The EV charging station market will register a CAGR of over 33% by 2023
Jan 24, 2019, 16:05 ET
LONDON, Jan. 24, 2019 /PRNewswire/ --
About this market
The use of energy- efficient automobiles such as EVs is rising due to focus on reducing environmental pollution caused by gasoline and petrol. Since EVs reduce emissions from the transportation- sector, they also reduce carbon footprint. Stringent emissions standards and high fuel prices will boost the market. The increase in fuel prices such as rise in price of crude oil has lowered preference for conventional vehicles. The high number of EVs on the road is expected to reduce demand for vehicles using fuels. This rise in the use of electric vehicles is likely to simultaneously increase the need for electric vehicle charging stations during the forecast period. Technavio's analysts have predicted that the EV charging station market will register a CAGR of over 33% by 2023.
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Market Overview
Rise in government initiatives to support installation of EV charging stations
The installations of EV charging statins is growing due to the rising initiatives of several governments to adopt environmental- friendly transportation systems. Governments of many nations offer subsidies for the installations of EV charging stations. Such rise in government initiatives for the installations of EV charging stations has imparted a high momentum to the electric vehicle charging stations market.
High setup and maintenance cost of EV charging stations
The number of EVs has increased, which has correspondingly increased the need for EV charging stations. However, the high costs of equipment, installations, and maintenance currently impede market growth.
For the detailed list of factors that will drive and challenge the growth of the electric vehicle (EV) charging station market during the 2019-2023, view our report.
Competitive Landscape
EV charging station market is moderately fragmented owing to the presence of market players focusing on developing advanced products. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
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