Electric Vehicle (EV) Charging Station Market to Ascend New Heights of Growth worth Approximately US$ 40.10 billion by 2028 with A CAGR Of 44.1% during 2021 to 2028
According to the findings of Zion Market Research, Electric Vehicle Charging Station industry amassed revenue about US$ 5.02 billion in 2020 and is slated to accrue earnings worth approximately US$ 40.10 billion by 2028. The Electric Vehicle Charging Station market is projected to register highest gains of approximately 44.1% in 2021-2028. In addition to this, lack of access to efficient charging tools can become a bottleneck to sale of electric vehicles. With low costs & subsidies provided by governments for electric vehicle purchase, it has become a need of an hour for setting up electric vehicle charging stations at every few miles. Moreover, smart city concept is becoming an aphorism and this will further escalate demand for having strong automotive infrastructure facilities even in remote areas.
All these aforementioned factors are expected to drive growth of electric vehicle charging station market over assessment timeline. Millions of electric vehicles are projected to hit roads in coming decade and this will culminate into humungous necessity for fast charging, thereby driving electric vehicle charging station market trends. In addition to this, with industry becoming highly competitive, providers must differentiate their services as well as adopt effective service recovery strategies.
For the record, sale of battery-electric vehicles is set to increase over 26% yearly by 2030. Moreover, reduction in battery costs and overall ownership costs along with rise in electrification of fleet and standard norms & protocols for regulating fuel emissions by EU and countries such as the U.S. has enhanced popularity of electric vehicles across globe, thereby driving industry growth. Green energy trends across globe will further enhance expansion of electric vehicle charging station industry over forecasting years.
Need For Sustainable & Energy Efficient Transport to Drive Market Trends
Growing concerns pertaining to fuel emissions and renewable energy trends are projected to steer growth of electric vehicle charging station market over forecast timespan. Due to COVID-19 outbreak, governments across globe are focusing on healthcare activities and brining improvement in automotive infrastructure along with reducing fuel emissions. This, in turn, will further steer expansion of electric vehicle charging station market over years ahead. Apart from this, government incentives prompting use of electric automotive and increase in production of electric vehicles with a view to reduce greenhouse effects will define growth of electric vehicle charging station industry over years ahead.
Furthermore, there is a prominent surge in percentage of public charging activities at service stations, retailer parking lots, and public parking spaces in developed economies and this is likely to translate into expansion of electric vehicle charging station industry over forecasting timespan. It is more likely that public charging points in Europe is predicted to increase manifold in coming years and this will steer overall market growth in upcoming years.
Europe to Contribute Majorly Towards Overall Market Share By 2027
Growth of electric vehicle charging station market in Europe during forecast timespan can be credited to large-scale demand for electric charging from both public as well as private charging in Europe. For the record, twenty-seven member states of EU generates nearly 3,000 TWh of electricity each year with demand for electric vehicle accounting for only slight over 0.1%. Reportedly, at 86 TWh, the demand for charging electric vehicles will contribute nearly below 3% of overall electricity production by 2030 and this is an increase in demand for electricity. Nonetheless, it is projected that nearly 40 % to 50% of power supply for electric vehicle charging is going to be supplied by public chargers (including those based at semi-public stations like supermarket parking locations) at reasonable charges. All these aforementioned aspects will steer growth of electric vehicle charging station market in Europe.
Key players influencing market growth and profiled in report are Engie, ABB, AeroVironment, ChargePoint, Inc., Schneider Electric, Siemens, Tesla, EVgo, Alfen, and Blink Charging.