Electric vehicles (EVs) stem from the rising quest for green and clean transportation that forms the base of e-mobility of the future. The exponentially increasing EV sales will remain the prime factor pushing the demand for EV charging infrastructure in the global market. The National Renewable Energy Laboratory’s recent report states that there was nearly 7.6% growth in the demand for public electric vehicle supply equipment in the course of three months in 2020. This and more such findings provide strong support to the progressing growth trail of the EV charging infrastructure market. While the developed world has been supporting the market growth right since the rise of e-mobility concept, targeted government policies are uplifting the market prospects in developing economies of Asia Pacific.
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Technological Advancements and Dropping Charging Station Costs Favour Market Growth
The advancements in both EV battery technology and EV charging technologies are collectively creating a fertile ground for powerful EV charging stations. Moreover, advent of technology in electric vehicle charging hardware and software are playing a complementary role in the market build-up, says an ongoing study of Fairfield Market Research. During 2011 – 2013, the costs of EV charging hardware and installation have declined, resulting in increasing demand for dual chargers after that. This has been favouring the growth of EV charging infrastructure market.
Commercial Sector Registers Higher Installation of EV Charging Stations
Ascending demand for electric vehicle charging infrastructure for commercial as well as residential applications is primarily fuelling the market. However, the penetration of EV charging infrastructure is much deeper in the commercial sector than that in the residential sector. Rapid expansion of the electrically powered public transit fleet will provide a strong impetus to the demand for EV charging stations in commercial space. The market will also benefit hugely from the growing prospects of shared e-mobility. As the business of rental electric cars continues to spread its roots wider, the participants in the EV charging infrastructure market will discover a multitude of opportunities to innovate and generate revenue through.
Fast EV Charging Infrastructure in Demand; Price to be an Impediment to Rapid Adoption
Efforts have been especially concentrated in the enhancement of commercial charging stations as they mainly enable long-distance journeys. On the other side, convenience and cost-competitive attributes of residential EV charging stations will continue to uphold their demand in the global market. Soaring demand for ultra-fast charging capabilities, particularly at commercial stations, has given rise to the thriving fast EV charging technology. This has been accounting for the development of fast EV charging infrastructure, pushing the prospects of superchargers. Collaborations are trending the fast-charging space. For an instance, ChargePoint is setting up fast EV chargers across the US west coasts in collaboration with BMW Inc, and Volkswagen Inc. However, premium costs of production and installation will continue to create a challenge to fast charging infrastructure.
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Competitive Landscape – EV Charging Infrastructure Market
Tesla, Inc., Siemens AG, Schneider Electric, AeroVironment, Inc., ChargePoint, Inc.,
ABB, Eaton Corp., BP Chargemaster, General Electric Company, SemaConnect, Inc.,
ClipperCreek, Inc., Leviton Manufacturing Co., Inc., and Webasto SE are some of the most prominent competitors in the global EV charging infrastructure landscape. With around 80% of the world’s automotive supply chain relying on China according to the China Passenger Car Association, the impact of the global COVID-19 outbreak on the global automotive supply chain and EV equipment has been disastrous. Companies in Asia Pacific and developed regional markets are now redesigning their business strategies to reduce the dependence on China. Strategic M&A also remain the key moves of players as they move towards consolidation. Leading automakers such as General Motors, Volkswagen Group, and BMW Group are investing in their own EV charging infrastructure.
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