Electric Vehicle Charging Station Market Worldwide Industry Analysis and New Market Opportunities Explored
The global electric vehicle charging station market grew from an estimated $1,645.6 million in 2015 and is expected to reach $29,683.3 million by 2022 growing at a CAGR of 51.7% during 2016 – 2022. The global market is categorized into AC and DC charging stations based on the source of charging. DC charging stations are comparatively costlier than its AC counterpart, which is why the market share of AC charging station in terms of volume is much higher, as compared to that in terms of value. The demand for EV charging stations in public sector has been increasing. There are primarily two types of alternating current (AC) charging stations, such as level 1, and level 2. The level 1 charger has low charging rate and takes several hours to completely charge an electric vehicle. They are mostly used in residential sector. The level 2 chargers have comparatively higher charging rate and are commonly used as an alternative to DC chargers at the service stations. Level 2 charging stations are most suitable for commercial fleets, urban areas, and EV service stations.
The increasing competition in the hospitality industry has been emerging as boon for the EV chargers market. In order to provide value-added services to their customers, the hospitality companies offer EV charging facilities, which is increasing the demand of EV charging stations from the hospitality industry. The large multinational corporations as a part of employee welfare also offer EV charging facilities.
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Car park refers to the total number of cars in a particular region or country. With the growing concern of public and the government towards environmental pollution, the electric vehicle sales have surged in the recent past. The features such as low maintenance and operation costs are further engaging more number of consumers for electric vehicles. This is also boosting the growth in demand of electric vehicle charging stations. The existing fleet of cars is also driving the growth of the EV charging station market.
The market for electric vehicles in Asia-Pacific has been propelling, owing to the growing concern of government about environmental pollution. China is the forerunner in the EV market of Asia-Pacific, while the other major economies such as Japan, Australia, South Korea and India are also witnessing an increase in the number of electric vehicle sales. Owing to the increasing number of electric vehicles in the country, the government in China has recently announced a funding of $16 billion for the installation of new EV charging stations.
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The EV charging station market is being dominated by small niche players, such as ChargePoint, AeroVironment, and ClipperCreek. The global market has been consolidating where the large companies are acquiring the smaller ones. In 2013, CarCharging Group acquired four companies including 350Green LLC, Beam Charging LLC, EV Pass LLC, and Blink Network LLC. The major companies in the global EV charging station market include Magna International Inc., AeroVironment Inc., General Electric, Chargepoint Inc., Eaton Corporation, Schneider Electric, ABB Group, Efacec Electric Mobility S.A., Chargemaster Plc, and CarCharging Group Inc.