According to
the new market research report "Electric Vehicle Charging
Stations Market by Charging Station (AC Charging Station, DC Charging Station),
Installation Type (Residential, Commercial), and Region (North America, Europe,
Asia Pacific, and Row) - Global Forecast to 2023", the
electric vehicle charging stations market is expected to grow from USD 5.30
Billion in 2018 to reach USD 30.41 Billion by 2023, at a CAGR of 41.8% between
2018 and 2023.
Key factors
such as government funding, subsidies, and incentives, growing demand for
electric vehicles, growing concern toward environmental pollution, and heavy
investment from automakers of EVs are driving the market.
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DC charging
station to hold the largest share of the electric vehicle charging stations
market between 2018 and 2023
The ability
of DC charging stations to charge an EV in lesser time compared to AC charging
stations is the primary driving factor for the high growth rate of former in
the market. Also, the increasing popularity of public charging stations is
boosting the demand for DC charging stations. Furthermore, automakers are
planning to invest in DC fast charging network to support their launch of
long-range battery electric vehicles (BEVs).
Commercial
installation to hold the largest share of the electric vehicle charging
stations market between 2018 and 2023
The growth
is attributed to an increased deployment of charging stations at public places
such as shopping malls, commercial buildings, airports, and restaurants. The
convenience of being able to use an EV charger while shopping or during office
hours is expected to boost the adoption of electric vehicles. Furthermore,
government offerings, such as tax credits, on the installation of publicly
accessible stations are expected to boost the commercial installation of
charging stations.
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APAC held
the largest share of the electric vehicle charging stations market in 2017
A majority
of electric vehicle charging station installations in APAC are driven by huge
demand in countries such as China and Japan. Currently, APAC is the largest
market for electric vehicle charging stations globally. Furthermore, South
Korea and India are taking initiatives to reduce greenhouse gas emissions by
increasing the use of EVs. For instance, India, one of the largest contributors
of greenhouse gases, has pledged to phase out petrol and diesel cars by 2030.
This initiative by the Indian government is expected to create a huge demand
for EVs and EV charging infrastructure in the country. Moreover, in September
2017, the Indian government decided to buy 10,000 electric cars from Tata
Motors to replace old petrol and diesel cars used by government agencies.
Furthermore, in September 2017, the Singapore government launched its first
large-scale EV car sharing program. Under the car sharing program, BlueSG
(Singapore), a subsidiary of Bollore Group, will install 500 charging stations
equipped with 2,000 charging points in Singapore.
Major
players in the electric vehicle charging stations market are ChargePoint (US),
ABB (Switzerland), Tesla (US), Engie (France), and AeroVironment (US).
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