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Global Electric Vehicle Charging Station Market to Grow at a CAGR of around 42.5% During 2022-2027, Aided by the Thriving Transportation Sector

According to a new report by EMR titled, ‘Global Electric Vehicle Charging Station Market Report and Forecast 2022-2027’, the market attained a value of more than USD 5 billion in 2021. The industry is further expected to grow at a CAGR of 42.5% between 2022 and 2027 to reach over USD 41.9 billion by 2027.

The electric vehicle charging station industry is driven by the flourishing transportation business owing to the increasing trading activities and thriving retail sector. The growing adoption of electric vehicles in the transportation sector due to the stringent government regulations against the carbon emissions is likely to be a major driving factor in the market. In addition to this, the lower cost of charging of EVs is anticipated to boost the demand for EVs in the market.

In November 2021,  Indian Oil Corporation Ltd. (NSE: IOC) announced that the company will set up 10,000 electric vehicle charging stations in the coming three years. With this, the company aims to help India achieve its net-zero carbon target by 2070.

In August 2021, Siemens AG (OTCMKTS: SIEGY) announced that the company will be making investments to expand its manufacturing operations in the United States to support electric vehicle infrastructure in America.

In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The growing penetration of major electric vehicle manufacturing companies, including Tesla Inc., is likely to provide impetus to the market in the forecast period. Additionally, the growing demand for electric vehicles for personal use, owing to the rising disposable incomes, rising standards of living, rapid urbanization, and advancements in the automotive infrastructure in the United States of America is likely to accelerate the demand for electric vehicle charging stations in the region in the forecast period.

Market Breakup by Vehicle Type, Charger Type, Application, and Region:

  • The market is segmented based on vehicle type into passenger cars and commercial cars.
  • On the basis of charger type, the market can be bifurcated into AC charging station and DC charging station.
  • The significant applications included in the market report are public and private.
  • Region-wise, the global market for electric vehicle charging station can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for electric vehicle charging station is being driven by the expansion of the transportation sector.
  • The growing adoption of electric vehicles for personal use and commercial purposes is anticipated to propel the development of electric vehicle charging stations.
  • In addition to this, the favourable government policies and stringent government regulations to curb the carbon emissions are expected to provide lucrative opportunities to the market in the forecast period.
  • The market will further be aided by the advancements in the electric vehicle technology and the growing penetration of major electric vehicle manufacturers in emerging nations.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for electric vehicle charging station for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the vehicle types, charger types, applications, and major regions of electric vehicle charging station.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electric vehicle charging station market are ABB Ltd., Siemens AG, ChargePoint, Inc., TGOOD Global Ltd., Tesla, Inc., and bp Chargemaster, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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