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Global Electric Vehicle (EV) Charging Infrastructure Market Report by 2020

2019-06-18 16:52:05
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Global Electric Vehicle (EV) Charging Infrastructure Market Report by 2020

Due to the continuous growth of Electric Vehicles, the demand for EV charging infrastructure is growing aggressively. According to the statistics, the global electric vehicle (EV) charging infrastructure market size was valued at USD 1.16 billion in 2016.And during the next five years, it is estimated to grow at a CAGR of 43.72% .

1.The fast charger is expected to grow faster during the period

The fast charger includes rapid AC chargers, DC fast chargers , and Tesla Superchargers. They occupied a significant market share in last year. These fast chargers have the potential to charge an EV battery up to 80% within 30 minutes. The fast chargers are expected to grow faster than slow chargers, as they reduce driver’s anxiety and battery recharging time.

2. Market for public charging stations is expected to grow at the highest CAGR during next five years

The demand for public charging stations is increasing in the market. These public charging stations are located at many parking lots, taxi stands, government offices, and parking lots of work places, hotels and shopping malls.

3.APAC is expected to lead the electric vehicle charging stations market during the forecast period

APAC is expected to be the largest market for the EV charging market during next five years. Governments in the region are investing a large amount for the R&D related to EV cars and the expansion of the charging infrastructure as a key for a transformation to a “low carbon society”. Therefore, the growth is attributed to high EV infrastructure spending and the increasing use of electric vehicles to reduce greenhouse gas emissions.

4. The passenger EV cars segment is anticipated to grow at the fastest rate, compared to the commercial vehicle segment

The increasing support and subsidies provided by governments and consumer awareness of the usage and benefits of these vehicles worldwide have been driving the growth of EV cars market. Governments of many countries have extended financial incentives to electric vehicle buyers depending on the size of the batteries.