The global charging stations market is anticipated to rise at a staggering CAGR during the forecast period. Electric vehicles enable greater potential to lessen the air pollution, greenhouse gas emissions and the overall change in climatic impacts. Oil is been extensively used as a fuel for cars and with the fluctuation in oil market scenario on international level, other alternatives are considered of. With the fall in cost of electric vehicles, the transition appears more feasible. Public charging infrastructure is a major key to the growth of charging stations as metro cities offer a conducive environment for developing a robust charging infrastructure.
Charging stations market is driven by rise in government subsidies and incentives followed by strategic initiatives by key players to enable free charging facility. Influence of major key players and rise in consumer buying trend for electric automotive is likely to enhance the market growth. Rise in demand for eco-friendly alternatives is stimulating the market growth.
Other factors such as lack of standardization and infrastructural loopholes at charging stations is likely to refrain the market growth during the forecast period.
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By type, the charging stations market is segmented as home charging stations and public charging stations. By supply type, market is segmented as AC charging stations and DC charging stations. The connector type segmentation for the market comprise tesla supercharger, CHAdeMO, CCS and GB/T.
Geographical segmentation for market spans North America, South America, Europe, Asia-Pacific, Middle East and Africa. APAC sector accounts for a significant market share owing to rise in trend of electric automotive in China and Japan. Electric vehicle market is yet to witness a robust infrastructure attributing to slow development of charging stations industry.
North American and European markets are more likely to enjoy a significant market share in the forecast period due to increase in trend of electric vehicles and government subsidies. In addition, the market is in growth phase in these regions mainly accounting for rise in demand for charging stations. The key players profiled in the charging stations market report are ABB, AeroVironment, Tesla, Engie, and ChargePoint.
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