The electric vehicle (EV) charging stations market was valued at $1.6 billion in 2015, and it is projected to reach $29.7 billion by 2022, progressing at a CAGR of 51.7% during the forecast period (2016–2022).
The electric vehicle charging stations market is expected to witness faster growth in the direct current (DC) charging stations category during the forecast period. This will be mainly due to the planned investments by major electric vehicles manufacturing companies in the DC charging technology in the near future, as DC charging stations provide rapid charging to the vehicless.
Rising Number of Product Launches is the Key Trend in The Market
The rising number of product launches and technical upgradation in the existing charging station technology are the key trend being observed in the EV charging stations market. Major product launches were by ClipperCreek, including HCS-30, a 24-ampere level-2; HCS-50, a 40-ampere; and LCS-20P, a level-2 charging station; in 2015; ChargePoint launched a home EV charging station in 2015.
Rapidly Surging Electric Vehicle sales are Driving the Growth of the Market
The rapidly growing sales of EVs worldwide, due to the rising concerns for environmental degradation, as a result of vehicular emission, are acting as a major growth factor for the EV charging stations market. Major countries which have seen an upsurge in the electric based vehicle parc are China, Norway, and the U.S., which together account for a dominating share in the global market for EVs. China is the forerunner in the EV market across the world. Owing to the increasing number of electric vehicles in the country, the government recently announced a funding of $16 billion for the installation of EV charging stations.
Segmentation Analysis of EV Charging Stations Market
The public EV stations category is predicted to witness faster growth, in value terms, in the EV charging stations market, during the forecast period. It is mainly due to the rising support from the government in various countries for the deployment of electric vehicle charging stations at public places, to increase the EV adoption rate among consumers.
The AC charging stations category is expected to hold the larger share in the EV charging stations market; however, the DC charging stations category is predicted to witness faster growth, in value terms, during the forecast period.
Geographical Analysis of Electric vehicle Charging Stations Market
Globally, the EV charging stations market is expected to witness the fastest growth in the APAC region during the forecast period. This can mainly be attributed to the growing sales of EVs in countries such as Japan and China. Additionally, governments of many countries in the APAC region are planning to replace a substantial portion of conventional vehicles with battery electric ones in the near future, along with providing subsidies for deploying electric vehicle charging stations.
Competitive Landscape of EV Charging Stations Market
In recent years, many small players providing charging stations for electric vehicles have emerged. Additionally, giant manufacturers of EVs and charging stations are collaborating with these players for faster deployment of EV charging stations. Some of the leading players in in the global EV charging stations market are Chargemaster Plc., Efacec Electric Mobility S.A., Tesla Inc., ClipperCreek Inc., General Electric Company, Chargepoint Inc., Schneider Electric SE, and ABB Group.
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In October 2015, Leviton introduced an easy-to-use level-2 electric vehicle charging station, the Evr-Green Mini charging station. It comes in standard and optional versions, the former having a 12-foot wire and the latter an 18-foot wire option for providing flexibility in mounting location.
Some of the other players in the industry are Signet EV Inc. and AeroVironment Inc.
GLOBAL ELECTRIC VEHICLE(EV) CHARGING STATION MARKET SEGMENTATION