Electric Vehicle Charging Station Market size grow at CAGR 30%, market value to reach USD 115 Billion by 2027
Acumen Research and Consulting
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Electric Vehicle Charging Station Market size grow at?CAGR 30%, market value to reach USD 115 Billion by 2027 for the forecast timeframe between 2020 and 2027, as per research conducted by?Acumen research and consulting. The global Electric vehicle chargers are used to charge and supply power to the battery of an electric vehicle. Such vehicles can be charged in different charging stages. Electric vehicle costs are lower than standard petrol/diesel cars, as are the maintenance costs. CO2 emissions emitted into the environment, which include greenhouse gases, are lesser with electric cars. ?
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?Dynamics of Electric Vehicle Charging Station Market?
The increased usage of the electric vehicles requires a robust charging infrastructure. A significant improvement is expected to meet the market demand across the world for the forecast timeframe. The steady increase in the number of publicly accessible charging stations in the industrialized regions like North America as well as Europe has created a plentiful need for charging due to high voltages and high currents. The technology pioneers are also focused on the development of stations with an increased charging power and reduced charging time for the electric vehicles. A good example is the Tesla Supercharging Station, an electric car charging station which works on direct current and delivers around 120 kW per car. The Tesla Supercharger charges till 50% of car battery in 20 minutes. From the product lifecycle perspective, the EV charging station market is in growth phase, it will continue to stand as lucrative and opportunistic due to significant research and technological development. Fast Vehicle Charging Stations are estimated to be focus of remaining players for the forecast period given sprints by the major players in the market. Additionally, EV manufacturers are also developing strategies that will attract EVs to the customers using free access to charging. The strategies in combination with strong macroeconomic environment is expected to drive the growth of the EV market for the forecast timeframe.?
Electric Vehicle Charging Station Market Regional Analysis?
In 2019, the Asia Pacific region led the worldwide EV charging stations market owing to initiatives by governments of countries including Japan, India, China and Singapore. Countries in this region are primarily focused on investing their time and money in developing charging infrastructure as well as improving collaboration with the aftermarket vehicle original equipment manufacturers (OEMs) as well as the technology provider to drive market growth.
North American region is known for rapidly adopting new technologies due to fast GDP growth along with high employment. In these years, the demand for EVs in this area has increased significantly. Electric vehicles have more than doubled in the North American region, since the year 2014, indicating a rapid rise in the demand for the electric cars. The demand for EVs shall lead to the installation of electric charging stations in United States, Canada and Mexico.?
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electric vehicle charging market size expected to rise?at CAGR?27.5% between?2020 and?2027, market value to reach USD 61.2 Billion by 2027.
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