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Electric Vehicle Charging Stations Market to Reach $29.7 Billion by 2027, Growing at a CAGR of 39.8% from 2020 With COVID-19 Impact – Meticulous Research® Analysis

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London, Dec. 02, 2020 (GLOBE NEWSWIRE) — The concept of Electric Vehicles (EVs) is trending within the automotive industry owing to improved technology, customer inclination towards minimizing carbon footprints, and government policy incentives. Currently, the electric vehicle industry is undergoing a technological transformation with two-fold objectives to improve vehicle range with charging infrastructure. Electric vehicle automakers are investing heavily in charging stations in order to support their long-range battery electric vehicles. Subsequently, government incentives, subsidies, and funding for the installation of charging stations will fuel the growth of the overall electric vehicle charging stations market.

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Meticulous Research® in its latest publication, titled Electric Vehicle Charging Stations Market by Type (Plug-in, Wireless), Component (Hardware, Software), Bus Charging Infrastructure, Connector (CCS, CHAdeMO, GB/T, Tesla Supercharger), Installation, and End User- Global Forecast to 2027” states that the electric vehicle charging stations market is expected to grow at a CAGR of 39.8% from 2020 to reach $29.7 billion by 2027. Whereas, in terms of volume, this market is expected to grow at a CAGR of 31.8% from 2020 to reach 15,025.5 thousand units by 2027. The growth of the overall electric vehicle charging stations market is mainly attributed to government incentives, subsidies, and funding for the installation of charging stations; and automakers’ initiatives for charging infrastructure development.

To provide efficient analysis, Meticulous Research® has segmented this market on the basis of type (plug-in charging station {level 1 charging station, level 2 charging station, level 3 charging station}, wireless charging station), component (hardware, software), bus charging infrastructure (off-board top-down pantograph, on-board bottom-up pantograph), Connector ( CCS, CHAdeMO, GB/T, tesla supercharger, Type 2 (IEC 62196), Type 1 (SAE J1772)), installation (fixed, portable), end-user (commercial {on road, public parking}, non-commercial {residential, non-residential}); and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).

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Geographically, the Asia Pacific region is estimated to command the largest share of the global electric vehicle charging stations market in 2020. The large share of this region is primarily attributed to the increasing demand for electric vehicles in countries such as China, Japan, and South Korea, owing to stringent regulations to curb pollution; incentives to promote the sale of electric vehicles; and available subsidy on installation of charging stations. In addition, countries such as South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the adoption rate of electric vehicles.

In terms of charging station type, the plug-in charging stations segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2020. The growth in this segment is mainly driven by the government and automakers initiatives to expand the level 3 plug-in charging station infrastructure.

In terms of component, the hardware segment is estimated to command the largest share of the overall electric vehicle charging stations market in 2020. The large share of this segment is mainly attributed to the growing need for replacement, up-gradation, and modification in the charging station hardware components to increase the lifespan and performance of charging stations as well as to gain competitive advantage. However, the software segment is expected to grow with the fastest CAGR during the forecast period.

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In terms of end-user, the commercial end-user segment is estimated to account for the largest share of the overall market in 2020, mainly due to the increased installation of charging stations in public places like shopping malls, restaurants, commercial buildings, public parking spaces, and airports owing to the convenience of usage during the commercial activities. The commercial end-user segment is further segmented into on-road, public parking, and others. The on-road end-user segment is estimated to account for the largest share of the overall electric vehicle charging stations market in 2020. The growth of this segment is aided by the growing installation of charging points by fuel stations within their premises and rise in the installation of charging stations at highways and intercity roads.

The global electric vehicle charging stations market is consolidated and dominated by few major players, namely ABB (Switzerland), ChargePoint, Inc. (U.S.), Tesla, Inc. (U.S.), Schneider Electric SE (France), Siemens AG (Germany), Efacec (Portugal), Delta Electronics, Inc. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), EVBox (The Netherland), Blink Charging (U.S.), Alfen (The Netherland), The New Motion B.V. (The Netherland), Star Charge (China), Eaton Corporation Inc (Ireland), SemaConnect (U.S.), Webasto (Germany), Robert Bosch GmbH (Germany), and ClipperCreek Inc. (U.S.), among others.

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Scope of the report

EV Charging Stations Market by Type

  • Plug-in Charging Station
    • Level 1 Charging Station
    • Level 2 Charging Station
    • Level 3 Charging Station
  • Wireless Charging Station

EV Charging Stations Market by Component

  • Hardware
  • Software

EV Charging Stations Market by Bus Charging Infrastructure

  • Off-Board Top-Down Pantograph
  • On-Board Bottom-Up Pantograph

EV Charging Stations Market by Connector Type

  • CCS
  • CHAdeMO
  • GB/T
  • Tesla Supercharger
  • Type 1 (SAE J1772)
  • Type 2 (IEC 62196)

EV Charging Stations Market by Installation Type

  • Portable
  • Fixed

EV Charging Stations Market by End User

  • Commercial
    • On-Road
    • Public Parking
    • Others
  • Non-Commercial
    • Residential
    • Non-Residential

EV Charging Stations Market by Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • The Netherlands
    • Norway
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Latin America
  • Middle East and Africa

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Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php

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