AC Charging Station Market Size to Witness Sustained Growth throughout the Forecast Period (2021-2031)

AC Charging Station Market: Overview

·        Rise in demand for electric vehicles is significantly boosting the demand for EV charging services. Significant implementation of the stringent emission norms globally is set to boost the demand for electric vehicles, thereby driving the electric vehicle charging station market. The need for smart connectivity in passenger vehicles, especially electric vehicles, is boosting the demand for electric vehicle supply equipment (including for EV charging stations).

·        Electric vehicle charging station, also known as EV charging station, ECS (electronic charging station), and EVSE (electric vehicle supply equipment), is an element in an infrastructure, which supplies electric energy for recharging/charging of plug-in electric vehicles, including electric cars, neighborhood electric vehicles, and plug-in hybrids

Key Drivers and Restraints of AC Charging Station market

·        Electric vehicles have become an integral part of the automotive industry. They represent a pathway toward achieving energy efficiency and reduced emissions of pollutants and greenhouse gases. Increasing environmental concerns and favorable government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. Electric cars are expected to account for 15% of the overall vehicle sales by the end of 2025.

·        The electric vehicle market has been expanding at a healthy pace since the last few years. In 2020, many European countries witnessed a double-digit growth rate in EV sales. Europe captured around 43% of the global EV sales in 2020 compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units compared to 2.26 million in 2019. This spike in sales can be ascribed to the increase in regulatory norms by various organizations and governments to control emission levels and propagate zero-emission vehicles.

·        However, lack of standardization in charging infrastructure is the major restraint of the AC charging station market

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Global AC Charging Station Market: Segmentation

·        The global AC charging station market can be segmented based on vehicle type and application

·        Based on vehicle type, the global AC charging station market can be bifurcated into plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV). The BEV segment is expected to witness the highest growth during the forecast period. Leading automotive companies such as Tesla, BMW, and Nissan are now offering wireless charging in BEV models such as Tesla Model S, BMW i3, and Nissan Leaf, thereby driving the demand for wireless EV charging market. OEMs are focused on BEVs for curbing rising pollution due to strict government regulations.

·        Based on application, the global AC charging station market can be segregated into public and private. The public segment is projected to hold key share of the global market during the forecast period.

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Global AC Charging Station Market: Regional Segmentation

·        In terms of region, the global AC charging station market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

·        Europe was the leading region of the global AC charging station market in 2020. Several countries in Europe are witnessing high adoption of electric vehicles. Countries such as Norway, Luxembourg, Germany, and the U.K. have large numbers of electric vehicles. Thus, demand for EV charging service points is high in these countries.

·        Asia Pacific is a highly lucrative market for AC charging station. The number of electric vehicles in China is increasing. Implementation of stringent emission norms and rise in awareness about benefits of electric vehicles are propelling the demand for electric vehicles in China and India.

·        Governments of several countries across Asia Pacific and Europe have announced to have about 40% of electric vehicles in the fleet of government vehicles. Increase in government support and subsidies is likely to propel the global EV charging service market during the forecast period. This is expected to drive the AC charging station market in these regions.

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COVID-19 Impact on Global AC Charging Station Market

·        The COVID-19 pandemic has adversely affected the global AC charging station market. With the outbreak of pandemic COVID-19, governments around the world shifted their focus from other activities to health care facilities in their countries. Imposition of lockdowns hampered infrastructure work, as people were forced to stay at home to maintain social distancing to avoid the spread of the virus. This impacted the availability of the workforce, thereby affecting projects.

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