Electric Vehicle Charging Station Market to Grow at 10.19% during 2018-2026
Technology has found the answer to yet another topical problem in the automobile sector – high level of greenhouse gas emissions from automobiles contributing to global warming and climate change. With rapid technological advancements, battery powered vehicles are now a reality. With the introduction of electrically powered vehicles, new avenues have opened up for charging stations. The innovation in automobiles inventing high power electric vehicles are the biggest booster for growth in the global electric vehicle charging station market. Government policies supporting purchase of electric vehicles, push from world level organizations in reducing carbon footprint, and collective efforts to identify alternative sources of fuel are pushing growth in the global electric vehicle charging station market.
Analysts state that the global electric vehicle charging station market will surpass US$ 3 bn by 2026. It is predicted to grow at a whopping 10% CAGR between 2018 and 2026. Automobile companies are introducing cars with equivalent power of gas-powered vehicles. Besides, they are also introducing hybrid vehicles where they run on both electricity and biofuels.
DC Charging and Public Stations to Hold Prominent Shares in the Market
Based on charging station type, the global electric vehicle charging station market is divided into DC, AC, and wireless charging stations. Of this, the DC charging type segment will hold the highest share in the global electric vehicle charging station market. It held 60% of the total market share in 2017. This is mainly due to the attractive pricing and fast charging capacity of DC charging stations. Further, in DC charging stations, it converts electricity before entering the car’s converter and thus charges the battery directly. These aspects fuel growth for DC charging stations in the global electric vehicle charging station market.
When it comes to end-user type, public charging stations hold the highest share. They accounted for nearly 60% of the total shares during 2017 in the global electric vehicle charging station market. Public stations are economical as they have enough parking space and are accessible to everyone. This makes them favorable over private charging stations.
Asia Pacific to Register Highest Growth among All Regions
Geographically, analysts suggest that Asia Pacific will emerge as the largest shareholder of the global electric vehicle charging station market. The rising consumption of automobiles with hybrid and battery power are escalating demand in this region. Further, countries are becoming more responsible towards global warming and climate change. As a result, they are introducing incentives for people purchasing battery-powered automobiles. This is boosting growth in the global electric vehicle charging station market in Asia Pacific.
On the other hand, North America and Europe will continue to remain significant in the global electric vehicle charging station market. High awareness levels among people and stringent pollution-control policies are fueling growth in countries of North America and Europe. The flourishing automobile industry is also a positive for the global electric vehicle charging station market in these regions.
The global electric vehicle charging station market showcases the presence of several players. Some of the major names are Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.