Electric Vehicle Charging Stations Market Drivers
“The Business Research Company recently released a comprehensive report on the Global Electric Vehicle Charging Stations Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The electric vehicle charging stations market size has grown exponentially in recent years. It will grow from $7.74 billion in 2023 to $9.45 billion in 2024 at a compound annual growth rate (CAGR) of 22.1%. The growth in the historic period can be attributed to increasing investments by governments, reducing cost of ev batteries and growing demand for electrical vehicles..
The electric vehicle charging stations market size is expected to see exponential growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%. The growth in the forecast period can be attributed to rise in fuel rates, rising popularity of charging vehicles overnight at home for lower costs, rapid growth in ecommerce and restrictions on sales of petrol and diesel vehicles will drive the growth. . Major trends in the forecast period include focusing on charging as a service offerings in order to cater to more customers and offer greater flexibility, offering doorstep ev charging for improved private charging, focusing on ev roaming for effective on-demand service delivery and focusing on sustainable battery management systems..
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Market Drivers and Trends:
Increasing tax incentives and subsidies given to local automakers to produce electric vehicles are driving the demand for the electric vehicle (EV) charging station market. Tax incentives and subsidies to the electric vehicle makers are encouraging automakers to make more Electric vehicles which will generate more demand for EV charging stations. China’s subsidy policy caused a 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicle sales in China were almost four times the numbers sold in the USA, the growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government.
Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast charge. The ultra-quick charging technologies of direct current (DC) are used in electric vehicle charging stations to transfer current to electric vehicles through DC. DC fast charging or level 3 charging is capable of charging 80% of the electric vehicle battery within 20 minutes. DC fast charging stations with ultra-quick technology provide high-power DC up to 120 kW directly into the vehicle’s battery without passing through any onboard AC/DC converter. The necessary conversion from AC to DC by a convertor done in case of the AC charging process can be eliminated. In 2022, Tesla an American automotive and energy company revealed the supercharger V4’s design as part of the construction plans for a new station being deployed. Greenlots, an electric transportation company, has set plans to deploy 9 DC Fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger in Massachusetts, USA, and is planning to invest $500 million to outfit the electric charging stations in 484 locations with 2000 DC fast chargers.
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Major Key Players of the Market:
Henry Schein Inc, Envista Holdings Corporation, Straumann Group, DENTSPLY Sirona, Dentium Co Ltd: Teld New Energy Co Ltd, IONITY, ChargePoint, Inc., EV Connect Inc, Blink Charging Co., Wanbang Xingxing Charging Technology Co., Ltd, Hangzhou Aoneng Power Supply Equipment Co., Ltd, Magenta Power Private Limited, Midgard Electric, Delta Electronics, Inc, XPeng Inc, TGood, Tata Motors Limited, Siemens AG, Schneider electric, Eaton, SemaConnect, ECOtality, Engie, Leviton Manufacturing Co., Inc, Webasto Group, TotalEnergies, Electra, AVT & Co, CityDock, Elektromobilita, ČEZ Group, GreenWay, PKN ORLEN, Tauron Polska, Revnet, PGE Polska Grupa Energetyczna S.A., Ekoenergetyka – Polska S.A., Phihong USA Corporation, EV Safe Charge Inc., Tesla, AeroViroment, Inc., Wi Tricity Corporation, Mojo Mobility, Inc., Enel X, Driivz Ltd, EVBox, Tritium, Wallbox Chargers, S.L., Metro Africa Xpress, Inc, GridCars (Pty) Ltd, Jaguar
Electric Vehicle Charging Stations Market 2024 Key Insights:
• The electric vehicle charging stations market size is expected to see exponential growth in the next few years. It will grow to $23.18 billion in 2028 at a compound annual growth rate (CAGR) of 25.1%.
• Incentives And Subsidies For Electric Vehicle (EV) Charging Stations Market
• Advancements With Supercharger V4 In Electric Vehicle (EV) Charging Stations Market
• Asia-Pacific was the largest region in the electric vehicle charging station market in 2023
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