According to a new
market report published by BlueWeave Consulting, the global
electric vehicle (EV) charging station market was valued around USD
3.58 Billion in 2017 and is expected to expand at over a CAGR of 29% from 2018
to 2025, by value, reaching around USD 28.93 Billion by the end of the forecast
period. According to the report, Asia Pacific was the largest contributor in
terms of revenue to global electric vehicle (EV) charging station market in
2017.
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Electric vehicles
provide great potential to radically reduce local air pollution, greenhouse gas
emissions, resulting climate change impacts, and oil use from the transport
sector. With the steady decrease in the price of electric vehicles, the
transition seems to become more feasible. This potential is facilitated and
made compelling by the ubiquity of electricity and the emerging availability of
low-carbon, renewable energy sources. Governmental support policies
are one of the possibilities to overcome the challenges of an emerging market.
There is a wide array of policy implemented by government to support the
introduction of EVs and charging infrastructure. For instance, the Indian
government under the Ministry of Heavy Industries and Public Enterprises has
launched the FAME scheme (Faster Adoption and Manufacturing of (Hybrid &)
Electric Vehicles in India) in 2015 under the National Electric Mobility
Mission Plan 2020 (NEMMP 2020), to promote faster transformation from Internal
Combustion Engines (ICE) to EVs.
The global market
for electric vehicle (EV) charging station is segmented by product type, form, installation type,
supplier type, and geography. The product type is further segmented into AC EV
charging station, and DC EV charging station. The AC EV charging station is
segmented into Level 1 and Level 2. The DC EV charging station is segmented
into CHAdeMO, Combiner charging station, and others. The installation type is
segmented into Residential and Commercial. The supplier type is segmented into
Private charging station and OE charging station. Geographically, the Global Electric
Vehicle (EV) charging station market is bifurcated
into North America, Asia Pacific, Europe, Middle East & Africa and Latin
America. The Asia Pacific Electric Vehicle (EV) charging station market was the
most prominent market in 2017 with 52.32% market share and is estimated to grow
with a CAGR of 30.9%.
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Major industry
players in global Electric Vehicle (EV)
Charging Station market are adopting different
strategic initiatives such as mergers and acquisitions, partnerships, launches
and collaborations for strategic expansion in the electric vehicle (EV)
charging station market. For instance, Schneider Electric SE along with Temasek
had an agreement on May 2018 to buy the electric and automotive business of
Larsen and Toubro.
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