Electric vehicles
(EVs) stem from the rising quest for green and clean transportation that forms
the base of e-mobility of the future. The exponentially increasing EV sales will
remain the prime factor pushing the demand for EV charging infrastructure
in the global market. The National Renewable Energy Laboratory’s recent report
states that there was nearly 7.6% growth in the demand for public electric
vehicle supply equipment in the course of three months in 2020. This and more
such findings provide strong support to the progressing growth trail of the EV
charging infrastructure market. While the developed world has been supporting
the market growth right since the rise of e-mobility concept, targeted
government policies are uplifting the market prospects in developing economies
of Asia Pacific.
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Technological
Advancements and Dropping Charging Station Costs Favour Market Growth
The advancements
in both EV battery technology and EV charging technologies are collectively
creating a fertile ground for powerful EV charging stations. Moreover, advent
of technology in electric vehicle charging hardware and software are playing a
complementary role in the market build-up, says an ongoing study of Fairfield
Market Research. During 2011 – 2013, the costs of EV charging hardware and
installation have declined, resulting in increasing demand for dual chargers
after that. This has been favouring the growth of EV charging infrastructure
market.
Commercial Sector
Registers Higher Installation of EV Charging Stations
Ascending demand
for electric vehicle charging infrastructure for commercial as well as
residential applications is primarily fuelling the market. However, the
penetration of EV charging infrastructure is much deeper in the commercial
sector than that in the residential sector. Rapid expansion of the electrically
powered public transit fleet will provide a strong impetus to the demand for EV
charging stations in commercial space. The market will also benefit hugely from
the growing prospects of shared e-mobility. As the business of rental electric
cars continues to spread its roots wider, the participants in the EV charging
infrastructure market will discover a multitude of opportunities to innovate
and generate revenue through.
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Fast EV Charging
Infrastructure in Demand; Price to be an Impediment to Rapid Adoption
Efforts have been
especially concentrated in the enhancement of commercial charging stations as
they mainly enable long-distance journeys. On the other side, convenience and
cost-competitive attributes of residential EV charging stations will continue
to uphold their demand in the global market. Soaring demand for ultra-fast
charging capabilities, particularly at commercial stations, has given rise to
the thriving fast EV charging technology. This has been accounting for the
development of fast EV charging infrastructure, pushing the prospects of
superchargers. Collaborations are trending the fast-charging space. For an
instance, ChargePoint is setting up fast EV chargers across the US west coasts
in collaboration with BMW Inc, and Volkswagen Inc. However, premium costs of
production and installation will continue to create a challenge to fast
charging infrastructure.
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Competitive
Landscape – EV Charging Infrastructure Market
Tesla, Inc.,
Siemens AG, Schneider Electric, AeroVironment, Inc., ChargePoint, Inc., ABB,
Eaton Corp., BP Chargemaster, General Electric Company, SemaConnect, Inc., ClipperCreek,
Inc., Leviton Manufacturing Co., Inc., and Webasto SE are some of the most
prominent competitors in the global EV charging infrastructure landscape. With
around 80% of the world's automotive supply chain relying on China according to
the China Passenger Car Association, the impact of the global COVID-19 outbreak
on the global automotive supply chain and EV equipment has been disastrous.
Companies in Asia Pacific and developed regional markets are now redesigning
their business strategies to reduce the dependence on China. Strategic M&A
also remain the key moves of players as they move towards consolidation.
Leading automakers such as General Motors, Volkswagen Group, and BMW Group are
investing in their own EV charging infrastructure.
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