Electric vehicle (EV) charging stations, also known as electric recharging point, charge point and electric vehicle supply equipment (EVSE) in the study, refer to the devices that charge battery in the electric vehicles, including plug-in electric vehicles and plug-in hybrids. The EV stations are categorized as AC and DC EV charging stations, depending on the source of supply.
The global EV charging stations market is being driven by increasing car parc of electric vehicles, surging requirement of EV charging stations in corporations and institutions, and growing numbers of HNIs. The growing concern of people towards environmental pollution has led them switch to environment friendly alternatives to fossil fuel-based vehicles, such as electric and hybrid vehicles. The sales of electric vehicles are also being promoted by the government incentives for encouraging the EV sales. These factors are consequently providing combined growth to the EV charging stations market.
The key trends observed in the global EV charging stations market include increasing product launches and technical up gradations, and advancement of industry towards consolidation. The increasing market in Asia-Pacific is expected to provide significant growth opportunity to the market during the forecast period. The growing demand for level 2 AC charging stations is also expected to boost the growth of the market during the forecast period. The two major restraints in the global market include high cost of installation of EV charging stations and slow charging process of level 1 charging stations.
Geographically, North America is the domestic market for several EV manufacturers including Tesla Motors, General Motors, and Ford. This also makes it a large market for EV charging stations. The U.S. Department of Energy (DOE), under its Clean Cities initiative has been encouraging the adoption of electric vehicles and installation of EV charging stations in the country. With the involvement of government and growing public and business interest, the EV charging stations have beeninstalled in multi-unit housing, parks and recreational areas in the U.S.
The major companies in the global EV charging station market include AeroVironment Inc., Magna International Inc., Eaton Corporation, Schneider Electric, General Electric, Chargepoint Inc., Efacec Electric Mobility S.A., ABB Group, CarCharging Group Inc. and Chargemaster Plc.