Dublin, Aug. 31, 2021 (GLOBE NEWSWIRE) -- The "Global Electric Vehicle Charging Stations Market, By Charger Type (Slow, Fast), By Connector Protocol (CCS, CHAdeMO, Others), By Charging Method (AC Charging, DC Charging), By Application (Commercial, Residential), Estimation & Forecast, 2017 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle charging stations market held a market volume of about 905 thousand units in 2020 and is projected to reach nearly 2798 thousand units by the year 2027 at a CAGR of 17.5% from 2017 to 2027. The market was valued at USD 26,091.2 million in 2020.
Electric vehicle charging stations are used for charging the batteries of electric cars, buses, and other such vehicles. The market is expected to grow owing to the rising concerns related to carbon emissions, rising trend of electric vehicle adoption, and government regulations and tax exemptions.
However, the high costs associated with setting up the EV infrastructure, electricity costs uncertainty & requirement of space, and emergence of hydrogen cell vehicles are likely to negatively hamper the market growth.
During the COVID-19 pandemic, complete lockdowns were imposed which created a barrier in setting up of the electric vehicle charging stations, which negatively impacted the market growth.
Government regulations and tax exemptions
As the market for electric vehicles is expected to grow with time, the setting up of charging stations for these vehicles is also estimated to increase. This is further supported by the recognition received by governments of various countries for adoption of electric vehicles as they reduce pollution levels.
Governments of countries such as the U.S. and China have taken various initiatives to build charging stations across their countries. They have promoted the growth in this segment by imposing tax rebates, offering incentives and preferential policies, among others. Hence, government regulations and tax exemptions are anticipated to boost the market growth.
Increasing trend of electric vehicle adoption
With the increasing adoption of electric vehicles, the demand for its charging stations is also rising tremendously. According to the International Energy Agency, the sale of electric cars reached 2.1 million globally in 2019, a 40% year-on-year increase since 2018. Such rapid adoption of electric vehicles is also likely to boost the market growth during the forecast period.
The slow charger segment held the largest volume share and is expected to surpass 1,395 units by 2025. This is owing to various government initiatives for accelerating deployment of charging infrastructure.
The combined charging system segment held the largest market share of about 54% owing to its high preference by automobile manufacturers. The CHAdeMO segment is expected to grow at the fastest rate and generate a revenue of USD 26,172.6 million by 2025.
The DC Charging segment witnessed the fastest rate owing to its high preference over the AC charging method.
The residential segment held the largest share of about 65% in terms of volume owing to the high demand of charging stations in residential building.
Within the commercial segment, the hospitality segment witnessed a CAGR of 32% and the office spaces segment is expected to cross a value of 59 thousand units by 2023.
The cumulative market share of the four major players is near about 40%. These market players are engaged in partnerships, new product launches, mergers & acquisitions to strengthen their market presence.
For instance, in August 2021, ChargePoint Holdings acquired ViriCiti, a company dealing in electrification solutions for commercial fleets and eBus. The acquisition was valued at USD 88.46 million.
Major players in the global Electric vehicle charging stations market include
Eaton Corporation plc
Leviton Manufacturing Co., Inc.
Schneider Electric SE
Tesla Motors, Inc.
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