$5 Billion Electric Vehicle Charging Stations Market, 2023: Market to Grow at a CAGR of 41.8% - Government Funding, Subsidies, and Incentives Expected to Drive the Market

6/6/2018, 12:36 PM (Source: GlobeNewswire)

Dublin, June 06, 2018 (GLOBE NEWSWIRE) -- The "Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station), Installation Type (Residential, Commercial), and Region (North America, Europe, Asia Pacific, and Row) - Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.

The electric vehicle charging stations market is expected to grow from USD 5.30 Billion in 2018 to USD 30.41 Billion by 2023, at a CAGR of 41.8% between 2018 and 2023.

Key factors driving the growth of the electric vehicle charging stations market include government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs.

DC charging station held a larger share of the electric vehicle charging stations market in 2017. Active participation from EV manufacturers in expanding DC charging network for EV owners is one of the primary factor for high market share of DC charging station. For instance, in September 2016, Tesla opened the world's largest EV fast charging station in Norway, which can charge up to 28 EVs in about half an hour. Moreover, in October 2017, Tesla confirmed building a 42 supercharging station stalls in Norway, which is expected to become the largest EV fast charging station in the world.

Commercial installation accounted for a larger market size of the overall electric vehicle charging stations market in 2017. Commercial charging stations can be installed at taxi stands, retail stores, government offices, and parking lots of work places, hotels, airports, shopping malls, fast food restaurants, and coffee shops. Some public charging stations located at hotels, shopping malls, or coffee shops offer free charging for their own benefits such as increase in sales, corporate branding, and advertising opportunities. However, others may generate revenue through charging fee. 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.

Electric Vehicle Charging Stations Market

APAC held the largest share of the electric vehicle charging stations market in 2017. The emphasis from local governments to increase the adoption of EVs and encouraging startup companies to develop new products are some of the main factors driving the demand for electric vehicle charging stations in APAC. For instance, according to Fitch, a leading rating agency, EV subsidies offered in China are the second best in the world after Norway. Another initiative, known as preferential vehicle licensing system, would help EV buyers in China get license plates for free and without a waiting period. Favorable business environmental policies, such as Made in China 2025, are also helping startup companies to enter into the EV market in China.

For instance, in December 2017, Iconiq, a Chinese EV startup company, announced that the company will start production of its 7-seater SUV electric car-Iconiq 7-in 2019. Another startup, NIO, backed by Tencent, Baidu, and Xiaomi launched its 7-seater EV ES8 in December 2017. The price of the vehicle is about half of Tesla's Model X.

ChargePoint (US), ABB (Switzerland), Tesla (US), Engie (France), and AeroVironment (US) are the top electric vehicle charging station manufacturing companies. These players focus on product launches and developments, expansions, and partnerships strategies to enhance their product and service offerings, and expand their business globally.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Electric Vehicle Market, By Vehicle Type
4.2 Electric Vehicle Charging Stations Market, 2018-2023 (USD Million)
4.3 Electric Vehicle Charging Stations Market, By Charging Station
4.4 Electric Vehicle Charging Stations Market, By Installation Type
4.5 Electric Vehicle Charging Stations Market, By Geography

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers Government Funding, Subsidies, and Incentives Expected to Drive the EV and EV Charging Stations Market Growing Demand for Electric Vehicles Increases the Adoption of EV Charging Stations Growing Concern Toward Environmental Pollution Heavy Investment From Automakers in EVs
5.2.2 Restraints High Price and Small Distance Covered By EVs Lack of Standardization
5.2.3 Opportunities Use of Vehicle-To-Grid (V2G) EV Charging Stations for Electric Vehicles EV Charging Stations Powered By Solar Panels
5.2.4 Challenges High Cost of Equipment and Installation Stringent Rules for Installation of Charging Stations

6 Industry Tends
6.1 Introduction
6.2 Value Chain Analysis
6.3 Batteries Used in Electric Vehicles
6.3.1 Lead-Acid Battery Advantages of Lead-Acid Battery Disadvantages of Lead-Acid Battery
6.3.2 Nickel-Metal Hydride Battery Advantages of NI-MH Battery Disadvantages of NI-MH Battery
6.3.3 Lithium-Ion Battery Advantages of Lithium-Ion Battery Disadvantages of Lithium-Ion Battery
6.3.4 Solid-State Battery

7 EV Market Analysis, By Vehicle Type
7.1 Introduction
7.2 Battery Electric Vehicle (BEV)
7.3 Plug-In Hybrid Vehicle (PHEV)
7.3.1 Series PHEV
7.3.2 Parallel PHEV

8 EVCS Market Analysis, By Charging Station
8.1 Introduction
8.2 Ac Charging Station
8.2.1 Level 1 Charging Station
8.2.2 Level 2 Charging Station
8.3 DC Charging Station
8.4 Inductive Charging Station-An Upcoming Technology

9 Standards of Electric Vehicle Charging Stations
9.1 Introduction
9.2 Sae J1772
9.3 Chademo
9.4 Tesla Supercharger
9.5 GB/T
9.6 CCS
9.7 IEC 62196

10 EVCS Market Analysis, By Installation Type
10.1 Introduction
10.2 Residential
10.3 Commercial

11 EVCS Market Analysis, By Geography

12 Competitive Landscape
12.1 Overview
12.2 Market Ranking Analysis of EV Charging Station Manufacturers
12.3 Competitive Situations & Trends
12.3.1 Contracts & Acquisitions
12.3.2 Collaborations & Partnerships
12.3.3 Product Launches
12.3.4 Expansions

13 Company Profiles
13.1 Introduction
13.2 Key Players
13.2.1 ABB
13.2.2 Aerovironment
13.2.3 Chargepoint
13.2.4 Engie
13.2.5 Tesla
13.2.6 Schneider Electric
13.2.7 Siemens
13.2.8 Efacec
13.2.9 EVGO
13.2.10 Leviton
13.3 Key Innovators
13.3.1 Alfen
13.3.2 Allego
13.3.3 Blink Charging
13.3.4 Clipper Creek
13.3.5 Semaconnect
13.3.6 Tgood

For more information about this report visit https://www.researchandmarkets.com/research/lj57nd/5_billion?w=12

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