Growing demand for electric vehicles across the globe coupled with government support to set up charging stations drive the growth for the global electric vehicle charging stations market to reach $ 32.34 billion by 2028.
According to Verified Market Research, the market size was valued at $ 3.18 billion in 2020 and is projected to grow at a CAGR of 33.64% from 2021 to 2028.
An electric vehicle charging station is a component of infrastructure that is responsible for supplying electricity for the recharging of electric vehicles such as plug-in electric vehicles that includes electric cars, plug-in hybrids, and neighbourhood electric vehicles. Electric stations are also called as electric vehicle supply equipment or EVSE.
The major players in this space are Schneider Electric, Tesla, ABB, BYD Auto, Yazaki, Bosch, Efacec Power Solutions, Mitsubishi Electric, Siemens and Engie.
The rising focus of government authorities on providing funds to original equipment manufacturers for developments of the charging stations is fueling the growth of the global electric vehicle charging stations market. Also, many automotive players are investing resources in introducing new and developing existing charging stations, boosting the market's growth. Moreover, manufacturers are shifting their focus on developing new technologies as autonomous park and charge, ultra-fast DC charging network lithium-ion batteries and wireless charging as well, thus growing advancement is expected to drive the growth of the market, the global research and consultancy firm said.
Key Developments
Verified Market Research listed out the key developments in the electric vehicle charging stations market. Schneider Electric's new SM AirSeT medium-voltage switchgear, free of greenhouse gases, are deployed in Milan depots' charging infrastructure for its bus fleet, which will be 100% electric. Bosch has announced faster charging, plug-in installation of electric vehicle charging stations for North America.
Courtesy: Verified Market Research. NB: Photo is representational.