February 15, 2022 06:00 ET | Source: ReportLinker ReportLinker

New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle Charging Stations Global Market Report 2022" - https://www.reportlinker.com/p06229760/?utm_source=GNW , Tgood, Delphi automotive LLP, Webasto Group, Alfen, Allego, Blink Charging and Efacec. The global electric vehicle charging stations market is expected to grow from $4.03 billion in 2021 to $5.40 billion in 2022 at a compound annual growth rate (CAGR) of 34.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $17.85 billion in 2026 at a CAGR of 34.9%. The electric vehicle charging station market consist of sales of electric vehicle charging services.Electric vehicle charging stations provides charging facility to electric vehicles through alternating current (AC) and direct current (DC) charging. AC charging station consists of level 1 and level 2 charging.Level 1 charging station uses 120V AC current, level 2 Charging station uses 240V AC current to charge the vehicles. Whereas the DC charging station also known as Level 3 charging station uses 480V DC current to charge the EVs. The main types of installations in electric vehicle charging stations are home charging system and commercial charging system. Home chargers are typically employed with 230V/15A single phase plugs capable of producing up to 2.5 KW of output power. The different connector types include CHAdeMO, CCS, GB/T, tesla supercharger, others and has various charging modes such as plug in charging system, wireless charging system. The several charging stations include AC charging station and DC charging station. Increasing tax incentives and subsidies given to local automakers to produce electric vehicles is driving the demand for electric vehicle (EV) charging station market.Tax incentives and subsidies to the electric vehicle makers is encouraging auto makers to make more Electric vehicle which will generate more demand for EV charging stations. China’s subsidy policy caused 53% increase in the manufacture and sale of electric vehicles in the country. Electric vehicles sales in China was almost four times the numbers sold in the USA, the growth in sales in China is majorly attributed to the subsidy policies and tax incentives given by the Chinese government. The limited range of electric vehicles is hindering the Electric vehicle (EV) charging stations market growth.Electric vehicles have a limited range as compared to the traditional internal combustion engine vehicles as due to its limited battery capacity. The electric vehicles can’t be used in case of long-distance travel, this causes the slow growth of the electric vehicles. According to a survey conducted by BBC, involves a sample of 10,293 drivers out of which 76% of the drivers said that in a single charge electric vehicle can’t travel long distances. Companies in the industry are increasingly offering ultra-quick charging capabilities of the direct current (DC) to aid performance optimization and ultra-fast-charge.The ultra-quick charging technologies of the direct current (DC) are used in electric vehicle charging stations to transfer current to electric vehicles through DC. DC fast charging or level 3 charging is capable of charging 80% of the electric vehicle battery within 20 minutes.DC fast charging stations with ultra-quick technology provide high-power DC current up to 120 kW directly into vehicle’s battery without passing through any onboard AC/DC converter. The necessary conversion from AC to DC by a convertor done in case of AC charging process can be eliminated.In March 2019, Tesla an American automotive and energy company, launched the next generation super charger V3 with a higher charging capacity (250kW). Greenlots, an electric transportation company, has set plans to deploy 9 DC Fast charging stations across Central Washington. Electrify America, an electric vehicle charging network company, installed its first DC Faster charger at Massachusetts, USA and is planning to invest $500 million to outfit the electric charging stations in 484 locations with 2000 DC fast chargers. In August 2021, ChargePoint Inc., a US based electric vehicle infrastructure company acquired ViriCiti BV for $88 million (€75 million) in cash. The acquisition of ViriCiti will provide the firm with access to a much broader software feature set for users, including battery health monitoring, vehicle operations data, and enhanced vehicle telematics possibilities, in addition to ChargePoint’s core offerings of charger management and vehicle charger scheduling. ViriCiti BV is a Netherlands based company that provides electric vehicle charging solution. In March 2020, ABB, a Switzerland based automation company acquired Shanghai Chargedot New Energy Technology Co., Ltd. for an undisclosed amount. The acquisition is expected to further strengthen ABB’s relationship with leading Chinese electric vehicle manufacturers and broaden the company’s e-mobility portfolio with hardware and software developed specifically for local requirements as well as service offerings. Shanghai Chargedot New Energy Technology Co., Ltd., a Chinese e-mobility solution provider, the company supplies AC and DC charging stations, as well as the necessary software platform to a range of customers that includes EV manufacturers. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the electric vehicle charging station market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA. Read the full report: https://www.reportlinker.com/p06229760/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________