LOS ANGELES, Sept. 06, 2019 (GLOBE NEWSWIRE/KOREA IT TIMES) -- The Global Electric Vehicle Charging Station Market is expected to grow at CAGR 40.5% during the forecast period, 2019-2026 and will reach over USD 3.4 Billion by 2026.
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The automotive industry is on the verge of witnessing the revolution with the introduction of the electric vehicles for every sector including truck sector, utility vehicle sector, and transport sector. Change in the automotive sector through electric vehicles needs to be backed up by the installation of an ample amount of electric vehicle charging stations. These stations are capable of charging the electric vehicles on the go which makes use of electric vehicles sustainable in today’s world. Electric vehicle charging stations have features of fast charging with minimal cost and battery testing. Launch of electric vehicles in the last few years by giants in the automotive sector including Tesla, Mercedes, BMW, and others have increased the demand for electric vehicle charging stations across the globe. Moreover, stringent government regulations abiding the use of electric vehicles and restricting the use of vehicles running on fossil fuels is supporting the Electric Vehicle Charging Stations market.
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The global Electric Vehicle Charging Stations market is segmented into type of charger, application, power output, supplier type, and region. Based on Type of charger, the global Electric Vehicle Charging Station market is segmented into AC charging station and DC charging station. DC charging station dominated the global Electric Vehicle Charging Station and it is further expected to continue its dominance during the forecast period as well. Based on Type of application, the global Electric Vehicle Charging Station market is segregated into private and public. Public charging station emerged as a global leader as of 2018 with the majority of the global market share. Based on Type of power output, the global Electric Vehicle Charging Station market is segregated into <11 kW, 11kW-50 kW, and >50 kW. Market segmentation based on supplier type, the global Electric Vehicle Charging Station market is segregated into OE Charging Station and Private Charging Station.
Geographically, the Electric Vehicle Charging Stations market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America dominates the global Electric Vehicle Charging Stations market owing to the increasing number of electric vehicles, stringent government regulations, and the presence of electric vehicles manufacturers in the region. The U.S. is likely to hold major share of the North America electric vehicle charging stations market followed by Canada. The growing need of import-export through trucks and other transport vehicles in the U.S. and Canada is escalating the demand for electric vehicles and subsequently electric vehicle charging stations during the forecast period.
Europe electric vehicle charging stations market is the second leading region in the global market owing to the government policies of banning vehicles running on fossil fuels by 2025. Germany is expected to gross the largest share of the market due to increasing demand for electric vehicles and electric vehicle charging stations in the country followed by the U.K.
The Middle East is expected to gross low share of the global Electric Vehicle Charging Station market owing to the presence of ample amount of fossil fuel oil fields in the region.
Latin America is likely to experience significant growth with healthy CAGR owing to the rapidly increasing industrial sector in the region. Africa is forecasted to grow steadily over the next few years owing to increase in the number of favorable government regulations.
Some of the major players in the global Electric Vehicle Charging Stations market are, Mojo Mobility, GENERAL ELECTRIC, Wi Tricity Corporation, ChargePoint, and EVgo ServicesLLC.
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