One of the main reasons for the growing popularity of electric vehicles is the rising awareness about the degrading quality of the environment. Our age-old dependence on fossil fuels for energy needs, has led to the appalling state of the environment. One of the chief components of fossil fuels is carbon; these fuels release numerous gases including carbon dioxide. These gases are referred to as greenhouse gases as they trap the heat from the sun into the atmosphere and cause the temperature to rise. This rise in temperature is bringing about numerous changes in the environment, ranging from melting of snow and rising sea levels to changes in climatic conditions and occurrence of frequent floods and draughts. Keeping these in mind, active measures are being taken to reduce dependency on fossil fuels, wherever it is possible. In recent years, the sales of electric vehicles have been surging, which, in turn, has resulted in the high demand for EV charging stations.
EV charging stations are available in two types: AC charging station and DC charging station. During 2012–2015, the higher demand was for the AC charging stations. One of the reasons for their high adoption was also that they came into existence much before their DC counterparts. Most of the electricity that is supplied to users is of AC type. AC charging stations have two levels, 1 and 2. Level 1 charging stations have low charging rate and the level 2 stations provide comparatively faster charging of electric vehicles. In the coming years as well, the popularity of AC charging stations would remain higher, though DC charging stations would also witness faster growth in demand. The electric vehicle (EV) charging stations market is predicted to reach $29,683.3 million by 2022, registering a CAGR of 51.7% in the near future.
Rapidly Surging Electric Vehicle sales are Driving the Growth of the Market
The rapidly growing sales of EVs worldwide, due to the rising concerns for environmental degradation, as a result of vehicular emission, are acting as a major growth factor for the EV charging stations market. Major countries which have seen an upsurge in the electric based vehicle parc are China, Norway, and the U.S., which together account for a dominating share in the global market for EVs. China is the forerunner in the EV market across the world. Owing to the increasing number of electric vehicles in the country, the government recently announced a funding of $16 billion for the installation of EV charging stations.
Geographical Analysis of Electric vehicle Charging Stations Market
Globally, the EV charging stations market is expected to witness the fastest growth in the APAC region during the forecast period. This can mainly be attributed to the growing sales of EVs in countries such as Japan and China. Additionally, governments of many countries in the APAC region are planning to replace a substantial portion of conventional vehicles with battery electric ones in the near future, along with providing subsidies for deploying electric vehicle charging stations.
Know Notable Developments in this Technology
Competitive Landscape of EV Charging Stations Market
In recent years, many small players providing charging stations for electric vehicles have emerged. Additionally, giant manufacturers of EVs and charging stations are collaborating with these players for faster deployment of EV charging stations. Some of the leading players in in the global EV charging stations market are Chargemaster Plc., Efacec Electric Mobility S.A., Tesla Inc., ClipperCreek Inc., General Electric Company, Chargepoint Inc., Schneider Electric SE, and ABB Group.
In October 2015, Leviton introduced an easy-to-use level-2 electric vehicle charging station, the Evr-Green Mini charging station. It comes in standard and optional versions, the former having a 12-foot wire and the latter an 18-foot wire option for providing flexibility in mounting location.
Some of the other players in the industry are Signet EV Inc. and AeroVironment Inc.
EV charging stations are available in two types: AC charging station and DC charging station. During 2012–2015, the higher demand was for the AC charging stations. One of the reasons for their high adoption was also that they came into existence much before their DC counterparts. Most of the electricity that is supplied to users is of AC type. AC charging stations have two levels, 1 and 2. Level 1 charging stations have low charging rate and the level 2 stations provide comparatively faster charging of electric vehicles. In the coming years as well, the popularity of AC charging stations would remain higher, though DC charging stations would also witness faster growth in demand. The electric vehicle (EV) charging stations market is predicted to reach $29,683.3 million by 2022, registering a CAGR of 51.7% in the near future.
Rapidly Surging Electric Vehicle sales are Driving the Growth of the Market
The rapidly growing sales of EVs worldwide, due to the rising concerns for environmental degradation, as a result of vehicular emission, are acting as a major growth factor for the EV charging stations market. Major countries which have seen an upsurge in the electric based vehicle parc are China, Norway, and the U.S., which together account for a dominating share in the global market for EVs. China is the forerunner in the EV market across the world. Owing to the increasing number of electric vehicles in the country, the government recently announced a funding of $16 billion for the installation of EV charging stations.
Geographical Analysis of Electric vehicle Charging Stations Market
Globally, the EV charging stations market is expected to witness the fastest growth in the APAC region during the forecast period. This can mainly be attributed to the growing sales of EVs in countries such as Japan and China. Additionally, governments of many countries in the APAC region are planning to replace a substantial portion of conventional vehicles with battery electric ones in the near future, along with providing subsidies for deploying electric vehicle charging stations.
Know Notable Developments in this Technology
Competitive Landscape of EV Charging Stations Market
In recent years, many small players providing charging stations for electric vehicles have emerged. Additionally, giant manufacturers of EVs and charging stations are collaborating with these players for faster deployment of EV charging stations. Some of the leading players in in the global EV charging stations market are Chargemaster Plc., Efacec Electric Mobility S.A., Tesla Inc., ClipperCreek Inc., General Electric Company, Chargepoint Inc., Schneider Electric SE, and ABB Group.
In October 2015, Leviton introduced an easy-to-use level-2 electric vehicle charging station, the Evr-Green Mini charging station. It comes in standard and optional versions, the former having a 12-foot wire and the latter an 18-foot wire option for providing flexibility in mounting location.
Some of the other players in the industry are Signet EV Inc. and AeroVironment Inc.
