Electric Vehicle Charging Stations Market Size is Expected to Grow and expand from USD 23.4 Billion in 2023 to USD 316.9 Billion by 2032
Research Reports
Sep 18, 2023
The global electric vehicle charging Station market 2032, reveals different factors governing the market dynamics. MRFR also studied COVID 19 outbreak impact on the electric vehicle charging station market and provides possible solutions to surfacing threats on the market due to the pandemic. As per MRFR analysis, the electric vehicle charging market is likely to rise at above 38.50% CAGR across the assessment period 2023 to 2032.
The increase in the production capacity and sales of electric vehicles can impel the expansion of the electric vehicle charging market in the assessment period. The increase in the availability of electric trucks and cars, along with growing strictness of government norms regarding vehicles emissions can boost the expansion of the electric vehicle charging market through the review period. The increase in demand for clean energy and high focus on the generation of renewable forms of energy can promote the expansion of the electric vehicle charging market in the review period.
In addition, government relaxation on taxes levied on electric vehicles producers can support the expansion of the electric vehicle charging market through the assessment period. On the contrary, challenges associated with installation cost, slow charging time, and the non-availability of public charging stations can restrain the rise of the electric vehicle charging station market in the years ahead.
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Segment Analysis
The segment evaluation of the electric vehicle charging station global market is done by charging type, application, and connector. The segment based insights of the electric vehicle charging station provides a clear idea of the major growth scopes of the market.
The charging type based segments of the electric vehicle charging station market are DC Charging and AC Charging. The wide range of AC charging applications and the rise in the number of AC charging station can boost the expansion of the electric vehicle charging station market across the study period.
The application based segments of the electric vehicle charging station market are residential and commercial. The growing commercial applications of electric vehicles can boost the expansion of the electric vehicle charging station market in the near future.
The connector type based segments of the electric vehicle charging station market are Combined Charging System, and CHAdeMO among others. The rise in installation of combined charging system can promote the rise of the market in the years to come.
Regional Analysis
Major trends and growth prospects of the electric vehicle charging station is studied across EU, APAC, Americas, and MEA. In Asia Pacific, the electric vehicle charging station can thrive in the assessment period reveals MRFR analysis. The high production capacity, increase in adoption of modern automobile technology, availability of task force, and increase in the demand for electric vehicle solutions can prompt the expansion of APAC electric vehicle charging station through the review period.
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In addition, the decline in the quality of air and growing government to launch effective pollution control solution due to vehicular emission can spur the expansion of the regional market across the assessment period. In Europe, governments are taking initiatives to promote electric vehicles. This is expected to boost the expansion of the ev charging station market in the region. The rise in application of electric vehicle for commercial and industrial purpose can impel the expansion of the market in EU.
Key Players
ABB Ltd (Switzerland), Bosch Automotive Service Solutions (Germany), Chargemaster (UK), Bolloré Group (France), Delphi Automotive (UK), Eaton Corporation (Ireland), Tesla Motors Inc (US), Siemens AG (Germany), and General Electric Company (US), and Schneider Electric (France) among others.
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