Global Electric Vehicle Charging Services Market is Expected to Grow a CAGR of 5.4% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Electric Vehicle Charging Services Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Electric Vehicle Charging Services Market generated revenue of around USD 3,986.4 million in 2020 and anticipated to grow at a CAGR of over 5.4% during the forecast period from 2021 to 2027 to reach around USD 5,787.9 million in 2027.

Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-charging-services-market 

Electric vehicle(EV) charging services, known as an EV charging station, charging point, charge point, electric recharging point, and electric vehicle supply equipment that provides electric energy for the charging of EV. It is an open standing or carefully attached to the ground or to some stationary object. Like fuel stations, charging station is used for refilling the charge into EV batteries. The rising number of electric vehicles, due to the demand for charging is ever-increasing.

Key Trends in Global Electric Vehicle Charging Services Market

Government funding for developing charging service for propel demand

Government initiatives including subsidies, funding, and incentives, along with increasing investments from automakers are factors expected to drive the growth of the global market. furthermore, increasing demand for electric vehicles and changing preference towards promoting an eco-friendly and economical modes of transportation are factors expected to drive the growth of the global electric vehicles charging services market. Moreover, some of the key players are providing a free charging ability to electric vehicle owner is a latest trend observed in the global market. Also, manufacturers are focusing on lowering the production cost of electric vehicles along with advanced models is another rising trend in the global market.

Impact of COVID 19 on Electric Vehicle Charging Services Market

The ongoing COVID-19 outbreak, the automotive industry is facing extraordinary uncertainty. COVID-19 is expected to have an effect on the supply chain and the market. The anxiety of the industry has shifting focusing on supply chain of China disruption to the overall fall in order for automotive products. Also, commercial vehicle demand is likely to fall with all luxury services being shut down. Additionally, shifting consumer purchasing manners due to improbability surrounding the virulent disease may have consequences for the industry’s near-future expansion. For the meantime, loss and cash crunch have unnatural fleet operators’ sales, which is anticipated to widen further in the upcoming months.

Global Electric Vehicle Charging Services Market by Vehicle Type Insights

Battery Electric Vehicle (BEV) and Plug–In Hybrid Vehicle (PHEV) are some of the major vehicle types through Electric Vehicle Charging Services. Battery Electric Vehicle (BEV) segment accounted for the largest share in 2020 of the Electric Vehicle Charging Services Market in 2020.

 

Global Electric Vehicle Charging Services Market by Charging Station Insights

AC Charging Station, DC Charging Station, and Inductive Charging Station are the charging station of Electric Vehicle Charging Services market. In 2020, DC Charging Station accounted for the largest share of Electric Vehicle Charging Services Market.

Global Electric Vehicle Charging Services Market by Application Insights

Global Electric Vehicle Charging Services Market is segmented based on Application as Residential and Commercial. Commercial accounted for the largest share of the Electric Vehicle Charging Services Market in 2020.

Global Electric Vehicle Charging Services Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share in the global market over the forecast period. This is attributed to government initiatives about lower dependency on fossil fuel and rising investment in infrastructure development for charging stations. Initiatives such as EV subsidies offered in developing economies, vehicle licensing system, etc. are expected to drive the growth of the global market. Also, increasing R&D activities, falling carbon emissions by stimulating transportation are factor drive the growth of the global electric vehicle charging services market. Europe electric vehicle charging services market is accounted to significant growth in the global market, due to the major automotive manufacturers and growing usage of EV, along with rising awareness towards environment concerns in this region.

Global Electric Vehicle Charging Services Market Competitive Landscape

Most prominent players in the global Electric Vehicle Charging Services Market include ENGIE, ChargePoint, Tesla, Inc., Leviton Manufacturing Company, Inc., EFACEC Power Solutions, EVGO, ABB, Aerovironment Inc., Schneider Electric SE, Siemens AG. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Charging Services Market by Vehicle Type, 2015 – 2027

· Battery Electric Vehicle (BEV)

· Plug–In Hybrid Vehicle (PHEV)

Global Electric Vehicle Charging Services Market by Charging Station, 2015 – 2027

· AC Charging Station

· DC Charging Station

· Inductive Charging Station

Global Electric Vehicle Charging Services Market by Application, 2015 – 2027

· Residential

· Commercial

Global Electric Vehicle Charging Services Market by Region, 2015 – 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Charging Services Market: Key Players

· ENGIE

· ChargePoint

· Tesla, Inc.

· Leviton Manufacturing Company, Inc.

· EFACEC Power Solutions

· EVGO

· ABB

· Aerovironment Inc.

· Schneider Electric SE

· Siemens AG