With the advancements in electric vehicles over the past few years, the electric vehicles charging stations have also undergone a lot of developments. It is an element in an infrastructure which is responsible for supplying electricity required for recharging battery electric vehicles (BEVs) or plug-in-hybrid electric vehicles (PHEV) batteries. The market for EVCSs is growing rapidly due to the expanding customer base for electric vehicles. Over the coming years, this market is expected to witness a stellar growth.
Drivers & Restraints
The growth of the global electric vehicle charging stations market is majorly influenced by the following factors:
- Growing need for reducing carbon emissions
- Increased use of electric vehicles leading to increase in adoption of EVCSs
- Government subsidies and incentives
Moreover, heavy investments in developing electric vehicles from the automakers have boosted the market for electric vehicle charging stations market as well. However, the growth of this market is likely to be affected by factors such as high pricing and short range of electric vehicles and lack of standardization within EV charging. Furthermore, higher cost of equipment and installation is a major challenge for the leading players in this market.
Market at a Glance
The global electric vehicle charging stations market is expected to be valued at USD 12.61 Billion by 2022, growing at a CAGR of 29.8% during the forecast period of 2016-2022. Among regions, Asia-Pacific dominated the market with the largest share in 2015, owing to an increase in EV infrastructure spending and increased usage of electric vehicles in countries such as China and Japan in order to reduce greenhouse gas emissions.
Based on charging station, the AC charging stations segment is expected to lead the market with the highest share since they are less expensive, convenient, and requires less modification as compared to DC chargers. However, the market for inductive charging stations is expected to grow at a high CAGR over the forecast period. On the basis of location, the market for private charging stations is expected to lead the market with largest share between 2016 and 2022; however, the market for public charging stations is expected to grow at the highest CAGR between 2016 and 2022 due to the high demand. Based on connector type, CHAdeMO connectors are estimated to take up the larger share of the market during the forecast period.
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Research Scope
The market for electric vehicle charging stations has been analyzed and predicted by breaking it down into following segments and sub-segments:
- Charging Station: AC Charging Station, DC Charging Station, Inductive Charging Station
- Connector Type: CHAdeMO, CCS, Others
- Location: Public, Private
- Region: Americas, Europe, Asia-Pacific, RoW
Major companies involved in the market for electric vehicle charging stations include ABB Ltd. (Switzerland), AeroVironment Inc. (U.S.), ChargePoint Inc. (U.S.), Delphi Automotive Plc.(U.K.), Eaton Corp. Plc. (Republic of Ireland), Elektromotive Limited (U.K.), GE Company (U.S.), Pod Point Ltd. (U.K.), Schneider Electric SE (France), SemaConnect Inc. (U.S.), Siemens AG (Germany), and Tesla Motors Inc. (U.S.).
