The global demand for electric vehicle charging station is on an upward trajectory because of ushering in of Plug-in vehicles from esteemed automotive manufacturers. The automotive segment is displaying increased flexibility in price structure of PEV vehicles and scaling-up of infrastructure has placed electric vehicle charging station market at top. Industry will usher in a change in market dynamics placing importance to energized charging cycles and interoperability restrictions amongst charging stations in catering to all electric vehicles.
Growth in electric vehicle
charging station market is profusely laden with entry of BEV vehicles that
conduct a fuel-free operation resulting in incremental savings in fuel and
maximization of profits. BEV’s are attributed with faster acceleration, smooth
transmission and is maintenance-free in comparison to I.C engines enhancing
growth in electric charging station market.
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Vehicle Charging Station Market at : https://www.millioninsights.com/industry-reports/electric-vehicle-charging-station-market
Battery driven electric vehicles market are displaying encouraging
signs of growth in what was formerly a static industry and is now gaining lost
ground due to advancements in electric engine models. BEV vehicles are
dedicated battery-equipped electric vehicles and Plug-in hybrid electric
vehicles (PHEV) come with a battery and an Internal Combustion (IC) engine
backing-up on the rear. Both have differing driving patterns and PHEV’s do not
level up to BEV’s that are more costly than PHEV’s driven with a battery
backup.
AC charging stations are
preferred over DC charging stations and are projected to lead industry vertical
attributing growth to convenience in being an installation devoid of additional
alterations and no encumbrances, working on a 120-230V AC home supply. Public
charging stations are gaining ground over private charging stations with
installations in taxi-stands, airports, fast-food cafes, bistros and parking
lots. Asia pacific is leading industry growth in electric vehicle charging
station market due to necessary steps taken in restructuring society by way of
green zone manifestation.
Copious investments by government
in charging stations that register low-carbon imprints and instruct progressive
society living enhances growth in electric vehicle charging station market.
Segmentation of electric vehicle charging station market by charging station
includes AC charging station, DC charging station and inductive charging.
Segmentation of electric charging station market by connector includes chademo,
CSS and others. Segmentation of electric charging station market by end-user
includes residential EV charging stations and public EV charging stations.
Segmentation of electric vehicle charging station market by region includes
North America, Europe, Asia Pacific, MEA and Lain America. North America leads
market growth in electric vehicle charging station market by compounded annual
growth projected to be in region of 40% CAGR in forecast period.
Asia pacific held highest shares in market growth and is a reputed
regional player in global markets. Subsidies in form of reduced road-tax
are a market driver to growth in electric vehicle charging station market.
Presence of many players, both big and small in the market is suggestive of a
fragmented market in electric vehicle charging station market. An observed
demand for growth in electric vehicles will increase market for electric
charging station market.
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A reduced cost-structure and
eco-friendly margins displayed will augment growth in electric vehicle charging
station market. Growing environmental concerns will tip the scales in favor of
growth in electric vehicle charging station market. As per news, demand in
electric charging stations is proportionate to sales of electric vehicles and
considering cost-effectiveness and eco-friendliness of electric vehicles is a
boosting market growth. Key industries include ABB Ltd., AeroVironment, Inc.,
ChargePoint, Inc., Delphi Automotive Plc., Eaton Corp, Plc., Elektromotive
Ltd., GE Company, Pod Point Ltd., Schneider Electric SE, Semaconnect Inc.,
Siemens AG, and Tesla Motors.
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