LONDON--(BUSINESS WIRE)--The electric vehicle (EV) charging station market size is expected to post a CAGR of over 33% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing demand for energy-efficient automobiles is one of the major reasons for the EV charging station market growth. In a bid to reduce environmental pollution caused by gasoline and petrol vehicles, the use of energy-efficient automobiles such as EVs is being promoted by governments across the world. The adoption of EVs will help in reducing the global carbon footprint. Countries such as China, the US, and some countries in Europe are the major adopters of EVs.
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As per Technavio, the technological advances in EV charging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Electric Vehicle (EV) Charging station Market: Technological Advances in EV Charging
Though there is an increase in the 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. Such advances in EV charging technology will drive market growth over the forecast period.
“Factors such as the rise in adoption of EV charging stations utilizing renewable energy, and continuous development of new products will have a significant impact on the growth of the electric vehicle (EV) charging station market value during the forecast period,” says a senior analyst at Technavio.
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Electric Vehicle (EV) Charging Station Market: Segmentation Analysis
This market research report segments the electric vehicle (EV) charging station market charging station (AC and DC), installation type (commercial and residential), and geographical regions (APAC, EMEA, and Americas).
The APAC region led the market in 2018, and the region is expected to dominate the market through 2023, with over 2% increase in its market share. The growth of the EV charging station market share can be attributed to the increased demand for EVs from countries including China, Japan, India, Singapore, Thailand, and South Korea.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
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