The Asia Pacific is forecasted to exhibit the fastest growth till 2026 due to rising concern about the greenhouse gas emission in major economies of the region which includes China, Japan, and India. It is also anticipated that to support the market growth one of the factors is rising awareness amongst people about the adverse effect of diesel and petrol vehicles on the environment and additionally increasing investment by automakers on EV manufacturing is contributing towards the growth.
Acumen Research and Consulting(ARC) forecasted that, By the end-user, the public segment is expected to dominate the market with major share during the forecast period from 2019 to 2026. The increasing investment in the installation of charging stations at retail shopping centers, restaurants, and parking places by various market players are some of the factors contributing to market growth. For instance, Tata Motors tied up with its group subsidiary Tata Power in 2019 to install charging stations across 5 major cities in India. Tata motors have shown their plans to set up 300 fast-charging stations by the end of the financial year 2019-2020 from which they have successfully installed 50 till December 2019.
Acumen Research and Consulting, a global provider of latest insightful market research reports in a recently published report titled “Electric Vehicle Charging Station Infrastructure Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026” states that, “DC charging station segment is having major share in the EV charging station infrastructure market. The ability of DC charging stations to charge electric cars faster than the AC charging station is particularly contributing to its growth. Recently, Tata Motors has signed a strategic partnership with an Australian company Tritium to manufacture DC fast-chargers for electric vehicles.”
Some of the leading competitors in EV industries are ABB, ChargePoint Inc., Schneider Electric SE, Siemens AG, Tesla Motors Inc., AeroVironment Inc., Leviton Manufacturing Co. Inc., SemaConnect Inc., The Newmotion BV, Efacec, EVgo, and Alfen.
The research company also predicted that the global market is expected to grow at CAGR 25.6% during 2019-2026 and will reach over USD 568.2 Billion by 2026, The global market is expected to grow at CAGR 40.5% during 2019-2026 and will reach over USD 30.8 Billion by 2026 and the global market size is expected to reach USD 2.9 billion by 2026, at a significant rate of 27.1% during the forecasted period 2019 to 2026.
Many EV charging station infrastructure companies have announced alliances and acquisitions to scale up their business in the EV industry. Also for the expansion major players are targeting new regions or using advanced technologies.
Some of the key observations regarding EV charging station infrastructure industry include: The leading electric vehicle (EV) charging provider ABB and network operator Fastened celebrated the launch of the 100th Fastened charging site in June 2019. The 100th charging site has used ABB EV charging technology, AeroVironment has launched TurboDX, a next-generation EV charging station in January 2018. The AeroVironment TurboDX was launched at the consumer electronics show (CES) in Las Vegas. The new TurboDX is targeted to the residential and commercial end-users worldwide. In 2019, Electrify America teamed up with Bank of America to install electric vehicle charging at selected financial centers across the US. This is the first time when America is installing EV charging stations at bank locations. The initiative is intended to add convenience to consumers for driving electric vehicles.
The Department of Heavy Industries (DHI) has approved 2,636 EV charging stations across 62 cities of India which include 24 states and union territories (UTs). The approval is carried out under the second phase of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) India program. As a result, the government has received around 106 proposals from public and private entities for the deployment of around 7000 electric vehicle charging stations. Moreover, according to the proposal, 1,633 charging stations are fast charging, and the rest 1,003 are slow charging stations from a total of 2,636 EV charging stations. Kia Motors, a South Korea’s second-largest automobile manufacturer, is likely to invest around US$ 25 billion in the upcoming six years to transform itself into an innovative brand. As a part of this, Kia Motors will build mobility hubs with EV charging stations, maintenance centers, and convenience facilities in major cities where people are very much concerned about the environment and electric cars.