONS
MARKET >>> https://meticulousblog.org/top-10-companies-in-electric-vehicle-charging-stations-market/?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=14-03-2024
Related Research Report:
TOP 10 COMPANIES IN NORTH AMERICA ELECTRIC VEHICLE
CHARGING STATIONS MARKET >>>
https://meticulousblog.org/top-10-companies-in-north-america-electric-vehicle-charging-stations-market/?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=14-03-2024
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