Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 35.42 Billion | USD 114.67 Billion | 31.9% | 2021 |
FrequentlyAsked Questions
The growing popularity and use of electric cars have highlighted the need for charging infrastructure development. China, the United States, and Germany, for example, are spending heavily on EV charging infrastructure as well as research and development for quicker and more efficient charging techniques. Automakers are projected to make significant expenditures to meet the growing demand for electric vehicles and play a key role in the market's growth. Tesla, Nissan, Volkswagen, BMW, Ford, and GM all have large R&D expenditures dedicated to the development of electric vehicles.
According to the Zion Market Research report, the global electric vehicle charging station market was worth about 35.42 (USD billion) in 2021 and is predicted to grow to around 114.67 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 31.9 percent.
In terms of both value and volume, Asia-Pacific accounted for the maximum share of the electric vehicle charging station market in 2020, followed by Europe and North America. Europe, on the other hand, is predicted to increase at the quickest rate in terms of value throughout the projection period. Government measures to improve charging infrastructure across the region are credited with the region's rapid growth. Germany, France, Norway, the Netherlands, and the United Kingdom are five of the region's early adopters of electric vehicles and charging stations.
Some of the predominant players that are operating in the global electric vehicle charging station market include BYD, Tesla, ChargePoint, Shell, ABB, Leviton Manufacturing Co. Inc., Evbox (ENGIE), Siemens AG, Schneider Electric SE, and Qingdao Tgood Electric Co. Ltd, among others.
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