Energias Market Research in its latest report said that the global electric vehicle charging station market is expected to witness a CAGR of 35.48% and is projected to reach 26.38 million units by 2024.
The goal of introducing EV in the market is to reduce the greenhouse gas emissions and tackle ecological scarcities; since these vehicles emit almost half the CO2 emissions, are highly efficient and are cost effective mode of transportation.
The government initiatives supporting EV charging stations installation are also promoting the growth of the market. Moreover, huge investments by major players to install the stations infrastructure, is expected to further drive the market said the research firm.
The research firm notes that the demand for EV charging stations rose out of necessity to provide a reliable network of infrastructure for the purpose of charging electric vehicles. Increase in the sales of electric vehicles due to growing awareness among customers about harmful effects of environmental pollution caused by gasoline and petrol as a fuel has given impetus to the market. Furthermore, automobile companies are working on making EVs affordable, which will result in a tandem growth of the market.
Commercial installation application is expected to witness the highest growth rate over the forecast period
Commercial installation includes setting up charging stations at government offices, hospitals, private offices, airport, and parking lots, shopping malls among other places. According to Energias Market Research investments by major companies to install a network of public charging stations are likely to augment this market over the forecast period. For instance, ABB placed a bid in response to a government tender to set up over four thousand charging stations for electric vehicles in 2017 in India.
Key findings from the report:
- The global electric vehicle charging station market is likely to reach 26.38 million units by 2024
- DC charging segment is expected to witness the highest CAGR over the forecast period owing to significant reduction in charging time of electric vehicles
- Level 3 charging stations are likely to witness the highest CAGR over the forecast period due to shift of interest of key players towards fast DC charging methods, reflected by their investment.
- Asia-Pacific held the largest market share of the global market in 2017 and the trend is likely to continue over the forecast period. This can be attributed to the huge market for automobile industry in this region
- The key players of this market are Mitsubushi Motors Corporation; Tesla; ABB; General Electric; Siemens AG; Engie; ChargePoint, Inc., EVgo Services LLC.; BYD Company Ltd., and Efacec among others.
- Efacec has been selected by Electrify America as one of the key charging equipment suppliers that will share the delivery of more than 2,000 new ultra-fast electric vehicle charging systems across more than 484 sites in the USA. In the 1st phase of the project, Efacec will provide Electrify America more than 300 charging systems. This project is responsible to implement the first-ever certified cooled-cable 350kW DC Fast Charger that will provide charging speeds of up to 20 miles a minute, which is seven times faster than today’s 50kW DC chargers.
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