Electric vehicle charging stations market accounted for over US$ 2.3 billion in 2019. It is anticipated to grow at a CAGR of 34% from 2019 to 2030.
The significant growth of the market can be attributed to the increasing demand for electric vehicles and investments in electrification of both residential and commercial charging infrastructure by companies and government institutions. Moreover, increasing focus on development of electric infrastructure and rising concerns regarding emissions are anticipated to boost the growth of the electric vehicle charging stations market further during the forecast period. Extensive R&D studies and collaborations by major companies & governments across the globe, aimed towards improving safety & precision of electric vehicle charging stations, are expected to contribute considerably to the market. For instance, in 2019, Energy Efficiency Service Ltd. (EESL) expanded its EV charging infrastructure across the national capital of India with the collaboration of South Delhi Municipal Corporation. Similarly, in April 2019, ABB launched the world’s first fully electric, autonomous, 12-meter passenger bus in Singapore. Moreover, in 2019, according to TATA ELXSI white paper report, various national bodies of the Netherlands, China, Germany, and France, among others, have funded municipalities to install charging stations in collaboration with utility bodies.
Major Key Players of the Electric Vehicle Charging Stations Market are:
ABB, Robert Bosch GmbH, Siemens AG, Pod Point., BP Chargemaster, CHROMA ATE INC., and Shell, among others.
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