Electric vehicle (EV) charging station market size to grow by USD 15.81 billion from 2021 to 2026: A descriptive analysis of customer landscape, vendor assessment, and market dynamics – Technavio

NEW YORK, Jan. 16, 2023 /PRNewswire/ — The global electric vehicle (EV) charging station market size is estimated to increase by USD 15.81 billion from 2021 to 2026. The market’s growth momentum will progress at a CAGR of 20.65% during the forecast period – Request a sample report

Global electric vehicle (EV) charging station market – Vendor analysis

Vendor offerings –

• ABB Ltd. – The company offers EV charging solutions, including compact and high-quality AC wallboxes and reliable DC fast charging stations with robust connectivity.

• ChargePoint Inc. – The company offers electric vehicle charging stations that are designed using cutting-edge hardware technology to be safe and reliable while offering drivers a user-friendly, premium charging experience.

• EV Safe Charge Inc. – The company offers EV charging solutions for a wide range of commercial property needs, including fleet operations, offices, retail, hospitality, multi-unit residential, and industrial.

• Leviton Manufacturing Co. Inc. – The company offers electric vehicle charging stations such as Evr-Green Level 2 Electric Vehicle Charging Station.

• For details on vendors and their offerings – Buy the report!

Vendor landscape –

The global electric vehicle (EV) charging station market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer the electric vehicle (EV) charging stations in the market are ABB Ltd., Alfen NV, Allego BV, Besen International Group Co. Ltd., Blink Charging Co., ChargePoint Inc., Delta Electronics Inc., ENGIE EPS SA, Enphase Energy Inc., EV Safe Charge Inc., Leviton Manufacturing Co. Inc., Liikennevirta Oy Ltd., LS Power Development LLC, Schneider Electric SE, SemaConnect Inc., Shell plc, Siemens AG, Tesla Inc., Volkswagen AG, and Webasto SE and others.

The market has category-focused, industry-focused, and diversified vendors. It is expected to grow at a significant rate during the forecast period owing to a rise in the adoption of electric vehicles. High product differentiation, collaborative product development between buyers and vendors, and moderate capital investments have increased the entry of new players in the global EV charging station market. In addition, the increasing adoption of electric vehicles is expected to attract well-established EV charging stations to enter the market, which will intensify the competition further.

Story continues

Global electric vehicle (EV) charging station market – Customer landscape

To help companies evaluate and develop growth strategies, the report outlines –

Global electric vehicle (EV) charging station market – Segmentation assessment

Segment overview

Technavio has segmented the market based on type (AC and DC).

• The AC segment will grow at a significant rate during the forecast period. The growth is attributed to factors such as the advantages of AC charging stations, including low set-up, installation, and maintenance costs. Moreover, AC charging stations require less infrastructure. The demand for PHEVs in emerging markets will also drive the growth of the segment.

Geography overview
Based on geography, the global electric vehicle (EV) charging station market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global electric vehicle (EV) charging station market.

• APAC will account for 63% of the market’s growth during the forecast period. China is a key country for the electric vehicle (EV) charging stations market in the region. Moreover, market growth in this region will be faster than the growth of the market in other regions. The growth of the market in APAC is attributed to factors such as high sales of BEVs and PHEVs in countries such as China, Singapore, Japan, and South Korea.

Download a sample report

Global electric vehicle (EV) charging station market – Market dynamics

Leading drivers – The increasing number of M&A and strategic partnerships is driving the growth of the market. For instance, in October 2019, ABB acquired a majority stake in Shanghai Chargedot New Energy Technology Co. Ltd. (Chargedot). In October 2019, ChargePoint entered into an agreement with the San Francisco Municipal Transportation Agency (SFMTA). Such factors will fuel the market growth during the forecast period.

Key trends – The increasing number of launches in the field of EV charging solutions is a key trend in the market. Many prominent vendors have showcased or launched advanced EV chargers in the last few years. For instance, in March 2022, EVI Technologies announced the launch of its mobile application that helps locate nearby EV charging stations. Similarly, in December 2020, Extreme Vehicle Battery Technologies Corp. announced the launch of the IONiX Pro Smart Station, an EV charging solution. Thus, the increasing number of EV charging solution launches will support the growth of the market during the forecast period.

Major challenges – The lack of standardization in EV charging infrastructure is challenging the growth of the market. The absence of universal standards for EV chargers leads to a lack of uniformity in EV charging infrastructure. For instance, Japan has the CHAdeMO standard for EV charging, while CCS is the standard in European countries, the US, and South Korea. Thus, the presence of different standards for EV charging infrastructure may hinder the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this electric vehicle (EV) charging station market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the electric vehicle (EV) charging station market between 2022 and 2026

• Precise estimation of the size of the electric vehicle (EV) charging station market and its contribution to the market in focus on the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the electric vehicle (EV) charging station market across APAC, Europe, North America, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of electric vehicle (EV) charging station market vendors

Gain instant access to 17,000+ market research reports. 

Technavio’s SUBSCRIPTION platform

Related Reports:

The electric vehicle test equipment market is estimated to grow at a CAGR of 23.11% between 2022 and 2027. The size of the market is forecasted to increase by USD 117.98 million. This report extensively covers market segmentation by vehicle type (hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles), application (EV component, EV charging, and powertrain), and geography (APAC, Europe, North America, South America, and Middle East and Africa).

The electric motors for IC engine vehicles market size is expected to increase by 419.26 million units from 2021 to 2026. This report extensively covers market segmentation by vehicle type (passenger car, commercial vehicle, and two-wheeler) and geography (APAC, Europe, North America, South America, and Middle East and Africa).

Browse for Technavio’s consumer discretionary market reports

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Type

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/electric-vehicle-ev-charging-station-market-size-to-grow-by-usd-15-81-billion-from-2021-to-2026-a-descriptive-analysis-of-customer-landscape-vendor-assessment-and-market-dynamics—technavio-301720247.html

SOURCE Technavio