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Electric Vehicle Charging Stations Market Growth Is Largely Due To Increasing Government Tax Incentives And Subsidies

Segments covered: By Installation Type – Home Charging System, Commercial Charging System; By Connector Type – CHAdeMO, CCS, GB/T, Tesla Supercharger, Others; By Mode Of Charging – Plug In Charging System, Wireless Charging System; By Charging Station – AC Charging Station, DC Charging Station

LONDON, May 27, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s EV market analysis research report, increasing tax incentives and subsidies given to local automakers to produce electric vehicles is driving the demand for electric vehicle (EV) charging station market. Tax incentives and subsidies to the electric vehicle makers is encouraging auto makers to make more electric vehicles, which will generate more demand for EV charging stations and thus help grow the electric vehicle charger market. China's subsidy policy caused a 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicles sales in China was almost four times the numbers sold in the USA. This growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government.

The electric vehicle charging station market consist of sales of electric vehicle charging services. Electric vehicle charging stations provides charging facility to electric vehicles through alternating current (AC) and direct current (DC) charging. AC charging station consists of level 1 and level 2 charging. Level 1 charging station uses 120V AC current, level 2 Charging station uses 240V AC current to charge the vehicles. Whereas the DC charging station also known as Level 3 charging station uses 480V DC current to charge the EVs.

The global electric vehicle charging stations market is expected to grow from $5.8 billion in 2020 to $6.79 billion in 2021 at a compound annual growth rate (CAGR) of 17.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global EV charging station market size is expected to reach $20.49 billion in 2025 at a CAGR of 31.8%.

The Business Research Company’s report titled Electric Vehicle Charging Stations Global Market Report 2021: COVID-19 Growth And Change To 2030 covers major EV charging stations companies, EV charging stations market share by company, EV charging stations manufacturers, EV market size, and EV  market forecasts. The report also covers the global EV charging stations market and its segments.

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Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast charge. The ultra-quick charging technologies of direct current are used in electric vehicle charging stations to transfer current to electric vehicles through DC. DC fast charging or level 3 charging is capable of charging 80% of the electric vehicle battery within 20 minutes. DC fast charging stations with ultra-quick technology provide high-power DC current up to 120 kW directly into vehicle’s battery without passing through any onboard AC/DC converter. The necessary conversion from AC to DC by a convertor done in case of AC charging process can be eliminated.

In March 2019, Tesla an American automotive and energy company, launched the next generation super charger V3 with a higher charging capacity (250kW). Greenlots, an electric transportation company, has set plans to deploy 9 DC Fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger at Massachusetts, USA and is planning to invest $500 million to outfit the electric charging stations in 484 locations with 2000 DC fast chargers.

Major players in the electric vehicle charging infrastructure market are Tesla, Chargepoint, Siemens, ClipperCreek and Schneider Electric. The countries covered with EV market shares are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

In July 2018, "Automated and Electric Vehicles Act-2018", a new legislation has been enacted in the UK by the Secretary of State for Transport to ensure prohibitions and requirements of autonomous vehicles and electric vehicle charging. The measures of the bill are intended to govern and enhance the electric vehicle charging capabilities in the stations, provide access and specific payment mechanisms, regulations defining performance and standards of the vehicles, availability of chargers at fuel stations, and others.

In March 2020, ABB, a Switzerland based automation company acquired Shanghai Chargedot New Energy Technology Co., Ltd. for an undisclosed amount. The acquisition is expected to further strengthen ABB's relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings. Shanghai Chargedot New Energy Technology Co., Ltd., a Chinese e-mobility solution provider, supplies AC and DC charging stations as well as the necessary software platforms to a range of customers that includes EV manufacturers.

Electric Vehicle Charging Stations Global Market Report 2021: COVID-19 Growth And Change To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, EV market trends, drivers, restraints, electric verhicle leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.

The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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