Dublin, Aug. 25, 2021 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Charging Infrastructure Market Report " report has been added to ResearchAndMarkets.com's offering.
The Global Electric Vehicle Charging Infrastructure Market is expected to grow from USD7.39 billion in 2020 to USD36.72 billion in 2026, growing at CAGR of 31.22% until 2026 because of increased GHG emission and rising demand for electric vehicles, globally.
Increasing level of pollution is a major environmental issue and every country is taking necessary steps to overcome the problem. Vehicles based on petrol, diesel and other fuels are one of the major reasons behind increasing the level of pollution. Gases like carbon dioxide, carbon monoxide, etc. coming out of the vehicles are also depleting the ozone layer.
To overcome this problem, countries are spreading awareness among their citizens to use electric vehicle and offering subsidies on its purchase, helping in decreasing vehicular pollution. As the demand for electric vehicles is increasing, it is important to develop or setup new EV charging stations to overcome the shortage of charging stations.
The Global Electric Vehicle Charging Infrastructure Market can be segmented based on vehicle type, by type, by charging mode, by installed location, by connector type and by type of charging. On the basis of vehicle type, the market can be classified into two-wheeler, four-wheeler and commercial vehicle.
Two-wheelers accounted for the majority market share, and the demand for electric two-wheelers is forecast to grow in future as well due to huge fluctuation in petrol prices around the world. Owing to enormous number of two-wheelers, more charging stations for electric two-wheelers are available than for electric four-wheelers.
During the projected period, two-wheeler charging infrastructure will continue to outnumber four-wheeler charging infrastructure, but it is estimated that four-wheeler charging infrastructure will grow at a brisk rate in the forecast year owing to consumer awareness and several initiatives taken by government of several countries to transform their vehicle fleet into electric.
Based on type, AC charging stations are more than DC because of low power consumption and are cost-effective to setup. However, due to more charging time, it is expected that the DC charging station will show a good growth in the forecast period. Based on charging mode, plug-in charging stations are more than 95% and are expected to dominate the wireless charging station. Based on installed location, commercial EV charging station dominates the residential EV charging station because of cost of installation is more for residential EV charging station than commercial charging station.
Due to increasing fleet of electric vehicle, it is expected that residential EV charging station will increase in forecast period at a good year-on-year growth, but commercial EV charging station will dominate in future as well. Based on the type of charging, the slow EV charging stations are more than fast charging but as the fleet of electric vehicle increases, the demand for fast charging station will also increase.
Regionally, the market for Electric Vehicle Charging Infrastructure is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe & CIS, Middle East & Africa and South America. Asia-Pacific was the biggest region in terms of Electric Vehicle Charging Infrastructure in 2020 and it is expected that it will dominate in future as well.
The major reason behind the dominance of Asia-Pacific is the increasing fleet of electric vehicles and rapid growth of EV charging stations in China. In terms of new installation of EV charging station, China itself has the share of above 50% in 2020. Europe has the share of approximately 30% in EV charging station in 2020 and it is expected that in terms of region wise sales, it will continue to be on second position after Asia-Pacific followed by North America, South America and Middle East & Africa.
Key players are developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers and acquisitions and new product developments. Players operating in the market are improving R&D capabilities while enhancing operational efficiency to register positive growth.
Major players operating in the Global Electric Vehicle Charging Infrastructure Market are
Schneider Electric SE
Eaton Corporation plc
Royal Dutch Shell Plc
TGOOD Global Ltd.
Years considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2021-2026
Global Electric Vehicle Charging Infrastructure Market, By Vehicle Type:
Global Electric Vehicle Charging Infrastructure Market, By Type:
Global Electric Vehicle Charging Infrastructure Market, By Charging Mode:
Global Electric Vehicle Charging Infrastructure Market, By Installed Location:
Global Electric Vehicle Charging Infrastructure Market, By Connector Type:
Tesla's proprietary supercharger connectors
Global Electric Vehicle Charging Infrastructure Market, By Type of Charging:
Global Electric Vehicle Charging Infrastructure Market, By Region:
Europe & CIS
Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/ue905f
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