Market Outline
A recent study by the data analysts of Market Research Future (MRFR) predicts that the Electric Vehicle Charging Stations market will be achieving a remarkable growth trajectory at a healthy growth rate throughout the forecast period (2011-2027).
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Key Players:
The well-established players part of the global Electric Vehicle Charging Stations market includes ABB Ltd. (Switzerland), GE Company (U.S.), Schneider Electric SE (France), Elektromotive Limited (U.K.) and AeroVironment Inc. (U.S.) among others.
Electric Vehicle Charging Stations Market Growth Factors and Top Barriers:
The global Electric Vehicle Charging Stations market has fared well the past couple of years owing to the highly favorable ecosystem that complement its sustainable growth. Numerous countries around the world are taking several initiatives that motivate the general population for using electric vehicle (EVs) so the growing concerns associated with environmental pollution and global warming could be curbed. Thus, these initiatives are having a positive impact on the Electric Vehicle Charging Stations market. Case in point is the development of 48 national EV charging networks for highways in November 2017 by the US administration. The charging networks cover the total distance of approximately 25,000 miles across 35 states of the country. Furthermore, this initiative has resulted in the coming together of 28 states, EV charging firms, utilities, as well as prominent EV manufacturing companies like General Motors, BMW, and Nissan.
Apart from this, in May 2016, the government in Germany had launched an appealing incentive program designed for EV buyers, which entailed them receiving a direct discount of USD 4,520. These kinds of incentive schemes along with the government’s decision of discontinuing the fossil fuel vehicles by the year 2030 will work wonders for the growth of the Electric Vehicle Charging Stations market.
To sum it up, factors like accelerated demand for electric vehicles, government funding, subsidies & incentives, massive investment from automakers of EVs and increasing concern over environmental pollution will positively shape the Electric Vehicle Charging Stations market size in the coming years.
Market Opportunities
Ban on ICE Vehicles:
Several countries are setting targets in order to ban ICE vehicles by a certain year, favoring electric ones, such as India and China by 2030, Norway by 2025, and the France and the United Kingdom (U.K.) by 2040. Moreover, California is in the process of carrying out something similar for meeting its greenhouse gas emissions goals. Thus, the various bans as well as vehicle emission regulations levied by various government bodies around the world will present a barrage of growth opportunities to the Electric Vehicle Charging Stations market soon.
Market Segmentation:
The market for Electric Vehicle Charging Stations is segmented based on charging station, and connector type.
The charging stations in the global EV charging station market are AC charging station, DC charging station and inductive charging station. The DC charging stations can charge an EV in the amount of time that is much less compared to the AC charging stations, thus elevating the appeal of this segment in the global Electric Vehicle Charging Stationss market. Whereas, the types of connectors mentioned in the report include chademo, CCS and others.
Regional Insight:
The global market for Electric Vehicle Charging Stations is expected to ride high showcasing a substantial growth throughout the forecast period. This lavish growth pattern will be apparent in the key regions of Asia Pacific, Europe, North America and the rest of the world (RoW).
On the global platform, Asia Pacific has managed to climb to the top with the largest market, trailed by Europe and North America. The most obvious reasons backing this growth are the rapidly increasing sales of electric vehicles, strongly supported by government initiatives as well as the increasing fuel prices which are elevating the demand for electric vehicles. For instance, in September 2017, the government in Singapore had launched the first large-scale EV car sharing program called BlueSG. The program is a subsidiary of Bollore Group and is set to install at least 500 charging stations that are equipped with 2,000 charging points across the country.
North America is another region where the Electric Vehicle Charging Stations market is at presently flourishing, backed by the huge outlay in terms of the development of the electric vehicle infrastructure in the form of recharge stations along with various other policies. The region has noted a considerable increase in the sales of electric cars since 2014, evidently implying the rise in the demand for Electric Vehicle Charging Stationss in the region. Besides, the sale of the electric vehicles has doubled in the United States (US), aiding the market in generating abundant revenue.
Moreover, the prominent factors driving the Electric Vehicle Charging Stations market in Europe include the growing demand for electric cars, high disposable income and various government initiatives. The region is a highly promising market for electric vehicles. The regional market has managed to attain a large scope in the global industry owing to the presence of bankable nations like UK, Germany, Norway, France, among others. Also, the regional Electric Vehicle Charging Stations market is also driven by increasing investments for the installation of Electric Vehicle Charging Stations. Prominent oil companies like BP Plc, Shell, and such have begun the building of their own chargers within their fuel stations. Adding on, in 2017, Shell had acquired more than 30,000 chargers, whereas BP Plc had announced an investment of roughly USD 5 million in FreeWire, manufacturers of mobile charging systems for electric vehicles.
Industry Developments:
March 2019 – Potomac Edison, which is a subsidiary of FirstEnergy Corp., is set to start with the installation of Electric Vehicle (EV) charging stations in Maryland in the latter half of the year, offering rebates for residential as well as non-residential charger installations. This process of installation forms an integral part of a pilot program that was approved by the Maryland Public Service Commission keeping in mind the increasing auto emissions.
Get More On Electric Vehicles Charging Stations Market Research Report – Global Forecast 2023 at: https://www.marketresearchfuture.com/reports/electric-vehicles-charging-stations-market-4647
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