Automotive

Rising Demand for Electric Vehicles ‘Supercharges’ Growth in Electric Vehicle Charging Station Industry

Electric Vehicle Charging Station Market

The sales projections in the electric vehicle charging station market dictate that the industry will record considerable demand within the next few years, owing to the rising demand for electric as well as hybrid vehicles across the world, along with the increase in the number of supportive government interventions and initiatives, aimed at fostering the adoption of EV infrastructure. Furthermore, the increasing need to curb carbon emissions in order to restrict the growth in pollution levels, which triggers a high demand for electric vehicles, is also expected to bode well for the demand analysis of the electric vehicle charging station market in the coming years. On the other hand, the lack of awareness pertaining to the availability of electric vehicles in various emerging economies as well as their high cost may hinder the growth trajectory of the electric vehicle charging station market in coming years.

The demand analysis of the electric vehicle charging station market throws light on the various end-use industries that make use of these novel and innovative products and solutions, including public spaces and municipalities (i.e. streets and parks), healthcare, hospitality, logistics, and transportation (i.e. the fleet services), government, commercial office space, retail, residential, and education. The research report on the electric vehicle charging station market describes the classifications in the industry based on the charging level, i.e. level 1, level 2, and level 3. Furthermore, the key segments in the electric vehicle charging station market based on the application are commercial as well as residential.

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Super Charging Segment Receives High Demand in Electric Vehicle Charging Station Market

The key market segments in the electric vehicle charging station market, according to the type of charging are supercharging normal charging and inductive charging. The key segment in the electric vehicle charging station market anticipated to record substantial demand in the industry in the coming years is the supercharging segment. The fast charging capabilities offered by supercharging stations along with the widespread installation applications in the commercial as well as residential sectors trigger high demand in the electric vehicle charging station market for supercharging solutions. As per the type of installation the key segments in the electric vehicle charging station market include fixed chargers as well as a portable charger.

Some of the major players and stakeholders operating in the electric vehicle charging station market are Bosch Automotive Service Solutions Inc., ClipperCreek, Inc., Eaton PLC, E-Station Pty Ltd., Hitachi, Ltd., Leviton Manufacturing Co., Inc., Panasonic Corp., SemaConnect, Inc., Signet Systems, Inc., Toyota Industries, Corp., AeroVironment, Inc., ChargePoint, Inc., Delta Group, Enel Group, General Electric Co., KYOCERA Corp., Nichicon Corp., Schneider Electric SE, Siemens AG, and Tesla Motors, Inc., among others. The leading stakeholders in the electric vehicle charging station market are engaged in the expansion of their industry shares through the adoption of various corporate growth strategies. Some of the most prominent strategies include strategic collaborations, mergers and acquisitions, and partnerships, among others.

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Asia Pacific Accounts for Highest Share in Electric Vehicle Charging Station Market

The research report on the electric vehicle charging station market also sheds light on the functioning of major geographical regions and economies in the world. These include Europe, Asia Pacific, North America, the Middle East, Africa, and Latin America. Among these, the sales projections in the electric vehicle charging station market are anticipated to particularly remain high within the Asia Pacific region. The adoption of electric vehicles is high in the region, owing to the rising need to curb carbon emissions in order to decrease the growth of pollution.

The region accounted for the highest share in the electric vehicle charging station market owing to the increased demand for plug-in hybrid as well as electric vehicles from regional economies, such as India, South Korea, Japan, and China. Additionally, the increasing number of initiatives by several regional economies aimed at fast-tracking the building and installation of electric vehicle charging infrastructure is also expected to positively impact the demand analysis in the Asia Pacific electric vehicle charging station market in the coming years.

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