by Brianna Crandall — April 15, 2016 — Facilities managers who are in charge of “greening” their company’s fleet or are encouraging tenants and visitors to use more eco-friendly vehicles, potentially to gain LEED points, and are wondering about installing electric vehicle (EV) charging stations at their facilities may find helpful a new market research report from MarketsandMarkets on EV charging stations.
According to the new report, the electric vehicle charging stations market is estimated to reach USD 12.61 billion by 2022, at a compound annual growth rate (CAGR) of 29.8% between 2016 and 2022. Factors that are driving the EV charging stations market include government subsidies and incentives, the increasing use of EVs, and the growing need to reduce carbon emissions.
Battery electric vehicles expected to lead EV electric vehicle market 2016-2022
The U.S. Environmental Protection Agency (EPA) categorizes battery electric vehicles (BEVs) as zero-emission vehicles because they produce no direct emissions. BEVs use no other fuel; the widespread use of these vehicles could significantly reduce the petroleum consumption. Further, BEVs have several other advantages such as comparatively longer driving range than plug-in hybrid electric vehicles (PHEVs), smooth operation, stronger acceleration, and less maintenance than cars with traditional internal combustion engines (ICEs).
AC charging stations expected to lead EV charging stations market
AC charging stations are expected to hold the largest share of the electric vehicle charging stations market during the forecast period. AC chargers are less expensive, convenient, and require less modification or upgrades as they work on 120V or 240 V AC, which is same as that used for residences. Thus, a majority of EV owners prefer AC chargers over DC fast chargers.
Market for public charging stations expected to grow at highest CAGR
The demand for public charging stations is increasing in the market. These public charging stations are located at on-street parking lots, taxi stands, retail stores, government offices, and parking lots of work places, hotels, airports, shopping malls, fast food restaurants, and coffee shops. Some public charging stations offer free charging, and others could charge a fee.
APAC expected to be largest market for EV charging stations
The Asia-Pacific (APAC) region is expected to lead the electric vehicle charging stations market between 2016 and 2022. The growth is attributed to high EV infrastructure spending and the increasing use of electric vehicles to reduce greenhouse gas emissions. Further, governments in the region are investing a large amount for the research and development (R&D) related to EVs and the expansion of the charging infrastructure as a key for a transformation to a “low-carbon society.”
Key market players
Major players involved in the development of electric vehicle charging stations include ABB Ltd. (Switzerland), AeroVironment Inc. (USA), ChargePoint Inc. (USA), Delphi Automotive Plc. (U.K.), Eaton Corp. Plc. (Republic of Ireland), Elektromotive Limited (U.K.), GE Company (USA), Pod Point Ltd. (U.K.), Schneider Electric SE (France), SemaConnect Inc. (USA), Siemens AG (Germany), and Tesla Motors Inc. (USA).
This research report categorizes the electric vehicle market on the basis of vehicle type and region, and describes the EV battery market on the basis of types. The report categorizes the global EV charging stations market based on charging station, connector type, location and region. It describes the drivers, restraints, opportunities, and challenges for the growth of the EV charging stations market, including a Porter’s five forces analysis with a description of each of its forces and their respective impact on the market.
The 146-page Electric Vehicle Charging Stations Market by Charging Station (AC Charging Station, DC Charging Station, Inductive Charging Station), Connector Type (Chademo, CCS, Others), Location (Public, Private), and Geography – Global Trend and Forecast to 2022 report is available for purchase from the MarketsandMarkets Web site. Early buyers will receive 10% customization on reports.
