Global market forecast for electric vehicle charging stations in 2023 will exceed US$30.4 billion

According to foreign media reports, market research company Research And Markets global 2023 electric car charging station market prediction report has been published, this report includes charging station type (AC charging station, DC charging station), installation type (domestic, commercial) and coverage Regional (North America, Europe, Asia Pacific, and other parts of the world).

ResearchAndMarkets forecast report pointed out that by 2023, the market for electric vehicle charging stations is expected to increase from US$5.3 billion in 2018 to US$30.41 billion, and the compound annual growth rate between 2018 and 2023 is 41.8%.

Key factors driving the growth of the market for electric vehicle charging stations include government subsidies, government subsidies, government incentives, increased demand for electric vehicles, increasing attention to environmental pollution, and car manufacturers’ strong investments in electric vehicles. However, the high price and short cruising range of electric vehicles and the lack of uniform standards in the electric vehicle charging market are also the key factors that restrict market growth.

The DC charging station market is expected to grow at a higher compound annual growth rate from 2018 to 2023. Compared with AC charging stations, DC charging stations can fully charge electric vehicles (EVs) in a relatively short period of time, which is the main driving factor for the higher growth rate of DC charging stations. In addition, the increasing popularity of public charging stations has also stimulated the demand for DC charging stations.

The Asia-Pacific region (APAC) electric vehicle charging station is expected to increase at the highest compound annual growth rate from 2018 to 2023. The rapid expansion of China's electric vehicle charging stations has boosted the growth of the market for electric vehicle charging stations in the Asia Pacific region. China’s goal is to install approximately 500,000 public electric vehicle charging stations by 2020. In addition, other Asian countries such as India, Thailand and Singapore also announced plans to develop electric car charging infrastructure. It is expected that the above factors will promote the growth of the electric vehicle market in the Asia Pacific region.

Currently, the United States's ChargePoint, Tesla, AeroVironment, ABB of Switzerland, and Engie of France are the top manufacturers of electric vehicle charging stations.