Electric Vehicle Charging Station Market : Present Scenario and the Growth Prospects with Forecast 2025

An electric vehicle charging station is a component or an infrastructure which supplies electric energy to the electric vehicles for recharging of batteries at home or at public spaces. It provides energy to plug-in electric vehicles which includes electric cars and plug-in hybrids.

In the last few years, the demand for electric vehicle charging stations has accelerated in response to the increased sales of electric vehicles (EV). Besides the growing awareness about benefits these vehicles provide, the market is gaining from favorable government policies.

The global electric vehicle charging station market is therefore expected to showcase an exponential CAGR of 30.8% between 2017 and 2025. At this pace, the market’s valuation will reach US$37.48 bn by the end of 2025.

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The electric vehicle charging stations market can be broadly classified under technology, end-use application, and geography. Based on technology, the market is segmented into level 1, level 2, and level 3. Of these, the adoption of level 2 charging stations has been the highest in the last few years.

In terms of end-use, the market is classified into government, public space and municipalities (parks and street), commercial office space, healthcare, retail, hospitality, residential, logistics and transportation (fleet services), education, and others. Of these, the residential sector emerged dominant in 2016. By the end of 2017, it is expected to hold over 41.6% of the market.

Regionally, the global electric vehicle charging station market can be segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific emerged dominant in 2016 and is expected to remain at the fore over the course of the forecast period.

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The primary drivers of the electric vehicle charging station market in Asia Pacific region are improving infrastructure along with the favorable government regulations and growing environmental awareness.

North America and Europe regions are anticipated to experience promising growth in the electric vehicle charging station market during the forecast period. However, the Middle East and Africa is expected to report the highest CAGR of 61.6% between 2017 and 2024.

Some of the leading players operating in the global electric vehicle charging station market are AeroVironment, Inc., Bosch Automotive Service Solutions Inc., ChargePoint, Inc., ClipperCreek, Inc., Delta Group, Eaton Plc, Enel Group, E-Station Pty Ltd., General Electric Co., Hitachi, Ltd., KYOCERA Corp., Leviton Manufacturing Co., Inc., Nichicon Corp., Panasonic Corp., Schneider Electric SE, SemaConnect, Inc., Siemens AG, Signet Systems Inc., Tesla Motors, Inc., Toyota Industries Corp.

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