-Vehicle manufacturers are developing automobiles that have
the same power as gasoline-powered automobiles. In addition, hybrid
vehicles that run on both electricity and biofuels are being
introduced
-Majority of players are devoting money on research so as to
come up with high-efficiency solutions. Greater demand for
high-capacity charging stations are expected to come up
ALBANY, New York, June 22, 2021 /PRNewswire/ -- A pressing issue in
the automotive industry is the high degree of greenhouse gas
emissions from vehicles, which contribute to the problem of climate
change and global warming. Battery-powered automobiles are already
a possibility thanks to rapid technology breakthroughs. With the
emergence of electric vehicles, new possibilities for charging
stations have come up. The most significant driver of growth
in the global electric vehicle charging station market is
automobile innovation, which has resulted in the development of
high-capacity electric vehicles. The global electric vehicle
charging station market is likely to growing expand due
to collaborative efforts to explore alternative fuel sources,
pressure from international organisations to reduce carbon
emissions, and government regulations encouraging the buying of
electric vehicles.
Countries all through the world are concerned about global
warming. Most industrialised and developing countries have taken
steps in the recent decade to reduce their carbon footprint. One of
the many initiatives taken by the world's leading countries is to
ban diesel-based vehicles within the next 15 to 20 years to
come. As a consequence, automakers are introducing electric
and hybrid automobiles, which is likely to raise demand for
electric vehicle charging stations in the years to come.
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The demand for these charging stations has been
steadily increasing, and it is predicted to rise at a double-digit
growth rate of 10.19 % CAGR over the projection period,
from 2018 to 2026. The market is estimated to exceed US$3
Bn through 2026. The rapid growth of
the market is aided by fierce competition amongst these
major players. As the number of electric car sales rises year after
year, it is expected that the demand for charging stations
will observe a surge too. Due to the presence of enormous
commercial potential, large businesses are implementing methods to
expand their operations, whilst newcomers are attempting to launch
novel items. Given that electric vehicles will be the norm in the
future, market participant's view that now is the perfect
moment to expand their businesses.
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Key Findings of Market Report
- Electric Vehicles to Counter the Environmental Damage Caused
by Traditional Automobiles
Most of the rich and
developing countries have been found to generate a dominant chunk
of greenhouse gas emissions globally. Governments of developed
countries have established initiatives to reduce vehicular as well
as industrial pollution in order to reduce individual carbon
footprints. By 2030, numerous countries expect their roads to
feature electric vehicles. To help with this, these
countries are asking automakers to build environmentally
friendly electric automobiles. Moreover, policymakers bring
alluring benefits and subsidies for those who
buy electric vehicles. This entices buyers to select electric
automobiles over diesel ones. This is projected to lead to an
enormous increase in demand in the global electric charging
station market.
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- Public Transportation Sector Expected to Account for Most of
the Demand in the Market
Public transportation is one type
of vehicle that causes a significant damage to the environment
as it produces a huge amount of greenhouse gases. As a
result, governments are considering incorporating electric vehicles
into public transportation. For businesses in the global electric
vehicle charging station market, this is likely to create new
opportunities. Because public transportation would make use
of a lot of fuel, it will need to be replenished every night.
This factor is estimated to bolster growth of the market over the
period of assessment, from 2018 to 2026. In addition to that,
innovative solutions are also expected to propel the
market forward.
Electric Vehicle Charging Station Market: Growth
Drivers
- New opportunities for charging stations have arisen with the
emergence of electric vehicles. The most significant driver of
growth in the global electric vehicle charging station market is
innovation in vehicular technology, which has resulted in the
development of high-capacity electric vehicles.
- Whilst the already operating electric vehicle charge stations
Is able to meet the current demand, firms are expected to begin
planning for the future so as to stay afloat in the market. In the
forthcoming years, there will be a greater demand for high-capacity
charging stations.
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Electric Vehicle Charging Station Market: Key
Competitors
- Wi Tricity Corporation
- Mojo Mobility
- EVgo ServicesLLC.
- ChargePoint
- General Electric Company
Electric Vehicle Charging Station Market:
Segmentation
- Charging Station Type
-
- AC Charging
- DC Charging
- Wireless Charging
- Power Output
-
- <11 kW
- 11 kW-50 kW
- >50 kW
- End User
-
- Supplier Type
-
- OE Charging Station
- Private Charging Station
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