The global Electric Vehicle Charging Stations Market size was valued at USD 18.1 Billion in 2021 and is projected to reach a value of USD 120.6 Billion by 2028, growing at a CAGR of 31.12% over the period. forecast (2022-2028).
Westford, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) — There has been a rapid expansion of charging station infrastructure around the world Electric vehicle charging station market during the last years. In November 2022, there were just over 2.3 million charging stations worldwide. The number is expected to exceed 16.83 million by the end of 2028. This rapid expansion is largely due to two factors: the growing popularity of electric vehicles and the growing proliferation of DC fast-charging technology. DC fast charging is one of the most efficient ways to charge an electric vehicle. In 2021, more than 6.9 million electric vehicles were sold worldwide, a growth of around 100% compared to 2020. We predict that this number will probably represent around 34% of the global vehicle fleet. by 2028, which is further expected to cover more than 54% by 2035.
According to SkyQuest’s analysis of the global EV charging station market, more than 80% of public charging stations are located close to where people live and work, making it easy to access them. Although the rapid expansion of electric vehicle charging station infrastructure represents an important step forward in the fight against climate change, some challenges still need to be addressed. For example, there are not enough stations available in rural areas and some areas have no public charging stations at all. Additionally, public chargers tend to be concentrated only in urban areas.
The growth of the electric vehicle charging station market is driven by several factors: growing consumer demand for environmentally friendly transportation; improved consumer comfort thanks to electrified cars; develop applications for electric vehicles such as taxis and ride-sharing services; and aggressive marketing efforts by major automakers. With this in mind, major car manufacturers are paving the way for the development of electric vehicles and EVCS. These companies are investing in R&D to improve the usability and functionality of their electric vehicles. Toyota has developed an app that allows users to remotely control various aspects of their electric vehicles. Nissan, Tesla and Tata Motors have developed a mobile app that maps nearby charging stations so drivers can find them easily.
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SkyQuest analysis of global EV charging station market suggests the road isn’t as smooth as we thought
The global electric vehicle charging station market report reveals that plug-in electric vehicles are rapidly gaining share in the global car fleet, with 43% of all new cars sold in Europe and Asia-Pacific equipped with a capacity charging stations in January 2022. As a result, the demand for residential and commercial electric vehicle charging stations is expected to increase significantly over the next few years. The CES 2021 show in Las Vegas was reportedly marked by strong interest from automakers in the IoT-based solutions on display that could help them further reduce battery capacity usage and improve fleet management. electric vehicles.
One of the key drivers of this growth is the expectation that more plug-in hybrid vehicles (PHVs) will become available in the future. By 2035, half of all new lightweight PHV sales are expected to be electrified. By 2040, SkyQuest expects 71% of all new lightweight PHV sales to be electrified.
The global electric vehicle charging station market is dominated by three major vendors: Tier 1 charging vendor (Tesla Inc., Volkswagen AG, Daimler AG), Tier 2 charging vendor (Mastercard Incorporated, American Express Company ) and Tier 3 recharge provider (ChargePoint Company). Major suppliers are expected to maintain their lead until 2028 by investing in faster chargers and developing their own electric vehicle infrastructure.
However, we expect demand for public EVCS networks such as ChargePoint’s Juice Net network to decline by 2030 as private fleets continue to install their own EV chargers instead. End users will increasingly procure personal electricity storage devices for fleet use, as public stations generally charge lower rates than domestic outlet stations.
One of the challenges facing the electric vehicle charging station market is that there is not yet a common standard for installation and use. This means that there are several charging systems available on different brands and models of electric vehicles. Manufacturers are beginning to address this problem by developing proprietary charging solutions for their own models.
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Rapid expansion of the fast charging station network in the global electric vehicle charging station market
As the electric car market continues to grow, so too is the demand for DC charging stations. SkyQuest forecasts the global DC charger market to exceed USD 195 billion by 2028, up from USD 68 billion in 2021. This rapid growth is driven in part by government mandates and incentives, as well as consumer demand for environmentally friendly vehicles. of the environment.
One of the key drivers of this growth is the growing number of electric cars on the market. In 2018, there were over one million electric cars on the road globally, and that number reached 17.1 million units by the end of 2021. This growth is supported by fast charging technology, which quickly charges an electric car battery to 100% capacity in 30 minutes.
In addition to fast charging stations, there is also a growing demand for DC chargers with higher power capacity in the global electric vehicle charging station market. The current generation of DC chargers can deliver anywhere from 15kW to 350kW of power, but future models are expected to have larger capacities. This increased power allows drivers to charge their batteries faster, which is important considering the time it takes an electric car battery to charge from a standard outlet (typically around eight hours).
DC chargers are becoming increasingly popular due to their many advantages over traditional AC chargers. For example, DC chargers are not affected by wind or weather conditions and they are also much faster than AC chargers. Plus, they’re great for rural areas where there are few or no power outlets available.
The global DC fast charger market is dominated by three companies in the global electric vehicle charging station market: Tesla (with more than half of the market), BMW Group (with about a third of the market) and Nissan (with about one tenth of the market). the market). However, there is significant competition from other players such as BYD, Delphi, Continental AG, Panasonic Corporation and ABB Ltd.
The key areas where DC fast chargers will be deployed are in major metropolitan areas such as London, Los Angeles and New York. In 2021, more than 600,000 DC fast chargers were available in the global electric vehicle charging station market. Of which, there were nearly 91,000 DC fast chargers installed in the United States alone.
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World’s best players Electric vehicle charging station market
BP Chargemaster (UK)
ChargePoint Inc. (USA)
Schneider Electric. (France)
Seimens AG. (Germany)
Shell International BV (Netherlands)
Tesla Inc. (USA)
Webasto Group (Germany)
Tata Power (India)
Delta Electronics (India)
Amara Raja (Indian)
Magenta Group (India)
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