New York, Aug. 18, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Charging Station Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Charging Station Market Research Report, System, Vehicle Type and Region - Forecast till 2028” the market size is projected to be worth USD 142.47 Billion by 2028, registering a CAGR of 37.51% during the forecast period (2021 - 2028), The market was valued at USD 15.42 Billion in 2020.
Increasing investments by governments across the globe to develop charging infrastructure and incentives offered to buyers will create opportunities for OEMs to expand their revenue stream and geographical presence. The market in Asia Pacific is projected to experience the fastest growth owing to the high demand for electric vehicles and aggressive reforms from governments of countries like China, Japan, South Korea and their efforts to promote growth of EV Charging infrastructure to make EV charging more accessible. Meanwhile the North American and European markets are growing due to the government initiatives and growing demand for fast charging segment. However, factors like high costs involved in initial investments for fast charging, need for better batteries, charging time of EV vehicles being much higher than fossil fuel vehicles (Specially in case of Level 1 and Level 2 Charging), charging compatablity not being uniform, grid capacity and current trend of pricing of EV being higher than their fossil fuel counterparts could hamper the growth of global EV and electric vehicle charging stations market.
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List of the Key Companies Profiled in the Electric Vehicle Charging Station Market Research Report are:
Leviton Manufacturing Co.Inc.
EVgo Services LLC
The New Motion B.V.
In August 2020, BYD will launch a mobile charging service, allowing consumers to charge their EVs on the go in emergencies.
In July 2020, ABB began the installation of EV chargers in the Netherlands, with a USD 30 million investment for global demand.
Browse In-depth Market Research Report (185 pages) on Electric Vehicle Charging Station
The Global Market to be Remain Unaffected by COVID-19
The COVID-19 outbreak has had an impact on many aspects of life, ranging from consumer products to industrial activity. This pandemic has had an impact on several industries, including automobiles, chemicals, and electronics. Specifically, the automotive and transportation industries are dealing with a slew of issues such as supply chain interruptions, decreased product demand, a scarcity of raw materials, and a slew of others. China's supply chain problems have altered demand for the automotive industry. Commercial vehicle demand is projected to reduce as a result of partial or complete lockdowns of non-essential services.
However, this pandemic has had less of an impact on electric vehicle production since electric vehicles, charging infrastructure, and sales originate in China, which has recovered from the pandemic. Globally, the pace of acceptance of electric vehicles is increasing, and many nations, like Canada, Australia, India, and Germany, are making significant investments to encourage the use of electric vehicles. The economic crisis triggered by the COVID-19 is overcome with significant investment in charging facilities. The majority of administrations embraced infrastructure rehabilitation as a kind of economic stimulation.
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The worldwide electric vehicle charging station industry has been segmented based on the charging station, vehicle type, connector type, and installation type.
Based on the vehicle type, the worldwide electric vehicle charging station market has been divided into Plug-in Hybrid Vehicle (PHEV) and Battery Electric Vehicle (BEV).
Based on the charging station, the global electric vehicle charging station market has been segmented into AC charging stations, DC charging, and Inductive charging stations.
Based on the connector type, the global electric vehicle charging station market has been segmented into Chademo, Combined charging system, and Others.
Based on the installation type, the global electric vehicle charging station market has been segmented into residential and commercial.
APAC to Dominate the Global Market
The Asia Pacific dominates the global market as a result of strong measures implemented by governments in countries like China, Japan, India, and Singapore.
North America to Capture the Highest Share
Due to the rising demand for electric vehicles, growing GDP, and high employment rates, North America is likely to hold the highest share during the forecast period.
Segmentation of Market covered in the research:
Electric Vehicle Charging Station Market Research Report: Information By Charging Station (AC Charging Station, DC Charging Station and Inductive Charging Station), Connector Type (CHAdeMO, Combined Charging System and others), Installation Type (Residential and Commercial), Vehicle Type (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)) - Global Forecast till 2028
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