The Global electric
vehicle charging infrastructure market is anticipated to reach
USD 56.9 billion by 2026, according to a new study published by Polaris Market
Research. The report ‘Electric Vehicle Charging
Infrastructure/ Stations Market [By Connector Protocol (CHAdeMO, Combined
Charging System); By Charger Type (Slow Charger, Fast Charger); By Charging
Method (AC Charging, DC Charging); By Application (Commercial, Home); By
Regions]: Market Size & Forecast, 2018 – 2026’ provides
insights on the current market scenario and the future prospects.
Owing to the increasing adoption of
the electric vehicles globally due to their reduced costs, increasing fuel
prices, and increasing government initiatives such as subsidies and tax
benefits along with strict environmental norms, the electric vehicle charging
infrastructure market is projected to gain traction over the forecast period.
In 2017, Asia Pacific region dominated the market by accounting the majority
share in this market.
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There has been a significant
increase in the adoption of electric vehicles (EVs) especially in the cars
segment. Major companies are working towards developing and launching new EV
models with advance research and development due to the growing demand. This
scenario has credited the growth of the EV charging infrastructure market.
Earlier the charging for these cars was done only at the residences, however,
owing to the increasing number of EVs in the market, major companies along with
the government organizations are coming up with the charging infrastructure for
the public utility. These infrastructures are being commonly developed within
the city limits, thus benefiting the customers to charge their cars at high
speed with reduced time and cost.
The penetration of EVs is high in
regions such as Asia Pacific, North America and Europe, thus making them prime
revenue generators collectively of the EV charging infrastructure market.
Asia-Pacific is a lucrative market with high development potential attributable
to the fast expanding quantities of electric vehicles in countries such as
India, Japan and China. In the Asia-Pacific region, Japan has the fastest
adoption of EV charging stations. India on the other hand is following the
suite and have recently installed their first charging station which was
jointly developed by the government and an online cab service
provider.
Development
of advanced DC chargers which can charge the EVs in less than 30 minutes are
further helping the market to grow. Connectors such as CHAdeMO and Combined
Charging System (CSS) along with superchargers developed by Tesla Motors, Inc
are further fueling the growth of this market. In addition, the advancements in
the charger type for creating fast charging arrangements are projected to drive
the market development.
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Major companies profiled in the
report include ChargePoint, Inc., Schneider Electric SE., Tesla Motors, Inc.,
Delphi Automotive LLP, SemaConnect, Inc., SemaConnect, Inc., Leviton
Manufacturing Co, Inc., General Electric, ABB Limited and AeroVironment, Inc.
among others. These companies introduced new technologies and collaborate with
other market leaders to innovate and launch new products to meet the increasing
needs and requirements of the consumers.
Key Findings from the study suggest
Asia Pacific region is expected to command the market over the forecast years.
Major automobile manufacturers are seen to be vigorously investing in advancing
EV charging framework. For example, Bavarian Motor Works (BMW), Volkswagen,
Ford Motors, and Daimler declared a venture for the advancement of over 350
charging stations throughout the European region. North America is presumed to
be the fastest growing market, developing at a rate of more than 45% over the
forecast period. The electric vehicle charging infrastructure market is
presumed to develop at a CAGR of over 40.8% from 2018 to 2026. The fast
chargers segment is presumed to display the speediest development.
About
Polaris Market Research
Polaris Market Research is a global
market research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises. We at Polaris are obliged to
serve our diverse customer base present across the industries of healthcare,
technology, semi-conductors and chemicals among various other industries
present around the world
Web: http://www.polarismarketresearch.com
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