"Increasing adoption of electric vehicles globally to ensure rapid growth for electric charging station market"

Globally, the electric charging station market is expected to grow with a CAGR of more than 39% during the forecast period from 2021 to 2029, starting from US$ 15.6 Bn in 2020.

The adoption of electric vehicles is growing rapidly across the world.  Electric charging station provides the import role in the adoption of electric vehicles as they offer the safe, durable, reliable and the affordable charging infrastructure and ecosystem.  The stringent emission norms adopted by the governments and the benefits offered by electric cars are accelerating the growth of electric charging stations in the numerous developed and underdeveloped countries.  Furthermore, the considerable rise in the fuel price is creating a huge demand for the affordable alternative that is anticipated to boost the demand for the electric charging station worldwide. On the other hand, the price associated with the initial setup of the electric charging station is expected to hamper the growth of the market. Moreover, the development of advanced technologies in the electric charging station in near future is projected to fuel the market by opening several opportunities for companies working in this market.

"The government funding to establish the public electric charging stations leading the growth of the electric charging station market"

The public type charging station is dominating the electric charging market. The growing use of electric vehicles created the demand of efficient and reliable charging stations in the public infrastructure such as public paid parking, railway stations, malls, airport, and others. The electric charger station. Manufacturers are more focused on developing advanced electric chargers to ensure the easy availability with affordable prices.  Moreover, on the basis of mode of electric charging, the market is led by the plug-in charging system. The wireless charging systems are expected shows the significant growth in the electric charging station market in upcoming years.

"The Asia Pacific is the largest and the fastest growing region in the electric charging station market"

The Asia Pacific dominates the growth of electric charging station market. Europe and North America hold a significant market share in this market. The growing awareness about the eco-friendly vehicles to overcome the population is the key factor that promoting the adoption of electric vehicles in the Asia Pacific. Thus, this will further escalate the growth of electric charging station market. Moreover, the growing manufactures focus on the technological advancements in the electric vehicles and the charging stations coupled with the high demand and consumption of vehicles are majorly contributing in the growth of electric charging station market in the Asia Pacific region.

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 , Eaton Corporation and others. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Electric Charging Station market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Electric Charging Station market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Electric Charging Station market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Electric Charging Station market?
• Which is the largest regional market for Electric Charging Station market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Electric Charging Station market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Electric Charging Station market worldwide?