Electric Vehicle Charging Station Market Reaching Nearly USD 420 Billion By 2032

According to Custom Market Insights (CMI), The Global Electric Vehicle Charging Station Market size was worth around USD 35 billion in 2021 and is predicted to grow to around USD 420 billion by 2030 with a compound annual growth rate (CAGR) of roughly 32% between 2022 and 2030.

The report analyses the Electric Vehicle Charging Station market’s drivers and restraints and the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Electric Vehicle Charging Station market.

Electric Vehicle Charging Station Market: Overview

Due to the enormous environmental harm caused by gas-powered automobiles and concerns over greenhouse gas emissions, sales of electric vehicles are still rising quickly. As petrol prices surge to record highs, EV adoption is accelerating in the United States. According to an American Automobile Association survey, one-fourth of Americans said they planned to buy an EV. Additionally, 77% of those interested in buying a plug-in car noted that their desire to save money on gas was what sparked their interest. Such factors are likely to boost the market for EV charging station market.

Browse the full “Electric Vehicle Charging Station Market Size, Trends and Insights By Charger Type (Fast Charger, Slow Charger), By Connector (CHAdeMO, Combined Charging System (CCS), Others), By Application (Residential, Commercial), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030 “ report at https://www.custommarketinsights.com/report/electric-vehicle-charging-station-market/

Growth Factors

The requirement for the use of electric vehicles has been prompted by the rising levels of carbon emissions and other dangerous substances resulting from transportation. Subsequently, there is a growing need for an electric vehicle (EV) charging infrastructure in both business and residential settings. Additionally, expanding collaborations between automakers to provide charging stations using a subscription model is anticipated to fuel industry expansion.

Furthermore, it is anticipated that green energy will substantially impact both public and private electric vehicle charging stations. The biggest issue for EV owners is carbon emissions. Companies are quickly advancing the charging technologies used in their electric vehicle charging networks to alleviate these issues.

Segmental Overview

The market for Electric Vehicle Charging stations is segmented into charger type, connector, and application. Due to initiatives and budget allocations by governments and automakers for extending public EVCI infrastructure, the commercial segment accounted for over 80% of revenue share in 2021. As overnight charging or charging at home would not be sufficient for long-distance travel, the construction of supporting infrastructure in public locations is required. The growth is further fueled by partnerships between several public transportation organizations and automakers to construct electric bus charging stations.

In 2021, the CHAdeMO market category dominated the market 2021. This is primarily because it is easy to handle and works with most electric cars, including those made by GM, BMW, and VW. Additionally, it allows for greater design freedom for electric vehicles because it only needs one charging port instead of two for CHAdeMO connectors, which can’t handle AC charging. The current CHAdeMO connectors are also required by the Japan Electric Vehicle Standard and can deliver 62.5 kW of DC (JEVS).

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Regional Overview

China, Japan, India, and South Korea are major countries considered in the Asia Pacific region. In addition, some of the world’s economies that are growing the fastest are located in this area, including China and India. The governments of these developing nations have taken several steps to entice major OEMs to produce electric car charging infrastructure in their own countries after seeing the development potential of the global market for charging stations for electric vehicles. For instance, EV charging station network providers have teamed with several OEMs to offer free EV charging to EV drivers. Due to this, the production of electric vehicles has increased recently, satisfying both domestic and international demand.

Key Players Insights

Due to rapidly shifting consumer preferences and ongoing technological advancement, the global electric vehicle charging stations market is highly competitive. Almost every market participant primarily focuses on installing fast and ultra-fast charging stations.

Prominent Players

AeroVironment Inc.
BP Chargemaster
General Electric Company
ABB
Eaton Corp.
ChargePoint Inc.
ClipperCreek Inc.
SemaConnec Inc.
Leviton Manufacturing Co. Inc.
Schneider Electric
Tesla Inc.
Siemens AG
Webasto SE

Table of Contents: https://www.custommarketinsights.com/report/electric-vehicle-charging-station-market/#table-of-contents

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