Electric vehicles (EVs) are slowly gaining traction because
of increasing greenhouse emission and strict pollution control standards
enforced by environmental agencies. The boost in the adoption of EVs has
created a favorable growth landscape for the electric vehicle charging stations
(EVCS) market as well. The growing popularity and acceptance of EVs has
resulted in increased installation of electric vehicle charging stations in the
recent past. The global electric
vehicle charging stations market is expected to be valued at USD 30.41 billion
by 2023, growing at a CAGR of 41.8% between 2018 and 2023. Key factors driving
the growth of the electric vehicle charging stations market include government funding, subsidies, and
incentives, growing demand for electric vehicles, growing concern toward
environmental pollution, and heavy investment from automakers in EVs. Vehicle-to-Gird
(V2G) EV charging stations and charging stations powered by solar panels are
the key opportunities for the players in the electric vehicle charging stations
market.
Download PDF Brochure
@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=21599205
The market for DC charging stations is expected to grow at a
higher CAGR between 2018 and 2023. DC charging or level 3 charging station
delivers a maximum power of 240 kW, supplying a high current of up to 400 A at
a voltage of up to 600 V DC. Level 3 is a highly powered charging option, with
the potential to fully recharge an EV in less than 30 min. In a DC fast
charging system, the AC/DC conversion occurs in the charging equipment rather
than in a vehicle's AC/DC converter, so that the power entering the vehicle is
already in DC. Developing public charging infrastructure is expected to drive
the growth of the DC charging stations market. Furthermore, automakers are
planning to invest in DC fast charging network to support their launch of
long-range BEVs.
The market for commercial installation of EV charging
stations is expected to grow at the highest CAGR between 2018 and 2023. The
growth is attributed to an increased deployment of charging stations at public
places such as shopping malls, commercial buildings, airports, and restaurants.
Furthermore, government offerings, such as tax credits, on the installation of
publicly accessible stations are expected to boost the commercial installation
of charging stations.
Request Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=21599205