LONDON--(BUSINESS WIRE)--The global electric vehicle (EV) charging station market is expected to post a CAGR of almost 34% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The market witnessed a steady rise in the adoption of BEVs and PHEVs over recent years. The global sales of battery electric vehicles grew by more than 90% in H1 2019 compared to the sales in H1 2018. Countries such as China, Norway, Iceland, and Sweden have witnessed a significant increase in the sale of battery electric vehicles and all-electric vehicles. In addition, factors such as advances in electric vehicle technologies, improvements in charging infrastructure, and thriving socio-economic conditions are expected to further increase the demand for BEVs and PHEVs. Therefore, with the growing adoption of BEVs and PHEVs, the demand for EV charging stations will increase significantly during the forecast period.
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As per Technavio, the deployment of smart grids for EVs 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 2020-2024.
Global Electric Vehicle (EV) Charging Station Market: Deployment of Smart Grids for EVs
Smart grids support the wider deployment of variable generation technologies and provide real-time information on load requirements and power qualities to the operators. They also include grid applications such as smart energy meters, supervisory control and data acquisition (SCADA) systems, IT, and other communication networks that can serve as a base for V2G infrastructure. Countries such as China, the US, India, Spain, Germany, and France are actively investing in the deployment of smart grids for EVs. Agencies such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronic Engineers (IEEE) have developed many standards for the deployment of smart grids for EVs. Such developments will have a positive impact on the growth of the global electric vehicle (EV) charging station market.
“Increasing number of launches in the field of EV charging solutions and the development of vehicle-to-grid infrastructure for decentralized power generation will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Electric Vehicle (EV) Charging Station Market: Segmentation Analysis
This market report segments the global electric vehicle (EV) charging station market by geography (APAC, Europe, MEA, North America, and South America) and type (AC and DC).
The APAC region led the market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing stringency of emission norms in emerging economies in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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