Electric Vehicle Charging Stations Market is expected to grow at a CAGR of 35.5% from 2020 to 2028 | Government funding, subsidies, and incentives to advance the growth of the electric vehicle charging stations market

Research report published by Proficient Market Research “Electric Vehicle Charging Stations Market – By (Level of Charging: Level 1, Level 2, Level 3(DCFC)), By Connector Type (Type 1 (J-plug), CCS, CHAdeMO, GB/T, and Tesla) Market – Growth, Future Prospects, Post COVID-19 Scenario 2021 – 2028”, states that the global electric vehicle charging stations market is expected to grow at a CAGR of 35.5% during the forecast period from 2021 to 2028.

Growing adoption of electric vehicle around the world is primarily driving the need for electronic vehicle charging stations. Furthermore, several governments around the world are providing funding, subsidies, and incentives for the development of infrastructure required for charging station. According to the U.S. department of energy, government of Columbia provides a tax credit of up to 50% on the equipment purchases required for charging station infrastructure, the minimum credit is USD 10,000 per public charging station.

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COVID-19 pandemic conditions have badly affected the growth of electric vehicle charging stations market. Like many other industries automotive industry also suffered during the pandemic, Shutdown on manufacturing activities due to strict lockdowns, restrictions on supply channel, and shortage of raw material affected the overall growth of the market.

In addition, the Ministry of Economic Affairs (MOEA) of Taiwan in 2018, declared that they are planning to install 3,310 battery charging stations across Taiwan during next five years to increase the sale of electric vehicles.

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Market Players

Major players in the market are focusing on organic growth strategies also expanding their presence with mergers and acquisitions, key players in the market include Chargepoint, Inc., Siemens AG, Schneider Electric SE, Leviton Manufacturing Co., Inc., Webasto Group, EVBox B.V., New Motion EVSE, Ltd., Eaton Corporation, ABB, Ltd., and Tesla, Inc. among others.

Trends and Future Outlook:

Government initiative in developing region to promote the sale electric vehicles
Battery swapping, flash charging and smart charging internet of thing are expected to enter charging infrastructure new next few years.

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Based on the level of charging the global electric vehicle charging stations market is bifurcated into the following

Level 1
Level 2
Level 3 (DCFC)

Level 2 segment held the largest share based on level of charging

In 2020, level 2 segment held the largest share based on level of charging. The segment accounted for around 75% of the share in the global market in 2020. Fast charging options coupled with large penetration of level 2 charging stations is contributing towards the larger share of the segment in global market

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Based on the connector types the global electric vehicle charging stations market is bifurcated into the following

Type 1 (J-plug)

CHAdeMO segment held the largest share of the market

In 2020, CHAdeMO segment held the largest share of the market, growing demand owing to convenient use and fast charging capacity is expected to contribute for largest share of the segment in overall market.

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Europe held the largest share in the electric vehicle charging stations market

In 2020, Europe held the largest share in the electric vehicle charging stations market. Well established automobile sector and high adoption of electronic vehicles coupled with government regulations to reduce fossil fuel-based cars is driving the growth of EVs charging station market in this region and is expected to have a lucrative growth during the forecast period.

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