Improved sales of electric vehicles increases the demand for charging stations

Automotive - Mohit Shah - Jul 10,2017

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improved sales of electric vehicles increases the demand for charging stations

The global electric vehicle charging station market is anticipated to showcase an exponential CAGR of 30.8% during the period between 2017 and 2025.

An electric vehicle charging station is basically a component or an infrastructure that works to supply electric energy to the electric vehicles in order to recharge batteries at home or at public spaces. It easily offers energy to plug-in electric vehicles which cover electric cars and plug-in hybrids. In the last few years, the need for electric vehicle charging stations has surged in response to the rising sales of electric vehicles (EV).

As per a report published by Market Research Reports Search Engine (MRRSE), the global electric vehicle charging station market is expected to acquire an exponential CAGR of 30.8% from 2017 to 2025. If this pace is retained, the market’s estimate would surely reach a phenomenal US$37.48 Billion by the end of 2025. It has been further noted that, besides the growing awareness regarding the benefits these vehicles provide, the global market is gaining from promising government policies. For instance, the different governments have launched various subsidies in order to promote the sales of electric vehicles.

 In addition, manufacturers are also thriving on lowering their production cost for offering advanced models of electric vehicles under a reasonable price range. Hence, as a result of such strategies towards promoting EV sales, the market for electric vehicle charging station will surely gain from them.  

Presently, focusing on the end-users, the market is dedicated towards the government, public space and municipalities, healthcare, commercial office space, retail, hospitality, logistics, residential and transportation (fleet services), education, and others. Among these, the residential sector developed to move forward during 2016. 

Also, it has been found out that the major driving efforts are offered through the top players operating in the electric vehicle charging station sector. The prominent manufacturers include AeroVironment, Inc., ChargePoint, Inc., Bosch Automotive Service Solutions Inc., ClipperCreek, Inc., Eaton Plc, General Electric Co., Hitachi, Ltd., Delta Group and  KYOCERA Corp.

 

For more information on this report visit- http://www.mrrse.com/electric-vehicle-charging-station-market