EV charging stations market to grow at 41.8 percent CAGR by 2023

- Advertisement -

ReportsnReports.com adds Electric Vehicle Charging Stations Market is forecast to reach USD 30.41 billion by 2023 from USD 5.3 billion in 2018 at a CAGR of 41.8 percent during (2018-2023) driven by the government funding, subsidies, and incentives, growing demand for electric vehicles, growing concern toward environmental pollution, and heavy investment from automakers in EVs.

Image for representational purpose only

The major players in the electric vehicle charging stations market include Charge Point (US), ABB (Switzerland), Tesla (US), Engie (France), Aero Vironment (US), Schneider Electric (France), Siemens (Germany), Efacec (Portugal), EVgo (US), Leviton (US), Alfen (Netherlands), Allego (Netherlands), Blink Charging (US), Clipper Creek (US), Sema Connect (US), and TGOOD (Hong Kong).

The electric vehicle charging stations market in APAC is expected to grow at the highest CAGR between 2018 and 2023. The rapid expansion of EV charging stations in China supports the growth of electric vehicle charging stations market in APAC. The country aims at installing approx. 500,000 public EV charging stations by 2020. Furthermore, other Asian countries, such as IndiaThailand, and Singapore, have announced their investment plans to develop EV charging infrastructure. These factors are expected to drive the growth of the electric vehicle charging stations market in APAC.

- Advertisement -

The market for DC charging stations is expected to grow at a higher CAGR between 2018 and 2023. The ability of DC charging stations to charge an electric vehicle (EV) in lesser time compared to AC charging stations is the primary driving factor for the high growth rate of former in the electric vehicle charging stations market. Also, the increasing popularity of public charging stations is boosting the demand for DC charging stations.

The research report on the Electric Vehicle Charging Stations Market analyzes and forecasts the market based on charging station, installation type, and region. Based on charging station, the market has been segmented into AC charging station and DC charging station. On the basis of installation type, the electric vehicle charging stations market has been classified into residential and commercial. The report also provides a detailed analysis of the electric vehicle market based on vehicle type and region. Based on region, the electric vehicle and electric vehicle charging stations market has been classified into 4 major regions: North AmericaEuropeAsia Pacific (APAC), and Rest of the World (RoW).

Another research titled Energy Efficient Motor Market Global Forecast to 2023 says, The energy efficient motor market is expected to reach USD 41.57 billion by 2023 from USD 30.34 billion in 2018, at a CAGR of 6.5 percent between 2018 and 2023. The key factors driving the growth of the energy efficient motor market are saving on energy and subsequent cost over traditional motors, increasing support from governments worldwide for the adoption of energy efficient motor, rising need to diminish greenhouse effect, and increasing adoption of energy efficient motors in the industrial sector. The US, Canada, and Mexico are the major contributors to the North American energy efficient motor market.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

CloudBees

CloudBees Appoints New CEO

0
CloudBees, a software delivery platform for businesses recently announced the appointment of Anuj Kapur as the President and Chief Executive Officer. Before he was...
Legado

Legado Acquires B2B Tech From WonderBill

0
Legado, an open document and data platform specialist, recently announced the acquisition of consumer and B2B bill management technology from WonderBill. Established in 2016,...
AstroPay

AstroPay Appoints New CFO

0
AstroPay, a global payment solutions provider recently announced the appointment of Fayyaz Ansari as the Chief Financial Officer. He has worked for over two...

Exclusive

“Inquisitiveness To Explore Makes A Big Difference…”

0
There are many who aspire to hold prestigious positions at big corporate houses, but very few are willing to work hard enough for it....
Japanese, InnovationLab

InnovationLab Unveils Additive PCB Production

0
InnovationLab, a printed electronics company, “from lab to fab,” recently claimed that it has achieved a breakthrough in additive manufacturing of PCBs, which in...

EV Sales Leap More Than 200%YoY in July

0
Reaching 79,720 units, the total EV sales in July 2022 increased 8.8% MoM and more than 200% YoY. Major EV registrations for the month were...

Important Sectors

Legado

Legado Acquires B2B Tech From WonderBill

0
Legado, an open document and data platform specialist, recently announced the acquisition of consumer and B2B bill management technology from WonderBill. Established in 2016,...
Moon

Hyundai and Kia Partner For Moon Exploration

0
Hyundai and Kia recently announced a joint venture and signed a research agreement with six Korean research institutes to form a consultative body that...
Sceye Rises to Stratosphere WIth HAPS

Sceye Rises to Stratosphere WIth HAPS

0
Sceye, a High-Altitude Platform Stations (HAPS) manufacturer, recently announced that it successfully reached the stratosphere on June 14, 2022, where the main aim was...
Intel, Digital India, CPU

Intel’s CPU Delay Throws Off TSMC’s Plans

0
A market research firm out of Taiwan TrendForce recently enunciated on the chip market and supply chain, on August 5 Intel postponed the Meteor...
Reality AI, Renesas, RTOS

RTOS Compatible MPUs by Renesas

0
Renesas Electronics recently unveiled the RZ/A3UL group of microprocessors (MPU) that claims to enable a high-definition human-machine interface (HMI) and quick start-up for applications...

Manufacturing

Polymatech Will Invest USD 1 Billion On Expansion

0
Polymatech semiconductor manufacturing and packing facility is expected to produce 250 million chips per year with an investment of USD 1 Billion. The company will...

Third-largest by 2026: Indian Auto Sector

0
Going by the latest report of Invest India, the automotive sector will reach the mark of $300 billion by 2026. It will make India...

Flex Sees Growth With Smart Cities Mission

0
Flex CEO Revathi Advaithi, who started with the benign manufacturing field and now sits at the helm of this multinational company, considers the growing...

RISC-V Global Summit From December 12th to 15th, 2022

0
RISC-V International has the dates for its 2022 Global Summit North America. The event is a full in-person schedule at San Jose, California. Attendee...

World’s First 3nm Chips by Samsung

0
The 3-nanometer (nm) manufacturing node using the Gate-All-Around (GAA) transistor architecture by Samsung Electronics has begun. This production, when matched to its 5nm process, consumes...