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(CityRegions.Com, May 17, 2018 ) Due to the increasing demand for electric vehicles across the world, the electric vehicles charging stations market is close to USD 20 billion and is expected to register a CAGR close to 35.54% during the forecast period.
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The growing concern of people towards environmental pollution has led them to switch to environment-friendly alternatives for fossil fuel-based vehicles, such as electric and hybrid vehicles. Low maintenance and operation cost features are further attracting more consumers towards electric vehicles, which, in turn, is boosting the demand for electric vehicle charging stations. The existing fleet of cars is also driving the growth of the global electric vehicle charging stations market. According to the forecast made by iSuppli; HIS, the number of fast charging stations are expected to reach 20,000 by the year 2020.
Due to a decline in the prices of batteries and government incentives, the adoption of electric vehicles (EV) is increasing, thereby driving the growth of the electric vehicles charging stations market. China, the largest EV market, is offering tax incentives and subsidies to local automakers to produce electric vehicles. To encourage consumers, the Chinese government has made a policy to reimburse 30% of the total value of the electric vehicle. The Dutch parliament is currently focused on banning the sales of petrol and diesel cars by 2025. Most of the other major automotive markets, such as India, France, and the United Kingdom have announced plans to shun conventional vehicles altogether and replace them with EVs in the future, signaling a huge opportunity for the market.
A major restraint to the market is the lack of a sustainable business and financing model. Consumers are wary of using electric vehicles because of the limited range they offer. It takes anywhere from 15 minutes to several hours for an EV to get fully charged. Therefore, the public charging stations need to contain other infrastructure to keep the users engaged in the dwell time. Charging stations will be needed where there is on-street parking, at places of employment, hotels, airports, shopping centers, and restaurants, as well as in driveways and garages at home.
Charging stations need to offer a range of options, from simple charging posts for roadside use, charging cabinets for covered parking places, to fully automate charging stations integrated with power distribution equipment. The infrastructure is a significant restraint for the EV charging market. This infrastructure has to be adequate from a power supply standpoint as well as a distribution standpoint. In the future, battery swapping will take fold as the time for refilling the EV will be reduced substantially by this method.
The market has been segmented based on the type of charging station, technology, and geography.
The segmentation by type of charger consists of AC charging and DC charging. The technology segment has been categorized into CHADeMO, SAE combo, and Supercharger. Based on geography, the market has been classified into North America, Europe, Asia-Pacific, and Rest of the World.
The CHADeMO charger sub-segment holds the largest share in the world in the technology segment. CHADeMO is a DC fast charger and the common type of charger for Nissan, Mitsubishi, and Toyota. The residential charger sub-segment accounts for the largest share in the application segment. In the regional segmentation, Asia-Pacific has the largest share. The Asia-Pacific sub-segment is dominated by China, followed by Japan. China remains number one in the market for plug-in vehicles and therefore, requires the maximum number of charging stations. Oslo in Norway has the maximum share of EVs, with more than 2,400 charge points and about 130 fast chargers per million people.
Key Developments in the Market:
April 2017- YPF, the state-owned oil company of Argentina, reported that it would install 220 fast-load stations for electric vehicles in 110 of its service stations in the national territory.
May 2017: Germany, the largest market for passenger cars, plans to pump USD 240 million into battery research and boost home production of the same.
Major Players: GENERAL ELECTRIC COMPANY, SCHNEIDER ELECTRIC SE, DELPHI AUTOMOTIVE, EATON CORPORATION, SIEMENS AG, TESLA MOTORS INC., CHARGEMASTER PLC, amongst others.
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Some of Major Point From TOC
1. 1. Introduction
1.1 Study Deliverables
1.2 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Analysis Methodology
2.3 Study Phases
2.4 Econometric Forecast Model
3. Key Findings of the Study
4. Executive Summary
5. Market Overview
5.1 Current Market Scenario
5.2 Technology Trends
5.3 Porter’s Five Forces Framework
5.3.1 Bargaining Power of Buyers
5.3.2 Bargaining Power of Suppliers
5.3.3 Threat of New Entrants
5.3.4 Threat of Substitute Products
5.3.5 Intensity of Competitive Rivalry
6. Market Dynamics
6.1 Drivers
6.2 Restraints
6.3 Opportunities
Continue…
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