Global Electric Vehicle Charging station Market – Overview
- The report will cover the overall analysis and insights in relation to the size and growth rate of the “Global EV Charging station Market ” by various segments at a global and regional level for the 2014-2027 period, with 2014-2019 as historical data, 2020 as a base year, 2021 as an estimated year and 2021-2027 as forecast period.
Global Electric Vehicle Charging station Market – Introduction
- An Electric Vehicle (EV) charging station is a device that connects an EV to a source of electricity, permitting electric cars, neighborhood EVs, and plug-in hybrids to be charged. Some charging stations offer advanced features like smart metering, cellular connectivity, and network connectivity, while others are simpler.
- The EV industry is growing rapidly around the world, especially in China and the United States. The EV charging industry is a dynamic industry with a wide range of applications. Government initiatives of several countries around the world play a vital role in the development of vehicle charging stations. For instance, the central government of China has approved the development of fast-charging stations by national policies. Similarly, in the United States, the government plays a vital role by providing mandatory standards and funds to develop EV charging stations. However, in some countries/regions, there is still a shortage of commercial charging stations, which leads the consumers to rely only on the charging methods available at the workplaces and homes.
- Additionally, the growing advancement in communication technologies such as real-time information on all-electric vehicle charging stations for smart connectivity will help to propel the market growth. However, the increasing number of electric cars may affect the functioning of the charging stations, such as the amount of power generation, the load level of the transformer, and the load curve.
Global Electric Vehicle Charging station Market Report Scope
- The scope of the report covers the clear understanding and overview of the product.
- Analysis of market trends in the region, with market data considering 2020 as the base year, 2021 as the estimate year and forecast for 2027 with projection of CAGR from 2021 to 2027.
- The report covers discussion of economic trends and technology.
- Market estimates represent revenue.
- In-depth analysis of the market segmentation assists in determining the prevailing market scope.
Segments Covered in Global Electric Vehicle Charging station Market
- The fast charger segment holds a significant share in the market. The segment fast charger will showcase an exponential growth owing to the charger’s ability to charge vehicles in the short period during the projected period. Moreover, its ability to protect car batteries while charging will favor market growth.
- The slow/ moderate charger segment has low growth and low penetration in 2020. The slow/ moderate charger segment accounted for a 16.24% market share in 2020. The segment will show low growth during the projected period due to the high time required to charge EVs.
- The residential application segment accounts for a significant electric vehicle charging stations market share and is projected to dominate the forecast period. This is attributable to the growing sales of EVs, coupled with the increasing number of charging infrastructure.
- The commercial segment will showcase significant growth backed by the rising government funding to develop public charging stations in the forthcoming years.
Covid-19 Impact on the Global Electric Vehicle Charging station Market
- The production and sales of new vehicles had come to a halt across the globe as the whole ecosystem had been disrupted in the initial outbreak of COVID 19. OEMs had to wait until lockdowns were lifted to resume production, which affected their businesses. Hence, vehicle manufacturers had to adjust the production volume. However, when it came to EV charging stations, their numbers grew at a faster rate compared to previous year as varioous countries are planning to speed up the EV usage and have increased investment in EV charging infrastructure. The automotive industry is highly capital-intensive and relies on frequent financing to continue operations. Thus, the production suspension during the outbreak and lower demand may have an unprecedented impact on electric vehicle sales. During the pandemic, the number of level 2 EV charging stations grew at a fast rate as many people adopted to semi-personal usage of ev charging points set up in their home garages, office areas etc.
- Due to the COVID-19 pandemic, many countries had imposed a complete lockdown of more than two months, which, in turn, has impacted electric vehicle charging stations production. Manufacturing units around the world were shut down, and EV charging sales had taken a huge hit in the first two quarters of 2020. However, the majority of the automakers and EV charging providers resumed EV chargers production with limited production and necessary measures.
- Although most OEMs did not report any major losses, there were few OEMs, which suffered from the outbreak. For instance, BYD’s profits fell by 85% in the first quarter of 2020. Similarly, companies like Tesla, ChargePoint, Shell, BP, ABB, Shneider electric, Siemens etc suffered losses in Q1 2020, however their EV charging business had recovered by Q3 2020 and kept growing since then. In the following months their EV charging stations business improved compared to the previous year.
Recent Developments in Global Electric Vehicle Charging station Market
- In September 2020, Tesla acquired German ATW automation, which is a company specializing in battery modules.
- In September 2020, Seimens received a supply contract to power E-Buses across New-Zealand.
- In August 2020, BYD launched mobile charging service to enable customers to charge their EV’s on the go in emergency conditions.
- In July 2020, ABB started construction of a USD 30 Million facility for construction of EV chargers for global demand in Netherlands.
- In March 2020, BYD announced plans to expand into Brazil for EV charging stations and EV market.
- In march 2020, ABB acquired Chinese EV charging provider, ChargeDot to strengthen its emobility portfolio.
- In October 2019, Shell introduced its business hub for companies which require swiching or scaling up e-mobility.
- In September 2019, ChargePoint launched HomeFlex charger (50amp).
- In March 2019, Tesla launched the 3rd generation supercharger.
- In September 2018, ABB launched a new AC Wallbox for low cost EV charging for businesses and private use.
- In April 2018, Siemens made a supply contract to supply EV chargers for Ebuses in Denmark.
- In December 2017, Chargepoint introduced Vallet view, a feature to see real time charging status.
Key Market Players in Global Electric Vehicle Charging station Market
- The major players in the Global Electric Vehicle Charging station Market are ABB Ltd.; AeroVironment, Inc.; Alfen N.V.; Allego; Blink Charging Co.; ChargePoint, Inc.; ClipperCreek, Inc.; EFACEC Group; ENGIE Group; EVgo Services LLC.; Leviton Manufacturing Co., Inc.; Schneider Electric SA; SemaConnect Inc.; Siemens AG; Tesla, Inc.; TGOOD Global Limited and Others.
- Also, the Global Electric Vehicle Charging station Market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
Objectives of the Global Electric Vehicle Charging station Market
- To provide detailed information regarding drivers, restraints, opportunities and challenges are influencing the growth in the Global Electric Vehicle Charging station Market.
- To analyze the competitive intelligence of players based on company profiles and their key growth strategies.
- To strategically analyze micro markets with respect to the individual growth trends, their prospects, and their contribution to the total Global Electric Vehicle Charging station Market.
- To analyze competitive developments such as expansions, and product launches, along with research & development (R&D) activities undertaken in the Global Electric Vehicle Charging station Market.
- A unique model is created customized for each study also offers suggestions that help enterprises to identify and mitigate risks.
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