April 4, 2020

Electric Charging Station Market will be Growing at a CAGR of 39% during the forecast period from 2019 to 2027

According to a new market research a report published by Credence Research “Global Electric Charging Station Market – Growth, Future Prospects, and Competitive Analysis, 2019 – 2027”, the global market for electric charging station was estimated at US$ 8.8 billion in 2018 and is set to grow by 39 per cent over the forecast period.

Market Insight

The rapid adoption of electric vehicles is a key aspect that drives the growth of the electricity charging station market worldwide. The market price of electric vehicles and government initiatives are key factors that have a positive impact on the demand and consumption of electric vehicles worldwide. The electric charging station provides monitoring and other safety features for the electrical conversion, as it is a safe, accessible, reliable and affordable charging infrastructure that contributes to the faster adoption of electric vehicles.

Browse the full report at https://www.credenceresearch.com/report/electric-charging-station-market

In addition, increasing awareness of environmental pollution and the ecosystem is a key factor in the growth of the electricity charging station market. Governments across several countries are undertaking a number of initiatives to promote the production and adoption of electric vehicles. As a result, this is expected to escalate the growth of the market for electric charging stations. However, the lack of standardization and high initial costs are expected to hinder the growth of the electricity charging station market during the forecast period. In addition, on-going technological advances in the electrical charging station are projected to provide affordable and reliable services.

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.

Credence Research is providing Free Sample Get it here: https://www.credenceresearch.com/sample-request/59791

Report Scope by Segments

By Mode of Charging Segment

  • Plug-in charging system
  • Wireless charging system

By Power Output Segment

  • 0 to 12 KW
  • 13KW to 50 KW
  • Greater than 50 KW

By End-use Segment

  • Private Type
  • Public Type

By Geography Segment

  • North America (U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (Middle East & Africa, Latin America)

Credence Research is providing Free Sample Get it here: https://www.credenceresearch.com/sample-request/59791

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