Market Overview

The electric vehicle charging station market is expected to record a CAGR of 38.45% during the forecast period, 2019-2024. The electric vehicles (EV) market has been witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy efficient transportation.

• Growing adoption and sales of electric vehicles, along with the enactment of laws and subsidies for promoting the adoption of EVs and declining cost of batteries, are some of the major factors propelling the growth of the market.
• Global plug-in vehicle deliveries reached 2.1 million units for 2018, which is 64% higher than for 2017, which included all BEV and PHEV passenger cars sales, light trucks in the United States/Canada, and light commercial vehicle in Europe and China.
  • This rise in sales has been the result of the enactment of stringent emission norms by governments and environmental agencies, to control exhaust emission levels, and to promote the usage of zero-emission vehicles. For instance, in China, the government to encourage the adoption of EVs among the consumers, made a policy to reimburse 30% of the total value of the electric vehicle.
• Among the regions, Europe is expected to witness the fastest growth rate in terms of deployment of the number of charging stations compared to other regions.

Scope of the Report

An electric vehicle charging station, also known as EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for the recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids.

The electric vehicles charging station market has been segmented by type of charger, application type, and geography.

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Key Market Trends

Growing Sales of Electric Vehicles

Electric vehicle market has witnessed rapid growth in recent years.

• The electric vehicle market has been witnessing healthy growth in the recent years, with about 1.9 million units of battery electric vehicles (BEVs) in use in 2017, compared to 109 thousand units of BEVs in 2012.
• This spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles.

As a result of the aforementioned reasons, automakers have been continually working and focusing to increase their expenditure on R&D of electric vehicles, which, in turn, is aiding the OEMs to market electric vehicles as the future.

• This strategy had a strong impact on people, as there was a considerable change in the purchase pattern from conventional IC engine vehicles to electric vehicles.
• The change has not decreased the sales of IC engine vehicles, rather created a promising market for electric vehicles in the present, as well as in the forecast period.

Governments across the world are pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.

• For instance, France and the United Kingdom have given automakers a deadline to go fully electric by 2040.
• China, which sold half a million EVs in 2016, has set out its own roadmap to completely make its transportation electric by 2030.
• Last year, Germany, home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.

Thus, the rising trend of electrification of vehicles is expected to propel the demand for an electric vehicle charging stations.

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