Market Overview

According to a Comprehensive Research Study by Market Research Future (MRFR), Electric Vehicle Charging Station Market Information by Type, Connector Type, Application, Vehicle, and Region – Forecast till 2032” ” the Electric Vehicle Charging Station market can expand from USD 23.4 Billion in 2023 to USD 316.9 Billion by 2032, at a tremendous rate of 38.50% between 2023 and 2032.

The apparatus used to connect an electric car to a single energy source to recharge electric vehicles and plug-in hybrids is known as an electric vehicle charging station. While some charging stations are rather basic, others have cutting-edge capabilities like cellphone capability, network access, and Smart meters.

Charging stations, commonly referred to as EVSE or electric vehicle supply equipment, are offered in public parking lots by electric utility companies. They can be found in private vendor-run shopping centers as well. The sophisticated connectors available on these charging stations are compatible with several electric charging connector standards.

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Market Competitive Landscape:

• Schneider Electric
• Webasto Corp
• ABB
• Eaton
• Siemens
• Tesla
• EVgo Services LLC
• ChargePoint Inc.

Market Drivers:

Since electric vehicles provide a number of advantages over fuel-powered cars, there has been a substantial increase in both demand and manufacturing in recent years. Fuel-powered cars are more affordable and effective because they don’t need to replace parts like fan belts, oil, air filters, head caskets, timing belts, cylinder heads, and spark plugs. Because of this, electric vehicles are becoming more popular, which in turn limits the markets for gasoline-powered cars. The market for electric car charging stations therefore benefits from an increase in electric vehicle production.

Thanks to a greater understanding of the negative consequences of operating fossil fuel-powered vehicles, governments around the world are taking steps to reduce carbon footprints by promoting the use of electric bikes, cars, and bicycles. In addition, governments are exerting pressure on the auto industry to invest in the creation of electric vehicles in order to combat greenhouse gas emissions and minimize carbon emissions from the combustion of diesel fuel.

Governments also provide tax breaks and other incentives to encourage the purchase of electric vehicles. Additionally, a few national governments exempt electric vehicles from paying highway tolls. For instance, the Indian government reduced the Goods and service Tax (GST) on electric vehicles from 12% to 5% in order to promote their adoption more quickly.

Additionally, on loans obtained for the purchase of an e-mobility, about $2,101.5 in tax exemptions will be provided. The government of South Korea similarly declared that it would grant tax breaks and subsidies of $900 million for the creation and purchase of electric and fuel-cell automobiles. As a result, one of the key elements driving demand for electric vehicles is an increase in government support for electric mobility research and acquisition in the form of tax credits, subsidies, and incentives. As a result, the growth of the electric vehicle charging station market is being driven by the rise in the adoption of electric vehicles as a result of government efforts throughout the forecast period.

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Market Restraints:

The price of an electric vehicle charging system varies and relies on the needs of the consumer and the electrical infrastructure that is available. However, level 2 and higher charging systems have higher cost requirements than level 1 charging systems since they use more expensive equipment.As a result, the market’s expansion is hampered by the high cost of the equipment needed for the infrastructure for charging electric vehicles.

Market Segmentation

Three types of charging stations are included in the market segmentation for electric vehicle charging stations worldwide: AC charging stations, DC charging stations, and inductive charging stations.

With respect to Connector Types, the market for electric vehicle charging stations is segmented globally into Combined Charging Systems, Chademo, and others. 

Residential and Commercial are the two application-based segments of the global market for electric vehicle charging stations.

BEV, PHEV, and HEV are among the vehicle types that are segmented in the global market for electric vehicle charging stations.

Regional Insights

Governments across North America intend to bring down greenhouse gas emissions while elevating the use of electric cars, which has spurred market expansion in the region. As a result, the North American Electric Vehicle Charging Station market is in the lead.

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