Electric Vehicle Charging Station is an emerging technology which involves in the charging of the electric powered vehicles. These charging stations are placed in the residential and commercial areas such that the vehicles can be charged easily without any inconvenience to electric vehicle owners so that there will a surge in the users of these vehicles. The Global Electric Vehicle Charging Station Market had a value of 3.16 Billion USD in 2018 and is estimated to reach 21.24 Billion USD by 2025 with a CAGR of 31.28% during the forecast period
Growth by Region
In Global Electric Vehicle Charging Station Market, the Asia Pacific (APAC) had a leading market surpassing North America and Europe in 2018. The Asia Pacific region has 40% market value of the global market followed by North America and Europe with 30% and 25% market value respectively.
Drivers vs. Constraints
Due to the increase in the awareness regarding the environmental pollution, there is an increase in the demand for the electric vehicles everywhere. This increase in the demand paves a way for the positive growth for the electric vehicle charging station market. These vehicles have longer driving ranges, smooth operation and less maintenance so that these lead to encouragement of more electric vehicle charging stations.
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Industry Structure and Updates
In May 2016, the German government introduced a new scheme for all those who wanted to buy electric vehicles. This scheme involves in giving a direct discount of USD 4,520 on every electric vehicle they buy. In September 2017, the Singapore government started a Electronic Vehicle car sharing program under which BlueSG ,a subsidiary of Bollore Group, need to install 500 charging stations which comprises of 2,000 charging points in Singapore