EV Charging Stations Market to be worth USD 30.41 bn by 2023
India, one of the largest contributors of greenhouse gases, has pledged to phase out petrol and diesel cars by 2030. This initiative by the Indian government is expected to create a huge demand for EVs and EV charging infrastructure in the country…
According to the new market research report by MarketsandMarkets, the electric vehicle charging stations market is expected to grow from USD 5.30 billion in 2018 to reach USD 30.41 billion by 2023 at a CAGR of 41.8% between 2018 and 2023. Key factors such as government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers of EVs are driving the electric vehicle charging stations market.
DC charging station to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The ability of DC charging stations to charge an EV in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the electric vehicle charging stations market. Also, the increasing popularity of public charging stations is boosting the demand for DC charging stations. Furthermore, automakers are planning to invest in DC fast charging network to support their launch of long-range battery electric vehicles (BEVs).
Commercial installation to hold the largest share of the electric vehicle charging stations market between 2018 and 2023
The growth is attributed to an increased deployment of charging stations at public places such as shopping malls, commercial buildings, airports, and restaurants. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Furthermore, government offerings, such as tax credits, on the installation of publicly accessible stations are expected to boost the commercial installation of charging stations.
APAC held the largest share of the electric vehicle charging stations market in 2017
A majority of electric vehicle charging station installations in APAC are driven by huge demand in countries such as China and Japan. Currently, APAC is the largest market for electric vehicle charging stations globally. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of EVs. For instance, India, one of the largest contributors of greenhouse gases, has pledged to phase out petrol and diesel cars by 2030. This initiative by the Indian government is expected to create a huge demand for EVs and EV charging infrastructure in the country. Moreover, in September 2017, the Indian government decided to buy 10,000 electric cars from Tata Motors to replace old petrol and diesel cars used by government agencies. Furthermore, in September 2017, the Singapore Government launched its first large-scale EV car sharing program. Under the car sharing program, BlueSG (Singapore), a subsidiary of Bollore Group, will install 500 charging stations equipped with 2,000 charging points in Singapore.