August 16, 2019 by Johnson Paul
According to a new market research a report published by Credence Research “ Global Electric Charging Station Market (Mode Of Charging (Plug-in charging system and Wireless charging system); Power Output (0 to 12 KW, 13KW to 50 KW and Greater than 50 KW); End-use(Private Type And Public Type)) – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, The overall electric charging station market worldwide was valued at US$ 8.8 Bn in 2018 and set to grow with the CAGR of 39% over the forecast period.
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The rapid adoption of electric vehicles is the key aspect that drives the growth of the electric charging station market worldwide. The market price of electric vehicles and government initiatives are the major factors that have a positive impact on the demand and the consumption of electric vehicles all over the globe. The electric charging station provides the electric conversion with the monitoring and other safety functionality as it is safe, accessible, reliable and affordable charging infrastructure that contributes in the faster the adoption of electric vehicles.
Additionally, the rising awareness about environmental pollution and the ecosystem are majorly major factor to the growth of the electric charging station market. The governments across several countries are undertaking multiple initiatives to promote the manufacturing and the adoption of electric vehicles. Thus, this anticipated to escalate the growth of electric charging station market. However, the lack of standardization and high initial cost are expected to hamper the growth of the electric charging station market during the forecast period. Moreover, the ongoing technological advancements in the electric charging station to provide affordable and reliable services are projected to serve numerous opportunities in this market in the near future.
Based on the mode of charging the charging station market is classified into plug-in charging system and wireless charging system. The plug-in charging system estimated to hold more than 40% of the total market share over the forecast period. On the basis of Power Output, the market of the electric charging station is bifurcated into 0 to 12 KW, 13KW to 50 KW and Greater than 50 KW. Furthermore, end use of electric charging stations includes the private type and public type stations. The several automotive manufacturers invest heavily in the development of different types, of charging private and the public charging stations that are anticipated to boost the demand of electric charging station in upcoming years.
Among the geographies, Asia Pacific is the largest and the fastest region in the electric charging station market followed by Europe. The high consumption of electric vehicles is the primary factor that drives the growth of Asia Pacific charging station market. China dominates the market of the electric charging station in the Asia Pacific region. Furthermore, Europe is the second-largest region in this market owing to stringent emission norms adopted by the governments to control exhaust vehicle emission levels and growing demand for electric vehicles. North America also holds significant market shares in the electric charging station market.
Some of the prominent players operating in the electric charging station market include Schneider Electric SE, Siemens AG, ABB Ltd, ChargePoint Inc, Tesla, Inc., EVgo Services LLC, Webasto SE, Chargemaster PLC, General Electric Company, Leviton Manufacturing Co., Inc, among others.
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By Mode of Charging Segment (2017–2027; US$ Bn)
By Power Output Segment (2017–2027; US$ Bn)
By End-use Segment (2017–2027; US$ Bn)
By Geography Segment (2019–2027; US$ Bn)
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