EV Charging Station Market To Reach New Heights Of Growth

As per the findings of the Zion Market Research study, the Electric Vehicle Charging Station industry amassed revenue of 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 the highest gains of approximately 44.1% in 2021-2028. In addition to this, a lack of access to efficient charging tools can become a bottleneck to the 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 every few miles. Moreover, the smart city concept is becoming an aphorism and this will further escalate the demand for having strong automotive infrastructure facilities even in remote areas.

All these aforementioned factors are expected to drive the growth of the electric vehicle charging station market over the assessment timeline. Millions of electric vehicles are projected to hit roads in the coming decade and this will culminate into a humungous necessity for fast charging, thereby driving electric vehicle charging station market trends. In addition to this, with the industry becoming highly competitive, providers must differentiate their services as well as adopt effective service recovery strategies.

For the record, the 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 the popularity of electric vehicles across the globe, thereby driving industry growth. Green energy trends across the globe will further enhance the expansion of the electric vehicle charging station industry over forecasting years.

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Need For Sustainable & Energy Efficient Transport to Drive Market Trends

Growing concerns pertaining to fuel emissions and renewable energy trends are projected to steer the growth of the electric vehicle charging station market over the forecast timespan. Due to the COVID-19 outbreak, governments across the globe are focusing on healthcare activities and bringing improvement in automotive infrastructure along with reducing fuel emissions. This, in turn, will further steer the expansion of the electric vehicle charging station market over years ahead. Apart from this, government incentives promoting the use of electric automotive and an increase in the production of electric vehicles with a view to reduce greenhouse effects will define the growth of the electric vehicle charging station industry over years ahead.

Furthermore, there is a prominent surge in the 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 an expansion of the 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.

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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 the EU generates nearly 3,000 TWh of electricity each year with demand for electric vehicle accounting for only slightly 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 the 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 the growth of the electric vehicle charging station market in Europe.

Key players influencing market growth and profiled in the report are Engie, ABB, AeroVironment, ChargePoint, Inc., Schneider Electric, Siemens, Tesla, EVgo, Alfen, and Blink Charging.

This review is based on a report by Zion Market Research, titled, “Global Electric Vehicle Charging Station Market – by Application (Residential and Commercial), by Charging (Level 1, Level 2, and DC Fast Charging (3 Phase)), and by Standards (CHAdeMO, SAE, CSS, Tesla Supercharger, and Others): Industry Perspective, Comprehensive Analysis, and Forecast, 2021 – 2028.”