LONDON--(BUSINESS WIRE)--The global electric vehicle charging station market is expected to post a CAGR of over 33% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the growing demand for energy-efficient automobiles. In a bid to reduce environmental pollution caused by gasoline and petrol vehicles, the use of energy-efficient automobiles such as EVs is being incentivized by governments around the world. Since EVs reduce emissions from the transportation-sector they also reduce carbon footprint. Countries such as China, the US, and some countries in Europe are the major adopters of EVs.
As per Technavio, technological advances in EV charging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global electric vehicle (EV) charging station market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global electric vehicle charging station market: Technological advances in EV charging
Though there is an increase in adoption of EVs, one of the major constraints in the market happens to be the limitations in their charging infrastructure. To overcome this hurdle, some of the major companies are focusing on developing better charging technologies. The growing need for fast and convenient charging systems for various EVs has elevated the need for EV charging stations equipped with better technology. The increasing focus on reducing the charging time for EVs has increased the adoption of fast charging networks such as universal fast chargers, ultra-fast chargers, and bidirectional fast chargers.
“Wireless EV charging has also become popular owing to its potential of reducing battery charging times. Wireless EV charging stations allow drivers to park and charge the vehicles without the plug-in cables or adaptors. Wireless EV charging uses inductive charging, in which the electricity is transferred through an air gap from one magnetic coil in the charger to a second magnetic coil fitted to the car. Such technological advances are likely to drive market growth,” says a senior analyst at Technavio for research on auto parts & equipment.
Global electric vehicle charging station market: Segmentation analysis
This market research report segments the global electric vehicle charging station market by charging station (AC and DC), installation type (commercial and residential), and geographical regions (APAC, EMEA, and the Americas).
The AC segment held the largest market share in 2018, accounting for nearly 59% of the market. This segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2018, and the region is expected to dominate the market through 2023, with over 2% increase in its market share.
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- Market segmentation analysis
- Market definition
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Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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