Latest News- Electric Vehicle (EV) Charging Station Market: AC is expected to lead the Type segment during 2025-2029

The Electric Vehicle (EV) Charging Station Market is being driven by Increasing inorganic strategies

The Electric Vehicle (EV) Charging Station Market is expected to grow at a CAGR of 22.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 32372.6 million. The Electric Vehicle (EV) charging station market is experiencing notable advancements, with key industry players introducing innovative EV chargers. The expanding portfolio of EV charging solutions is poised to serve as a catalyst for market expansion during the forecast period. Notably, EVgo Inc. and General Motors (GM) have surpassed 2000 public fast charging stalls, achieved through their collaborative metropolitan initiative. This partnership aims to broaden access to public charging in high-amenity locations, including grocery stores, retail centers, and city centers, while catering to customers without home or workplace charging facilities, such as renters and multifamily dwellers. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • AC
  • DC
• End-user
  • Commercial
  • Residential
• Product Type
  • Level 2
  • DC fast charging
  • Level 1
• Connectivity
  • Connectors
  • Pantographs
  • Wireless charging
• Geography
  • APAC
    • China
    • India
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • North America
    • Canada
    • US
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing inorganic strategies
• Government subsidies and incentives
• Declining prices of lithium-ion batteries

However, the market also witnesses some limitations, which are as follows:

• Lack of standardization in EV charging infrastructure
• Lack of operational infrastructure in emerging markets
• Growing environmental concerns

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Market Scope in Electric Vehicle (EV) Charging Station Market Research Report

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Research Analysis Overview

The Electric Vehicle (EV) Charging Station Market encompasses the deployment and expansion of EV charging networks, focusing on electrification strategies, power distribution, cable management, and thermal management. Safety regulations, electrical safety, user experience design, and mobile application integration are key considerations. RFID technology and smart grid integration enable real-time monitoring, maintenance scheduling, load forecasting, and pricing strategies. Infrastructure planning involves site assessment, permitting processes, installation techniques, and service level agreements. Operational efficiency is measured through performance metrics, capacity planning, utilization rates, energy consumption, and failure rate analysis.

Market Research Overview

The global automotive components and equipment market encompasses businesses involved in the manufacturing of 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 this market include the rising demand for electronic components in automobiles, particularly in the surging sales of electric vehicles, motorcycles, and passenger cars, which have significantly boosted the requirement for electronic control units (ECUs) and other power electronics, such as DC fast charging infrastructure, in the past decade.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/