Global Electric Vehicle (EV) Charging Station Market 2020-2024 | 34% CAGR Projection Through 2024 | Technavio

The global electric vehicle (EV) charging station market is expected to post a CAGR of almost 34% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report

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Technavio has announced its latest market research report titled global electric vehicle (EV) charging station market 2020-2024. (Graphic: Business Wire)

The market witnessed a steady rise in the adoption of BEVs and PHEVs over recent years. The global sales of battery electric vehicles grew by more than 90% in H1 2019 compared to the sales in H1 2018. Countries such as China, Norway, Iceland, and Sweden have witnessed a significant increase in the sale of battery electric vehicles and all-electric vehicles. In addition, factors such as advances in electric vehicle technologies, improvements in charging infrastructure, and thriving socio-economic conditions are expected to further increase the demand for BEVs and PHEVs. Therefore, with the growing adoption of BEVs and PHEVs, the demand for EV charging stations will increase significantly during the forecast period.

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As per Technavio, the deployment of smart grids for EVs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.

Global Electric Vehicle (EV) Charging Station Market: Deployment of Smart Grids for EVs

Smart grids support the wider deployment of variable generation technologies and provide real-time information on load requirements and power qualities to the operators. They also include grid applications such as smart energy meters, supervisory control and data acquisition (SCADA) systems, IT, and other communication networks that can serve as a base for V2G infrastructure. Countries such as China, the US, India, Spain, Germany, and France are actively investing in the deployment of smart grids for EVs. Agencies such as the International Electromechanical Commission (IEC) and the Institute of Electrical and Electronic Engineers (IEEE) have developed many standards for the deployment of smart grids for EVs. Such developments will have a positive impact on the growth of the global electric vehicle (EV) charging station market.

"Increasing number of launches in the field of EV charging solutions and the development of vehicle-to-grid infrastructure for decentralized power generation will further boost market growth during the forecast period", says a senior analyst at Technavio.

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Global Electric Vehicle (EV) Charging Station Market: Segmentation Analysis

This market report segments the global electric vehicle (EV) charging station market by geography (APAC, Europe, MEA, North America, and South America) and type (AC and DC).

The APAC region led the market in 2019, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the growing stringency of emission norms in emerging economies in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Customer Landscape

Geographical Segmentation

  • Geographic comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Landscape disruption
  • Competitive scenario

Vendor Analysis

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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