Global Electric Vehicle Charging Station Market: Government Incentives Encouraging EV Adoption to Create Lucrative Growth Opportunities

In the last few years the world has witnessed the advent of electric vehicles (EV) followed by their proliferation worldwide. As companies target capitalizing on the nascent electric vehicle market’s potential, they are delving into every option to maximize profit. As the demand for electric vehicle charging station is rising in tandem with advanced models of electrical vehicles, players are seeking innovation in former to gain competitive advantage. Currently, numerous players are engaged in the global electric vehicle charging station market, rendering it highly fragmented and competitive, finds Transparency Market Research (TMR) in a new study.
“Besides investing in product development, the leading players are engaging in strategic collaborations and eyeing for acquisition of smaller companies to gain competitive strength,” said a lead TMR analyst. As the market demonstrates high growth rate, it is more likely for the competition among leading players to intensify further in the coming years. Companies such as AeroVironment, Inc., ClipperCreek, Inc., ChargePoint, Inc., Leviton Manufacturing Co., Inc., and Siemens AG currently hold strong position in the market.
The global electric vehicle charging station market is expected to reach a valuation of US$37.48 bn by the end of 2025. TMR projects the market to rise at a whopping 30.8% CAGR between 2017 and 2025. By end use, the residential segment is forecast to emerge as the leading consumer. In terms of volume, customers in the residential sector is expected to account for over 41.6% of the global electric vehicle charging station market in 2017. Regionally, Asia Pacific held the highest share in the global market, however, the Middle East and Africa market is forecast to showcase the highest CAGR of 61.6% between 2017 and 2025.
Browse Research Report @
Demand for Electric Vehicle Charging Stations to Rise in Response to Increasing Sales of Electric Vehicles
“The demand for electric vehicle charging stations will rise in response to the increasing sales of electric vehicles,” said the TMR report’s author. Their long-term cost-effectiveness, eco-friendliness, and other benefits of cost-benefits they provide are encouraging customers across the world to invest in electric vehicles. While a considerable number of electric vehicles are already observed on roads of developed countries such as the US and Japan, very soon emerging nations are expected to pace up with the change. However, this increased sales of electric vehicles would not have been possible if there was not a considerable rise in the number of vehicle charging station market.
Besides this, government incentives and exemptions on electric vehicle supply equipment have resulted into a considerable spike in sales of electric vehicles. This will subsequently aid in the expansion of the electric vehicle changing station market. Subsidies offered by various governments to electric vehicle owners in form of road tax exemptions also encourage adoption of electric vehicles. Spurred by these factors, the electric vehicle charging station market will exhibit strong growth in the coming years. Also the growing environmental awareness across the world will tip scales in favor of the market.
Get an exclusive sample of this report @
High Cost of EV Charging Station could Hamper Growth
On the downside, high cost of electric vehicles and the high investment required in the initial deployment of charging stations are creating major roadblocks to growth. As the market continues to reel under these restraints, it is losing out on high untapped opportunities especially across emerging nations. Nevertheless, as auto manufacturers increasingly focus on electric vehicle manufacturing soon they will be out with technologies to bring down their production cost. While this will help reduce the overall cost of electric vehicle, it will create considerable growth opportunities for the electric vehicle charging station market as well.

Comments

Post a Comment

Popular posts from this blog

Floor Grinding Machines Market Projected to Reach $344.6 million by 2027

The global floor grinding machines market size was valued at $271.0 million in 2019, and is projected to reach $344.6 million by 2027, registering a CAGR of 3.1% from 2020 to 2027. Asia-Pacific generated the highest revenue in 2019, and is expected to grow at a highest CAGR during the forecast period, followed by LAMEA and North America. Floor grinding machine products witnessed a higher demand, owing to the durability and availability at low cost. Moreover, advancements in floor grinding machines with GPS and others further strengthen the floor grinding machines market growth.  Request PDF Sample Copy @ https://www.alliedmarketresearch.com/request-sample/A06328 In addition, surge in residential construction industry in the developing countries such as India, China, India, and Brazil is expected to increase the demand for floor grinding machines. However, high maintenance and repair costs hamper the floor grinding machines market growth. The impact of this factor is anticipated to ...
Read more

Energy-Efficient Windows Market Segmentation and Key Companies by 2027

The global market for energy-efficient windows is poised for substantial growth, projected to reach $29,023.8 million by 2027, up from $15,594.0 million in 2019, with a notable compound annual growth rate (CAGR) of 8.1% from 2020 to 2027. In 2019, North America emerged as the dominant force in the market, capturing 33.6% of the total revenue share. Dont Miss Out Download Sample Copy of Report: https://www.alliedmarketresearch.com/request-sample/A06191 Energy-efficient windows play a crucial role in reducing the reliance on artificial heating and cooling systems within buildings by providing effective insulation against heat loss and gain from the external environment. Comprising three key elements—glass or glazing, frames, and associated hardware—these windows undergo certification based on metrics like the solar heat gain coefficient (SHGC) and U-factor, qualifying for Energy Star Ratings issued by the National Fenestration Rating Council (NFRC) in the U.S. The SHGC assesses solar h...
Read more

Press Brakes Market Exploring the Growth at a CAGR of 5.9% By 2032

The press brakes market size was valued at $568.15 million in 2022, and is estimated to reach $995.3 million by 2032, growing at a CAGR of 5.9% from 2023 to 2032. A press brake is a machine utilized in metalworking and fabrication procedures to bend and shape sheet metal. It consists of an effective hydraulic or mechanical press that applies force to a metal workpiece, forcing it into a predetermined form by means of a die. Request PDF Sample Copy @ https://www.alliedmarketresearch.com/request-sample/A08707 The press brake's adjustable back gauge allows for specific and repeatable bends, making it a versatile tool for the manufacturing of diverse metal components. Commonly found in manufacturing settings, press brakes are crucial for forming metallic parts utilized in industries inclusive of automotive, aerospace, and construction. Growing industrialization is one of the major factor driving the growth of press brakes market. For instance, in August 2022, Accurl displayed the...
Read more