Electric vehicle charging stations market to grow at a CAGR of 36%

EV charging stations

The market size for electric vehicle charging stations is expected to grow at a CAGR of 36 percent during 2014–2020, according to a market research conducted by MarketOptimizer.org.

The US has the largest share of the level 2 charging station market by country, driven by President Obama’s ‘one million EVs on the road by 2015’ target..

EV charging stationsIn terms of Electric Vehicle (EV) charging stations, level 2 charging stations comprise the largest market globally, the research said.

Regionally, Europe accounts for the major market share, followed by North America. Asia-Pacific and Japan are front-runners and China is expected to see major growth in future. Australia will also emerge as a huge market.

Global market revenue has been $139m in 2013 due to a rise in EV sales and a stronger implementation of charging network.

The growth of Battery Electric Vehicles (BEV) will be a major market driver, and their growing battery size will require the adoption of quicker chargers.

European and North American countries are ready to adopt EV and are providing subsidies to improve infrastructure and charging networks, adds the report.

In the U.S., Government encourages installation of EV charging stations, with finance granted from American Recovery and Reinvestment Act (ARRA). In 2013, the US was estimated to account for over 30 percent of annual level 2 charger installations.

China does not have a robust EV charging infrastructure, but is expected to emerge as the leader of the level 3 charging station market, suggests the report.

In 2014, Beijing is planning to install 1,000 level 3 charging stations. ABB in collaboration with certain companies, will provide home DC chargers to all EV drivers between 2014 and 2020. China carried out most of the installations in 2014. China will account for 40–55 percent of total global annual level 3 installations in 2015-2020 period.

editor@greentechlead.com