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(India.CityRegions.Com, September 22, 2021 )
The global Electric Vehicle Charging Station market size is projected to grow from 2,115 thousand units in 2020 to 30,758 thousand units by 2027, at a CAGR of 46.6%. The electric vehicle charging stations market is expected to grow with time and growing support from government bodies of different countries.
Many countries have recognized the need to go electric to reduce the increasing pollution from automobiles, with the US and China already gearing up to electric vehicles. EVs reduce the carbon discharge levels into the atmosphere. Therefore, increase in demand for reducing the carbon emission level is expected to drive the growth of the global electric vehicle supply equipment market in the near future.
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Low charging cost is a major factor for the market growth
Consumers from emerging countries are already affected by the increased cost of petrol. Electrical Vehicles operating on electricity will reduce the operating cost of usage for these vehicles. Manufacturers are expected to develop EVs with better Battery life and longer usage duration. Another major factor driving this segment is the reducing cost of EV with the reduction of battery cost which may lead to increase in demand for EVs and EV charging stations. In September 2020, Tesla acquired German ATW automation, which is a company specializing in battery modules to ramp up battery production significantly in the coming years.
COVID-19 Poses Great Challenges for Global Electric Vehicle Supply Equipment Market
The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disturbed in the initial outbreak of COVID 19. Electric vehicle supply had to wait until lockdowns were lifted to resume production, which affected their businesses. However, when it came to EV charging stations, their numbers grew at a faster rate compared to previous year as various countries are planning to speed up the EV usage and have increased investment in EV charging infrastructure.
Globally, electric vehicle supply equipment market can be classified into North America, Europe, Asia Pacific (APAC), Middle East and Africa, China and Latin America. Large scale growth of EV charging network in China, growing demand for affordable electric vehicles for daily use, and governments promoting electric vehicles are expected to drive the Asia Pacific market during the forecast period. Asia Pacific is anticipated to be the largest market whereas the North American and European markets are growing due to the government initiatives and growing demand for fast charging segment.
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ChargePoint, Inc., ABB Ltd, Tesla Inc.,Eaton Corporation PLC, SemaConnect, Inc., General Electric Company, AeroVironment Inc., Car Charging Group, Inc., Schneider Electric S.E., Robert Bosch GmbH, Xuji Group , Potivio, Auto Electric Power Plant, Wanbang, Qingdao Telaidian.
Global Electric Vehicle Supply Equipment Market Segmentation
Middle East & Africa
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