The latest report by IMARC Group, titled “Electric Vehicle Charging Station Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the Electric Vehicle Charging Station Market Forecast. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global electric vehicle charging station market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 57.3 Billion by 2028, exhibiting a growth rate (CAGR) of 36.1% during 2023-2028. An electric vehicle charging station is a setup that is built to provide a source of electricity to electric vehicles and hybrid electric cars. It operates with the help of a software application, energy controller, facility meter, network operating center, lithium-ion batteries, and energy conversion system connected to the power grid. It comes in different types and configurations, such as Level 1, Level 2, and DC fast charging. It is installed in parking garages near supermarkets, offices, homes, and industrial complexes. It offers a reliable source of energy and help to reduce greenhouse gas emissions and air pollution. It also assists in providing accurate readings of emission levels, reducing maintenance costs and ecological damage, and consequently improving public health.
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Industry Demand:
The increasing sales of passenger and commercial vehicles are primarily driving the global market. Moreover, the growing environmental concerns towards the high vehicular pollution levels is escalating the demand for electric vehicles, thus providing a boost to the electric vehicle charging station market. In line with this, the rising initiatives by the government for developing standards, which include minimizing pollution by promoting the use of EVs, and continuous investment in building EV charging stations, is creating a positive market outlook. Furthermore, continual technological advancements, such as the integration of the Internet of things (IoT) with charging stations, are impacting the market favorably. Other factors, such as significant growth in the automotive sector and extensive research and development (R&D) activities, are also influencing the market.
Who is the Market Leader in EV Charging Stations?
Breakup by Charging Station Type:
Breakup by Vehicle Type:
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Breakup by Charging Level:
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Key Highlights of the Report:
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