LONDON--(BUSINESS WIRE)--The electric vehicle (EV) charging station market is expected to grow by USD 19.9 billion during 2020-2024, expanding at a CAGR of almost 34%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth. The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios. - Download Free Sample Report on Pandemic Recovery Analysis
Electric Vehicle (EV) Charging Station Market: Growing Adoption of BEVs and PHEVs to Drive Growth
Advances in electric vehicle technologies, improvement in charging infrastructure, and improving socio-economic conditions fuel the demand for BEVs and PHEVs, which in turn, increases the adoption of EV charging stations. With growing concerns over environmental pollution and the depleting conventional sources of energy, government bodies are promoting the use of EVs. The government support is in the form of reduced taxes, funding, or an easier and simple installation of EV charging stations at various public stations, residential, and commercial sectors. Additionally, government bodies in various markets are also providing subsidies and incentives for using EV charging solutions which boosts the sales of BEVs and PHEVs. The increase in sales of BEVs and PHEVs will influence the growth of the global electric vehicle charging station market during the forecast period.
Is there any relief during this COVID-19 pandemic? Click to know
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 significant trends and market drivers that will influence market growth over 2020-2024.
Electric Vehicle (EV) Charging Station Market: Deployment of Smart Grids for EVs
The development of smart grids for EV charging, one of the critical electric vehicle charging station market trends, will support the broader deployment of variable generation technologies. It provides real-time information on load requirements and power quality to the operators and includes grid applications such as smart energy meters, supervisory control, and data acquisition (SCADA) systems, IT, and other communication systems. Energy companies and other utilities engaged in the energy generation process are making continuous efforts to accommodate low-carbon fuels by altering the functionalities of grids. Decentralization is also promoting the use of EVs as the device for transferring power to the grid. Therefore, a cluster of EVs connected to the grid and their participation in the grid services serves as a distributed energy storage source, making them low-cost energy storage technology.
Register for a free trial today and gain instant access to 17,000+ market research reports
Electric Vehicle (EV) Charging Station Market: Segmentation Analysis
This market research report segments the electric vehicle (EV) charging station market by Type (AC and DC) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
APAC accounted for the largest electric vehicle charging station market share in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. The increasing stringency of emission norms in emerging markets is inducing OEMs to expand their portfolio of BEVs and PHEVs and is driving the installation of EV charging stations in the region. China, Japan, and South Korea are the key markets for electric vehicle charging stations in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.
Technavio’s sample reports are free of charge and Gain competitive intelligence about market players. Track key industry trends, opportunities, and threats. Inform your marketing, brand, strategy, and market development. Request a free sample report
Some of the key topics covered in the report include:
- 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.