A new market study, titled “Electric Vehicle Charging Stations Market Forecast 2021-2028” has been featured on Fortune Business Insights™.
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Pune, India, August 18th 2021: The globalelectric vehicle charging station market size is expected to gain momentum by reaching USD 111.90 billion by 2028 from USD 17.59 billion in 2021 while exhibiting a stellar CAGR of 30.26% between 2021 to 2028. In its report titled, “Electric Vehicle Charging Station Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 24.16 billion in 2020.
In recent times, demand for Electric Vehicles is rising rapidly worldwide. However, China and the United States are holding the major market share for the same. Since the demand for EVs is increasing, thus electronic charging industry is also propelling. Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by the national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations. Such active support by government agencies is likely to fuel the market for level 3 charging stations during the forecast period.
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The COVID-19 pandemic has impacted the economy worldwide, and the EV charging stations market was also impacted. Due to the spread of the virus, governments worldwide announced lockdowns. This impacted most of the industries and forced people to stay at home and which, in turn, has reduced the frequent traveling and meeting with others. Moreover, many companies offered work from home for their employees to ensure company continuity in business during the COVID-19 pandemic, which is projected to hinder the market for EV charging stations over the forecast period. It has been reported that remote working practices are predicted to impede the growth of the automotive industry.
By charger type, the market for electric vehicle charging stations is divided into fast and slow/moderate. By application, it is bifurcated into commercial and residential. Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
What does the Report Provide?
The report of the market provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market for electric vehicle charging stations.
Increasing Purchase of Electric Vehicles to Propel Market Growth
To allure consumers to buy EVs, governments are offering automakers subsidies, rebates, tax exemptions, and fixed quotas. These factors are expected to drive the electric vehicle charging station market growth. Since the demand for EVs is rising, the demand for charging stations and established power grids have also increased to ensure that the cars run smoothly. Furthermore, stringent government vehicle emission regulations have made consumers buy EVs.
Asia Pacific to Dominate Backed by Increasing Working Population
Asia Pacific is expected to remain at the forefront and hold the largest position in the market during the forecast period owing to the demand for large-scale EV charging infrastructure in China. The country’s fast-rising economy is also fueling the expansion of advanced technologies to improve electrification in China. For instance, China invested nearly USD 2.4 billion in the charging infrastructure to improve its efficiency in 2020. Other Asian nations such as Japan and Korea have significantly increased the number of electric vehicle charging stations in their respective countries in the coming years. The region’s market stood at USD 12.64 billion in 2020.
Europe is expected to showcase significant electric vehicle charging station market share in upcoming years, owing to the presence of key players in this area. This is promoting consumers to adopt EVs and autonomous vehicles in the region.
Key Players to Focus on New Launches & Acquisitions to Strengthen Market Growth
This market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development.
- July 2021: DC fast-charging stations, which is a network of The Tesla Supercharger, are extending their charging functions for other types of electric vehicles.
List of Key Players Profiled in the Report
- Charge Point Inc. (U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Tesla Inc. (Palo Alto, California, U.S.)
- BP Chargemaster (Luton. U.K.)
- Shell International BV (The Hague, The Netherlands)
- Webasto Group (Stockdorf, Germany)
- Siemens AG (Munich, Germany)
- EVBox (Amsterdam)
- Eaton (Dublin, Ireland)
|Speak To Analyst @ https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/electric-vehicle-ev-charging-stations-market-102058 Table Of Content: 1. Introduction|
|1.1. Research Scope|
|1.2. Market Segmentation|
|1.3. Research Methodology|
|1.4. Definitions and Assumptions|
|2. Executive Summary|
|3. Market Dynamics|
|3.1. Market Drivers|
|3.2. Market Restraints|
|3.3. Market Opportunities|
|4. Key Insights|
|4.1 Merger, Acquisitions, and Partnerships|
|4.2 Distributor Analysis – For Major Players|
|4.3 Growth and Penetration Analysis|
|4.4 Porter’s Five Forces Analysis|
|4.5 PEST Analysis|
|4.6 Vendor Landscape|
|5. Global Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028|
|5.1. Key Findings / Summary|
|5.2. Market Analysis, Insights and Forecast – By Charger Type|
|5.3 Market Analysis, Insights and Forecast – By Application|
|5.4. Market Analysis, Insights and Forecast – By Region|
|5.4.1 North America|
|5.4.3 Asia pacific|
|5.4.4 Rest of the World|
|6. North America Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028|
|6.1. Key Findings / Summary|
|6.2. Market Analysis – By Charger Type|
|6.3. Market Analysis – By Application|
|6.4. Market Analysis – By Country|
|7. Europe Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028|
|7.1. Key Findings / Summary|
|7.2. Market Analysis – By Charger Type|
|7.3. Market Analysis – By Application|
|7.4. Market Analysis – By Country|
|7.4.4 Rest of Europe|
|8. Asia Pacific Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028|
|8.1. Key Findings / Summary|
|8.2. Market Analysis – By Charger Type|
|8.3. Market Analysis – By Application|
|8.4. Market Analysis – By Country|
|8.4.4 South Korea|
|8.4.5 Rest of Asia Pacific|
|9. Rest of the World Electric Vehicle Charging Station Market Analysis, Insights and Forecast, 2017-2028|
|9.1. Key Findings / Summary|
|9.2. Market Analysis – By Charger Type|
|9.3. Market Analysis – By Application|
|10. Competitive Analysis|
|10.1. Key Industry Developments|
|10.2. Global Market Share Analysis (2020)|
|10.3. Competition Dashboard|
|10.4. Comparative Analysis – Major Players|
|10.5. Company Profiles (Overview, Products & Services, SWOT analysis, Recent developments, strategies, financials (based on availability))|
|10.5.1 ChargePoint Inc.|
|10.5.2 Schneider Electric|
|10.5.3 Tesla Inc.|
|10.5.4 BP Chargemaster|
|10.5.5 Shell International BV|
|10.5.6 Webasto Group|
|10.5.7 Siemens AG|
Continued. . .
NOTE : Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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