EV Charging Station Market worth over $119 Bn by 2030

EV Charging Station Market size is set to surpass USD 119 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The report identifies the introduction of strict regulatory norms related to carbon emissions as a prominent driver for industry expansion. According to recent amendments to the European regulatory proposal, carbon dioxide emission reduction is targeted to reach 55% in 2030, a hike from 37.5% as mentioned in the current regulation. This proposal also recommends a phase-out of vehicles powered by internal combustion engines and suggests that newly registered cars have zero emissions by 2034. These strict standards associated with zero-emission vehicles may contribute to market growth.
 

Storage capacity benefits of DC fast charging stations

The DC EV charging station market is slated to depict a growth rate of more than 29% through 2030. DC fast charging stations have additional storage capacity and the potential to send and receive utility price signals. As compared to usual sockets, these units also can charge quickly and use very high voltage. The robust demand for rapid charging networks and the burgeoning adoption of hybrid vehicles will therefore assert a positive influence on segmental growth.
 

Browse key industry insights spread across 550 pages with 1230 market data tables & 36 figures & charts from the report, “Electric Vehicle Charging Station Market Size By Current (AC {Level 1, Level 2}, DC {DC Fast}), By Charging Site (Public, Private), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-vehicle-charging-station-market
 

Development of physical and digital private EV charging stations to gain momentum

The private segment accounted USD 1 billion in 2021, credited to the rapid development of physical and digital EV charging stations and the increase in funding programs, mainly in emerging economies. In India, for example, the AAP government planned to provide a one-time subsidy worth USD 75.22 for the first 30,000 charging points for the expansion and promotion of private EV charging networks.
 

Europe region to emerge as a lucrative revenue pocket

Europe EV charging station market is estimated to attain 30% CAGR by 2030, driven by the rising consumer awareness about the environmental impacts of vehicles powered by internal combustion engines. According to a survey conducted on 14,000 new European car buyers by Element Energy, consumers are set to make a transition to electric vehicles. Various fast charging standards are also being introduced, creating a favorable growth environment for regional EV charger manufacturers.
 

Asset acquisition initiatives to remain a key strategy for industry participants

Major companies operating in the market are Blink Charging Co., Volta Industries, Inc., Hyundai Motor Company, Schneider Electric, Volkswagen AG, BMW Group, Nissan Motor Co., Ltd., ABB, Siemens, Renault Group, Shell plc, Leviton Manufacturing Co., Inc., Tesla, and Eaton.