Increased concerns pertaining to the global warming across different developed as well as developing countries in the world are likely to fuel the expansion opportunities in the global electric vehicle charging station market in the forthcoming years, according to a new research report by TMR. The report highlights that the market is likely to expand at a promising CAGR of 10% and cross the valuation of around US$ 3 Bn by the end of forecast period 2018 to 2026.
With the towering prices of petrol and diesel, people from all across the globe are growing focus toward the adoption of cost-efficient transportation options. Electric vehicles are gaining immense popularity over the period of recent few years. One of the key factors driving this popularity is their low running costs owing to presence of less moving parts for maintenance. Apart from this, electric vehicles are environmentally friendly in nature. On the back of all these advantages, the adoption of electric vehicles is growing at rapid pace. This, in turn, is generating demand for electric vehicle charging stations. Thus, noteworthy growth in the sales of electrical vehicles across the globe is likely to fuel the growth of the global electric vehicle charging station market in the forthcoming years.
Growing Awareness Regarding Global Warming Helps in Market Expansion
Over the period of past few years, there is substantial growth in awareness regarding the global warming. As a result, major populace from all across the globe is inclined toward the use of environmental friendly transportation solutions such as electrical vehicles. Thus, remarkable growth in the use of electrical vehicles across the globe is resulting into increased need for electric vehicle charging stations. This scenario depicts that the global electric vehicle charging station market will expand at decent pace in the years to come.
Increased Government Initiatives Boost Expansion of Market for Electric Vehicle Charging Station
In order to slash down the carbon footprints, the government bodies of many developed as well as developing countries across the globe are growing focus toward incorporation of various policies. The main motive of these policies is to control vehicular and industrial pollution. As a result, many government authorities are seen encouraging automobile manufacturers to develop sustainable electric vehicles. This factor is expected to impact positively on the sales of the global electric vehicle charging station market in the period of upcoming few years.
Players Focus on research and Development Activities
The global electric vehicle charging station market experiences presence of many active players. This highlights that the competitive landscape of the market for electric vehicle charging station is quite intense. Thus to sustain in this competition, players in this market are executing varied strategic moves.
Many enterprises in the global electric vehicle charging station market are growing focus on the development of innovative products. As a result, they are seen investing time and money toward the research and development activities. Apart from this, several players are concentrated toward their regional expansions. Besides, many enterprises are growing their efforts toward the development of high capacity charging stations. On the back of all these activities, the electric vehicle charging station market is estimated to expand at promising pace in the forthcoming years.
The latest research report by TMR provides list of key players operating in the global electric vehicle charging station market. Some of the major names in the market for electric vehicle charging station include GENERAL ELECTRIC, Mojo Mobility, ChargePoint, EVgo ServicesLLC, and Wi Tricity Corporation.
Asia Pacific Shows Lucrative Avenues for Growth of Electric Vehicle Charging Station Market
North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America are some of the key regions of the global electric vehicle charging station market. Among all regions, Asia Pacific is one of the key regions that show prominent avenues for the market growth. The analysts expect that the Asia Pacific electric vehicle charging station market will show expansion at rapid pace in the forthcoming years. This growth can be attributed to many factors such as growth in awareness regarding global warming and increased use of electrical vehicles in this region.
The study published by TMR performs segmentation of the electric vehicle charging station market based on many important aspects such as charging station type, power output, end-user, supply type, and region. Based on charging station type, the market for electric vehicle charging station is classified into many segments such as DC charging, wireless charging, and AC charging. In terms of supplier type, the electric vehicle charging station market is divided into OE charging station and private charging station.