Electric Vehicle Charging Stations: Worldwide Market Analysis & Forecast to 2024, Anticipating a CAGR of 38.45%
Electric Vehicle Charging Stations: Worldwide Market Analysis & Forecast to 2024, Anticipating a CAGR of 38.45% -ResearchAndMarkets.com
DUBLIN: The “Electric Vehicle Charging Station Market – Growth, Trends, and Forecast (2019 – 2024)”report has been added to ResearchAndMarkets.com’s offering.
The electric vehicle charging station market is expected to record a CAGR of 38.45% during the forecast period, 2019-2024. The electric vehicles (EV) market has been witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy efficient transportation.
- Growing adoption and sales of electric vehicles, along with the enactment of laws and subsidies for promoting the adoption of EVs and declining cost of batteries, are some of the major factors propelling the growth of the market.
- Global plug-in vehicle deliveries reached 2.1 million units for 2018, which is 64% higher than for 2017, which included all BEV and PHEV passenger cars sales, light trucks in the United States/Canada, and light commercial vehicle in Europe and China.
- This rise in sales has been the result of the enactment of stringent emission norms by governments and environmental agencies, to control exhaust emission levels, and to promote the usage of zero-emission vehicles. For instance, in China, the government to encourage the adoption of EVs among the consumers, made a policy to reimburse 30% of the total value of the electric vehicle.
- Among the regions, Europe is expected to witness the fastest growth rate in terms of deployment of the number of charging stations compared to other regions.
Key Market Trends
Growing Sales of Electric Vehicles
Electric vehicle market has witnessed rapid growth in recent years.
- The electric vehicle market has been witnessing healthy growth in the recent years, with about 1.9 million units of battery electric vehicles (BEVs) in use in 2017, compared to 109 thousand units of BEVs in 2012.
- This spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles.
As a result of the aforementioned reasons, automakers have been continually working and focusing to increase their expenditure on R&D of electric vehicles, which, in turn, is aiding the OEMs to market electric vehicles as the future.
- This strategy had a strong impact on people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.
- The change has not decreased the sales of IC engine vehicles, rather created a promising market for electric vehicles in the present, as well as in the forecast period.
Governments across the world are pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.
- For instance, France and the United Kingdom have given automakers a deadline to go fully electric by 2040.
- China, which sold half a million EVs in 2016, has set out its own roadmap to completely make its transportation electric by 2030.
- Last year, Germany, home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.
Thus, the rising trend of electrification of vehicles is expected to propel the demand for electric vehicle charging stations.
China is Leading the Electric Vehicle Charging Station Market
Geographically, China is leading the electric vehicle charging station market, followed by Europe. China is the largest market for electric cars and buses across the world, registering more than 1.3 million vehicles in 2018. The new energy vehicle (NEV) share in all light vehicles sold was 7.9%
With the rise in EV sales and demand in the country, the demand for fast charging stations has been increased to support the rising EVs in the country. The idea of implementing DC fast charging infrastructure in the country started in 2013, by partnering with ABB.
With the rapid increase in electric vehicles sales, the demand for DC fast chargers in the country has grown at a steady pace, contributing more than 50% of the overall publicly available fast chargers in 2017, with nearly 82,000 units. The charging stations on the country’s highways are operated by the State Grid Corporation of China.
The demand to supply ratio of electric vehicle fast-charging stations in China is high. As the electric vehicle sales are expected to touch the 5 million mark by 2021, the country’s state cabinet has issued a directive focusing on the construction of nearly 4.8 million EV charging stations by 2020. As of 2018, approximately 167,000 EV charging stations are actively sufficing the demand for charging.
Europe is the second largest market for electric vehicles and the demand for green vehicles is rapidly increasing in the region. Factors, such as strong growth in the Netherlands (owing to comprehensive general taxation plans in which taxes for motor vehicles progressively depends on the CO2 emissions) and change in incentive and subsidies, aided in the rise in sales of EVs.
Some of the major players in the electric vehicle charging station market are EVgo, ABB, ChargePoint Inc. Siemens AG, Tesla Motors Inc, SemaConnect Inc., etc. EVgo has announced that the company has contracted for 100% renewable energy to power its customers, and going to be the first EV charging network in the United States to do so. The company contracts with its energy suppliers and renewable energy certificate (REC) partners to ensure that each gigawatt-hour delivered on its fast charging network financially supports an operating renewable energy generator in the United States.
ABB signed a formal agreement with SAIC Volkswagen, under which the company will provide robotics painting solutions for the first new energy vehicle (NEV) factory of the Volkswagen Group based on the modular electric driver kit (MEB), an automotive platform specifically designed for the mass production of electric vehicles. Financial details were not disclosed.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Attractiveness – Porter’s Five Force Analysis
5 MARKET SEGMENTATION
5.1 Type of Charger
5.1.1 AC Charging Station
5.1.2 DC Charging Station
5.2 Application Type
5.3.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 NORDIC Countries
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.3.4 Rest of the World
126.96.36.199 South America
188.8.131.52 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Key Players Analysis
6.2 Company Profiles
6.2.2 ChargePoint Inc.
6.2.3 Schneider Electric SE
6.2.4 Siemens AG
6.2.5 Tesla Motors Inc.
6.2.6 AeroVironment Inc.
6.2.7 Leviton Manufacturing Co. Inc.
6.2.8 SemaConnect Inc.
6.2.9 The Newmotion B.V.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Laura Wood, Senior Press Manager
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Related Topics:Electric and Hybrid Vehicles
INDUSTRY KEYWORD: ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE