Major players in the electric vehicle charging stations equipment market are ABB Ltd, Siemens AG, The New Motion BV, Tesla Motors Inc. , and ClipperCreek Inc. The global electric vehicle charging stations equipment market is expected to grow from $117.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Charging Stations Equipment Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151605/?utm_source=GNW
27 billion in 2020 to $129.07 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $390.59 billion in 2025 at a CAGR of 31.9%.
The electric vehicle charging stations equipment market consist of sales of the equipment required in the setup of electric vehicle charging stations. These electric vehicle charging stations are used to recharge the vehicles by connecting to the electricity source.
The electric vehicle charging stations equipment market covered in this report is segmented by type into AC charging, DC charging, inductive charging. It is also segmented by vehicle type into battery electric vehicles (BEV), plug-in electric vehicles (PHEV), hybrid electric vehicles (HEV) and by charging type into level one charging (120 volts), level two charging (240 volts), DC fast charging (480 volts).
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The limited driving range of electric vehicles (EV) is one of the major factors restraining the EV market thereby affecting the growth of the electric vehicle charging stations equipment market.The driving range of EV is shorter than the gasoline vehicles.
This limitation is due to various factors such as passenger capacity, use of air conditioning and the need of margin to be retained before the next recharge. Thus, affecting the sales of EV which is thereby decreasing the need for setting up more charging power stations and the requirement for the EV charging stations equipment falls, therefore restraining the market growth.
Ultra-quick DC charge stations is trending in the electric vehicle charging stations market.Ultra-quick DC charge helps in supplying direct power of up to 125 kW to vehicle without any converter.
These ultra-quick DC charge stations have the capability to charge 80% of the electric supply required for vehicle within 20 min time span.With the increasing demand for EV the need for more charging stations is increasing.
In order to cope with the demand and make availability of low energy charging points, the ultra-quick DC charge station is the solution.Also, to deal with new upcoming EV in the market that requires high power rates for charging.
There are 3 types of DC fast charging options, Combined Charging System (CCS), CHAdeMO and Tesla Supercharger. For example, ITT Inc., has introduced high performance ultra-fast DC charging solutions under the brand name Canon.
In February 2019, Tesla, Inc., an American automotive and energy company acquired Maxwell Technologies, Inc. for $218 million. This acquisition, is expected to boost the market for Tesla and help in improve its batteries and lower costs, to be ahead of the new players entering the market. Maxwell Technologies, Inc., an American energy storage and manufacturing company.
National and international legislatives policies for promoting the electric vehicle (EV) is driving the growth of the electric vehicle charging stations equipment market.The scheme to provide incentives so as to motivate investors in buying electric vehicles and installing the EV charging stations help in driving the electric vehicle charging stations market.
Thus, help in boosting the electric vehicle charging stations equipment market.For example, an attractive scheme was launched by German government to provide a direct discount of $4,520 for EV buyers.
Also, public funding for charging stations for every 50 km is provided in Norway. Thus, driving the EV charging stations market, thereby driving the electric vehicle charging stations equipment market.
The UK legislation has implemented the ‘Automated and Electric Vehicle Act 2018’ and is amended by the Secretary of State for Transport.This bill ensures that the insurance system and infrastructure in the UK is ready to face the revolution in the transport industry.
The insurance part of the bill deals with claims made while using automated mode in the operational vehicle.It also facilitates the insurers the right claim and reject the liability if the manufacturers fail to keep the software up to date.
The other part deals with EV charging infrastructure and problems related to type of vehicle, compatibility, standards and how pay system is being managed for them.The regulation prescribes the payment or verification method, refueling points accessibility, availability and sharing of the resources.
Also, operator should make sure that the components comply with the requirements and regulations.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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