Published Date : 24, 2022
The International Energy Agency reported that electric vehicles (EV) sales surged despite the unprecedented COVID-19 outbreak in 2020. After a decade of remarkable growth, the global electric car stock hit the 10 million market in 2020, registering a whopping 43% increase over 2019.
With sales unlikely to plummet in the coming years, Precedence Research has predicted the demand for electric vehicle charging stations (EVCS) to top US$ 39.2 Bn by 2027. In the next six to seven years, the market will grow by an unhinged 40.7% CAGR, as the report predicts electric vehicles sales to increase at an accelerated pace through the course of the assessment period.
Besides awareness regarding environmental conservation, focus on carbon emission reduction is at play in increasing the number of participants increasing investment in electric vehicle charging stations. Precedence Research Analysis has forecast the sales of electric vehicles to surpass the US$ 800 bn mark by 2027.
The market is expected to continue demonstrating its robust nature, despite supply chain disruptions and visibly hampered automotive production amidst COVID-19. Nonetheless political inducement and government support will give much needed impetus to EV sales, paving the way for electric vehicle charging stations market expansion.
According to the report, the market penetration is primarily confined to China, North America, and Europe markets. Stimulus by their respective governments is expected to spur sales in China, Japan, and South Korea, sealing Asia’s dominance in the global market.
For instance, in April 2020, policy makers in China announced their plan for investing US$ 1.43 Bn to retain its dominance in the race of EV adoption. Meanwhile, Singapore, Korea, India, and Japan are extensively investing towards the expansion of EV charging infrastructure to make electric vehicles more widespread in the coming years.
Growth registered in North America is primarily attributed to scope for expansion in the U.S. and Canada. In Europe, Germany and the U.K. will steer opportunities for growth of the electric vehicle charging station market. According to the report, growth in Europe will concentrate majorly in Germany, France, UK, and the Netherlands.
In June 2019, the Volkswagen Group had announced plans for installing 36,000 electric vehicle charging points across Europe by 2025. Such expansion strategies undertaken by some of the industry giants are expected to bode well for the market.
Considering this, the market for electric vehicle charging stations is expected to get fiercely competitive in the coming years. Precedence Research offers insights into some of the leading market players. It also includes detailed profiles of companies such as Scheinder Electric, Toshiba Corporation, Robert Bosch GmbH, and General Electric among others.