Latest News:- Electric Vehicle (EV) Charging Station Market: AC is expected to lead the Type segment during 2024-2028

Electric Vehicle (EV) Charging Station Market to grow at a CAGR of 29.13% during 2024-2028

The Electric Vehicle (EV) Charging Station Market is expected to grow at a CAGR of 29.13% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 38060.4 million. In the global Electric Vehicle (EV) charging market, advancements in EV charging solutions are noteworthy. Key players have introduced innovative EV chargers, such as EVI Technologies' mobile application launched in March 2022. This application serves as a comprehensive EV charging solution, facilitating station location, navigation, slot reservation, and online payment. The proliferation of such advanced EV charging infrastructure is anticipated to stimulate market expansion throughout the forecast period. 

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The AC subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the AC subsegment will lead the Type segment during 2024 and 2028 In the Electric Vehicle (EV) charging market, AC charging stations present a cost-effective solution compared to their DC counterparts. With lower set-up, installation, and maintenance costs, AC charging stations are gaining popularity. Emerging markets are expected to fuel the growth of this segment due to the rising demand for Plug-in Hybrid Electric Vehicles (PHEVs). AC charging stations, providing up to 22kW, are a fundamental and convenient method for EV charging. An onboard charger, a standard feature in most EV models, is necessary for AC charging. The affordability and accessibility of AC charging stations make them an essential component of the EV charging infrastructure.

Here are the various ways based on which the market is segmented: 

• Type
  • AC
  • DC
• End-user
  • Commercial
  • Residential
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish increasing number of m and a and strategic partnerships

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Electric Vehicle (EV) Charging Station market is experiencing significant growth due to increasing environmental awareness and the need to reduce carbon emissions. The adoption of EVs is on the rise, driven by advancements in battery technology, particularly lithium-ion batteries. New technologies such as Fast charging, Autonomous charging robots, Wireless charging, and Ultra-fast chargers are making EV charging more convenient and efficient. The Three-Phase Charger segment, including High Power Charging Stations (HPCS), is gaining popularity due to the increasing demand for longer driving ranges. Energy storage and grid balancing are also becoming crucial aspects of EV charging infrastructure. Governments are offering tax exemptions and subsidies to promote EV sales, and regulations are being put in place to standardize the EV charging market. However, the lack of standardization poses a challenge for automakers and charging infrastructure providers. The NEVI Formula Program is an initiative to develop a standardized charging network across Europe. The prices of EVs and the availability of charging infrastructure are key factors influencing EV sales. DC charging stations are becoming increasingly popular due to their faster charging times compared to AC charging stations. The future of EV charging looks promising with continuous advancements in battery technology and charging infrastructure.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, the market size is determined by the consolidated revenue generated by automotive components and equipment manufacturers. Key growth drivers for the automotive parts and equipment industry include the escalating demand for electronic components in automobiles, such as electronic control units (ECUs) and other electrical components, fueled by the rising sales of electric vehicles, motorcycles, and passenger cars over the past decade.

The Electric Vehicle (EV) Charging Station Market is experiencing significant growth, fueled by the increasing number of m and a and strategic partnerships. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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