Adoption of Environmental-Friendly Transportation System in Countries to support Steady Expansion

Albany, New York, Oct. 09, 2018 (GLOBE NEWSWIRE) -- The global electric vehicle (EV) charging station market is likely to witness rising level of competition in the coming years, as several top players are focusing on tapping lucrative avenues in numerous emerging economies, and are increasingly assisted by the respective governments. Numerous producers and suppliers of electric vehicle charging station are engaged in developing energy-efficient solutions that can meet the diverse range of EVs, with an aim to gain a better foothold in the electric vehicle charging station market. Some of the prominent names with sizeable shares in the electric vehicle charging station market are Leviton Manufacturing Co., Inc., Siemens AG, Evatran Group, Robert Bosch GmbH, Scheinder Electric, ChargePoint, Inc., and ABB, finds Transparency Market Research (TMR).

The global electric vehicle charging station market is projected to rise at an impressive CAGR of 10.16% during the forecast period of 2018–2026. By the end of this period, the opportunities in the electric vehicle charging station is forecast to cross a valuation of US$3 Bn.

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Among the key end-user types, public electric vehicle charging station held a major share of the global market in 2017 and the demand for this type is anticipated to rise at a rapid pace during the assessment period. The attractiveness of the segment in the electric vehicle charging station market is attributed to the wider accessibility of public charging station type. Their low operating cost also makes it lucrative for electric vehicle charging station suppliers.

Of the various regions in the electric vehicle charging station market, Asia Pacific currently holds the sway and it held over 84.0% in the global market in 2017. The dominance can be attributed to the extensive deployment of electric vehicles in the regional transportation as well as the rapid rise in their production in key economies.

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Rapid rise in Adoption of Electric Vehicles to bolster Demand for Electric Vehicle Charging Station

The global electric vehicle charging station market rides on the back of the staggering rise in deployment of electric vehicles in various parts of the world. The rise in adoption is in large part propelled by the rising initiatives of governments of several countries to adopt an environmental-friendly transportation system. Furthermore, in emerging nations, the decision of governments to provide subsidies for the adoption of green vehicles has bolstered their adoption, which in turn has imparted a big growth momentum to the electric vehicle charging station market. The rising awareness about the favorable impact of EVs and hybrid vehicles on reducing carbon footprint on economies is boosting the electric vehicle charging station market.

The rising need for a fast and convenient charging system across various types of electric vehicles is a notable factor driving the demand for better technology incorporated electric vehicle charging stations. The advent of technologically-advanced batteries that are suitable for long-distance travel using electric vehicles is fueling the expansion of the electric vehicle charging station market.

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R&D by Producers of Electric Vehicle Charging Station to pave way for Energy-Efficient Solutions

The rising adoption of battery-operated EVs, plug-in hybrid vehicles, and hybrid vehicles in developing economies is a crucial factor presenting several lucrative prospects for electric vehicle charging station suppliers. However, the global electric vehicle charging stations market is witnessing weak prospects by the high cost of DC fast chargers and wireless chargers. Though, DC chargers offers several technological advantages over other types for end users of electric vehicle charging station market, their high cost is impeding their widespread adoption. Moreover, the high cost of sophisticated electric vehicle service equipment that can make charging process more effective may be a challenge for stakeholders in the steady expansion of the market.

Nevertheless, relentless research and development by producers of electric vehicle charging station aimed at developing cost-effective solutions for users are increasingly catalyzing the growth of the market. Moreover, in recent years, top players have been planning EV charging stations in developing countries, which will expand horizon of the electric vehicle charging station.

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The study presented here is based on a report by Transparency Market Research (TMR) titled “Electric Vehicle Charging Station Market (Charging Station Type - AC Charging, DC Charging, and Wireless Charging; Power Output - <11 kW, 11kW-50 kW, >50 kW; End Use - Private Type and Public Type; Supplier Type - OE Charging Station and Private Charging Station) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018–2026”.

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The global Electric Vehicle Charging Station Market is segmented based on:

• Charging Station Type
  • AC Charging
  • DC Charging
  • Wireless Charging

• Power Output
  • <11 kW
  • 11 kW-50 kW
  • >50 kW

• End User
  • Private Type
  • Public Type

• Supplier Type
  • OE Charging Station
  • Private Charging Station

• Region
  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa (MEA)
    • GCC
    • South Africa
    • Rest of MEA

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