Market Definition
The global electric vehicle charging station market was valued at USD 20 billion in 2022 and it is anticipated to grow up to USD 217.5 billion by 2032, at a CAGR of 29.3% during the forecast period.
An electric car charging station is a piece of hardware that connects plug-ins and electric vehicles to an electrical source so they may be recharged. Private businesses or electric utility providers place charging stations in public areas like parking lots, shopping malls, and other places. Moreover, level 1, level 2, and level 3 charging levels are available at electric car charging stations. Also, there are several designs for electric vehicle charging stations, including wall-mounted or free-standing, single or multiple charging heads, commercial or residential grade, and indoor or outdoor installation.
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Market Outlook
Due to growing knowledge of the harmful impacts of operating fossil fuel-powered vehicles, governments worldwide are taking steps to minimize carbon footprints by promoting electric bikes, automobiles, and bicycles. Also, governments worldwide are pressuring automakers to invest in the development of electric cars to combat greenhouse gas emissions and minimize carbon emissions brought on by the burning of diesel fuel. In addition, governments throughout the globe are promoting the purchase of electric mobility in terms of tax credits and incentives. Also, the central governments of a select few nations exclude electric cars from paying highway tolls. For instance, the Indian government intends to reduce the Goods & Service Tax (GST) on e-cars to hasten electric vehicle adoption. Moreover, tax exemptions will be provided on loans made to buy an e-mobility.
Similarly, the South Korean government would offer tax breaks and subsidies to create and purchase electric and fuel-cell vehicles. Consequently, one of the key reasons driving demand for electric cars is a growth in government support for developing and purchasing electric mobility through tax credits, subsidies, and incentives. Hence, the market for electric vehicle charging stations is expected to develop throughout the projected period due to government efforts to increase the use of electric vehicles.
Market Restraints and Challenges
Governments must standardize charging infrastructure to create a positive ecology and boost sales of electric vehicles. Several nations have various quick charging requirements. China utilizes GB/T, whereas Europe, the United States, and South Korea use CCS. Japan uses CHAdeMO. As India hasn’t achieved fast charging method standardization, the Indian government has enforced the installation of both CHAdeMO and CCS systems. Although this requirement raised the cost of installing charging stations, the government modified the rules in 2019 and now permits charging station developers to choose the approach of their choice. Tesla, an American manufacturer of electric automobiles, employs high-performance superchargers that are exclusive to Tesla and incompatible with other electric vehicles. Hence, a lack of uniformity across nations may damage the installation of charging stations and limit the growth of the electric car charging station market.
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Research Objectives
• Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
• Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
• Identify factors influencing market growth and challenges, opportunities, drivers and restraints
• Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
• Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
• Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
• To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
• Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Segmental Overview
The report analyses the global electric vehicle charging station market based on level of charging, mode of charging, installation type, end user, and region.
Major Players
Market players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the global electric vehicle charging station market include ABB Ltd (Switzerland), Allego B.V. (Netherlands), Blink Charging Co. (US), ChargePoint, Inc. (US), Robert Bosch GmbH (Germany), Schneider Electric (France), Siemens (Germany), Tesla (US), Webasto (US), and WiTricity Corporation (US), among others.
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Research Scope
• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
• Market Size in 2022 – USD 46.5 Billion
• Market Size in 2032 – USD 46.5 Billion
• CAGR % – 29.3%
• Historic Period – 2016-2021
• Forecast Period – 2023-2032
• Base Year – 2022
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