The EV charging station market is poised to grow by USD 5.37 billion during 2020-2024, progressing at a CAGR of over 32% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. ABB Ltd., BP Plc, ChargePoint Inc., EFACEC Power Solutions SGPS SA, ENGIE SA, Royal Dutch Shell Plc, Schneider Electric SE, Siemens AG, Tesla Inc., and Webasto SE are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Increasing investments in EV charging infrastructure development has been instrumental in driving the growth of the market. However, high installation and maintenance costs associated with EV charging stations might hamper market growth.