Electric Vehicle Charging Station Market — Highest CAGR of 61.6% Enhance Growth

Posted by RASHMI on June 11th, 2019

An electric vehicle charging station is a component or an infrastructure which supplies electric energy to the electric vehicles for recharging of batteries at home or at public spaces. It provides energy to plug-in electric vehicles which includes electric cars and plug-in hybrids. An electric charging station is also known as electric vehicle supply equipment (EVSE). Charging equipment can be differentiated on the basis of charging time and the usage.  

In the last few years, the demand for electric vehicle charging stations has accelerated in response to the increased sales of electric vehicles (EV). Besides the growing awareness about benefits these vehicles provide, the market is gaining from favorable government policies. For instance, governments have introduced various subsidies to promote the sales of electric vehicles. These may include road tax exemption.

Also manufacturers are working on lowering their production cost to offer advanced models of electric vehicles under a reasonable price tag. While these strategies are aimed towards promoting EV sales, the electric vehicle charging station market will as well gain from them.  

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The global electric vehicle charging station market is therefore expected to showcase an exponential CAGR of 30.8% between 2017 and 2025. At this pace, the market’s valuation will reach US.48 bn by the end of 2025.

Regionally, the global electric vehicle charging station market can be segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, Asia Pacific emerged dominant in 2016 and is expected to remain at the fore over the course of the forecast period. The primary drivers of the electric vehicle charging station market in Asia Pacific region are improving infrastructure along with the favorable government regulations and growing environmental awareness.