Global Electric Vehicle Charging Station Market to Grow at a CAGR of More than 33% from 2019-2023
China Energy Storage: The global electric vehicle charging station market is expected to grow at a CAGR of more than 33% between 2019 and 2023, according to a new market research report by Technavio.
A key factor driving the market growth is the growing demand for fuel-efficient vehicles. In order to reduce the environmental pollution caused by gasoline and petrol vehicles, governments across the world are encouraging the use of fuel-efficient vehicles such as electric vehicles. As electric vehicles reduce the emissions from the transportation sector, they also reduce the carbon footprint. China, the U.S. and some European countries, etc. are the major markets for electric vehicles.
According to Technavio's report, advancements in electric vehicle charging technology will positively impact the market and grow significantly during the forecast period. Despite the increase in the popularity of electric vehicles, one of the major restraints in the market happens to be the limitations of their charging infrastructure. To overcome this obstacle, several major companies are working on developing better-charging technologies. The growing demand for fast and convenient charging systems for various electric vehicles has raised the demand for electric vehicle charging stations equipped with better technology. The increasing focus on reducing charging times for electric vehicles has increased the adoption of fast charging networks such as universal fast chargers, ultra-fast chargers and bi-directional fast chargers.
"Wireless electric vehicle charging is becoming popular due to its potential to reduce battery charging time. Wireless electric vehicle charging stations allow drivers to park and charge their vehicles without plug-in cables or adapters. Wireless electric vehicle charging uses induction charging in which electricity is transmitted through an air gap from a magnetic coil in the charger to a second magnetic coil mounted to the vehicle. This technological advancement is likely to drive market growth," Technavio said. In terms of current, AC AC held the largest market share of nearly 59% in 2018, and the segment is expected to continue dominating the global market during the forecast period. In terms of region, Asia Pacific led the global market in 2018 and is also expected to continue dominating the market through 2023 with a market share growth of more than 2%.