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According to Technavio's latest market research report, the global EV charging stations market is expected to grow at a CAGR of more than 33%
between 2019 and 2023.
A key factor driving the growth of the market is the growing
demand for energy-efficient vehicles.
In order to reduce the environmental pollution caused by gasoline and gasoline vehicles, governments around the world are encouraging the use of energy-efficient vehicles such as electric vehicles
.
Since electric vehicles reduce emissions from the transport sector, they also reduce their carbon footprint
.
China, the United States and some countries in Europe are the main markets
for electric vehicles.
According to Technavio's report, advancements in EV charging technology will positively impact the market and grow
significantly during the forecast period.
Despite the increase in the penetration of electric vehicles, a major constraint in the market is precisely the limitations
of its charging infrastructure.
To overcome this obstacle, several major companies are working to develop better charging technologies
.
The growing demand for fast and convenient charging systems for various EVs has increased the demand
for EV charging stations equipped with better technology.
The growing focus on reducing charging time for electric vehicles has increased the adoption of fast charging networks such as universal fast chargers, ultra-fast chargers, and bidirectional fast chargers
.
"Wireless EV charging is becoming popular
due to its potential to reduce battery charging time.
Wireless EV charging stations allow drivers to park and charge vehicles
without plug-in cables or adapters.
Wireless EV charging uses inductive charging, in which electricity is transmitted through an air gap from one magnetic coil in the charger to a second magnetic coil
mounted to the car.
This technological advancement is likely to drive market growth," Technavio said
.
In terms of current, AC accounted for the largest share of the market in 2018, approaching 59%, and this segment is expected to continue to dominate the global market
during the forecast period.
Regionally, Asia Pacific led the global market in 2018 and is expected to continue to dominate the market through 2023, with a market share growth of more than 2%.
According to Technavio's latest market research report, the global EV charging stations market is expected to grow at a CAGR of more than 33%
between 2019 and 2023.
A key factor driving the growth of the market is the growing
demand for energy-efficient vehicles.
In order to reduce the environmental pollution caused by gasoline and gasoline vehicles, governments around the world are encouraging the use of energy-efficient vehicles such as electric vehicles
.
Since electric vehicles reduce emissions from the transport sector, they also reduce their carbon footprint
.
China, the United States and some countries in Europe are the main markets
for electric vehicles.
According to Technavio's report, advancements in EV charging technology will positively impact the market and grow
significantly during the forecast period.
Despite the increase in the penetration of electric vehicles, a major constraint in the market is precisely the limitations
of its charging infrastructure.
To overcome this obstacle, several major companies are working to develop better charging technologies
.
The growing demand for fast and convenient charging systems for various EVs has increased the demand
for EV charging stations equipped with better technology.
The growing focus on reducing charging time for electric vehicles has increased the adoption of fast charging networks such as universal fast chargers, ultra-fast chargers, and bidirectional fast chargers
.
"Wireless EV charging is becoming popular
due to its potential to reduce battery charging time.
Wireless EV charging stations allow drivers to park and charge vehicles
without plug-in cables or adapters.
Wireless EV charging uses inductive charging, in which electricity is transmitted through an air gap from one magnetic coil in the charger to a second magnetic coil
mounted to the car.
This technological advancement is likely to drive market growth," Technavio said
.
In terms of current, AC accounted for the largest share of the market in 2018, approaching 59%, and this segment is expected to continue to dominate the global market
during the forecast period.
Regionally, Asia Pacific led the global market in 2018 and is expected to continue to dominate the market through 2023, with a market share growth of more than 2%.
