Electric Vehicles Charging Stations perfectly suits wearable and mobile applications, including headsets, smartphones, smart watches, and portable medical devices.High demand for the smartphones are one of the major driving factor for the market of wireless charging. The Global Electric Vehicles Charging Stations Market is growing with the rapid pace mainly due to the burgeoning penetration of wireless-charging devices and advancements in technologies.
According to a recent study report published by the Market Research Future, The market is booming and expected to gain prominence further over the forecast period. The market is estimated to accrue enormously with a whooping double digit CAGR. The global Electric Vehicles Charging Stations Market is foreseen to fetch fortune of USD 24.05 billion by the end of 2023 with a whooping double digit CAGR of 32.56% during forecast period 2017-2023.
Consumer electronic segments accounted for 31.53% of market share in the global Electric Vehicles Charging Stations Market where Smartphones segment accounted for 51.46% of total market share. Rising disposable income worldwide is leading to the high expenditure on the high-end electronic products which includes purchase of smartphones and wearable devices. A study shows that the total shipment of smartphones around the was estimated to be at 1.5 billion in the year 2016 which is expected to grow at 2 billion shipments by the end of year 2023.
The most relevant example for Electric Vehicles Charging Stations are Galaxy S6 smartphone and Apple Smart Watch. These products are designed in such a way that it can help to transmit the electric energy without any wires or cables. Growing smartphone industry and increasing consumer awareness are some of the factors driving the market of Wireless Charging. As the penetration of myriad wireless-charging devices augments; demand for Electric Vehicles Charging Stations is bound to augment.
Transmitters designed for public infrastructure, such as those in the Hotel or a University are anticipated to observe rise in next six years as new, enabled products in the mobile phone and laptop markets fosters the demand for Wireless Charging. Penetration of Wireless Chargingtechnology in to consumer, industrial and medical sectors will provide impetus to the market growth during the forecasted period. Additionally, mobile phones, laptops and wearable devices are estimated to foster the market growth. Receiver unit sales are expected to upsurge with the increased demand.
Recently, some Researchers from North Carolina State University have developed a system that can simultaneously deliver watts of power and transmit data at rates high enough to stream video over the same wireless connection. By integrating power and high-speed data, a true single "wireless" connection can be achieved.
One of the most popular applications is the ‘wireless cell phone charging pads’ which often requires almost physical contact with the pad, limiting the usefulness of a truly 'wireless' power source. Recent work by several researchers have extended wireless power to 'mid-range' which can supply power at inches to feet of separation. While encouraging, most of the wireless power systems have only focused on the power problem and not the data that needs to accompany any of the smart devices today. Addressing those data needs cannot be overlooked.
The Highly competitive and fragmented Electric Vehicles Charging Stations Market is led by several fervent large and small players. The key strategies traced from the analysis of recent developments of the key players include Product or Technology Launch, Agreement & Partnership, Acquisition and expansion. In view of growth and immense revenue generation opportunities potential that market is currently demonstrating is in turn, attracting several new players to enter the market. However, those new entrants find it challenging to survive in the market with the introduction of new technologies.
Industry/ Innovation/ Related News:
November 17, 2017 –
The Electric Vehicles Charging Stations Market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
By Charging Stations : Comprises AC charging station, DC charging station and inductive charging station
By Connector Types : Chademo, and CCS among others.
By Regions : North America, Europe, APAC and Rest of the World.
North America region dominates the Global Electric Vehicles Charging Stations Market with the largest market share. Factors such as rapidly increasing sales of EVs (electric vehicles) fuelled by the government support and increasing fuel prices. In the US, electric car sales have been doubled since 2014, clearly indicating towards the demand for EV charging stations rising at a rapid pace. This further indicates that the US is going to create a larger revenue pocket in the regional market in the next six years.
Huge investments transpired in the development of electric vehicle infrastructure (recharge stations) in view of the growing demand for the charging stations due to the growing sales of EVs backed by the government initiatives and high disposable income are also some of the key factors driving the market growth in the region.
The second largest market for the EV Charging Stations, Europe is showing a substantial growth owing to the huge contributions from the UK, Germany, France, and Norway backed by the raising sales of EVs due to the resurging economy and government initiatives. These factors commutatively presage the ample scope of market growth opportunities the region.
Asia-Pacific Electric Vehicles Charging Stations Market on the other hand is growing rapidly due to the improving economy and growing sales of EVs mainly in the countries such as India, China and Japan. Growing investments in the development of efficient EV Charging Stations systems to meet the augmenting demand are paying off well driving the regional market growth. Also the presence of prominent market players in the region is supporting the regional market growth.
Electric Vehicles Charging Stations Market Research Report - Global Forecast 2023
The global electric vehicle charging station market has witnessed significant growth in recent past. Rapidly rising popularity of electric vehicles among consumers has significantly contributed growth of the electric vehicle charging station market. Increasing awareness among individuals regarding the depleting state of the environment, combined with the substantial advantages of electric vehicles over traditional fuel based vehicles is expected to further fuel the demand for electric vehicles, leading to increasing demand for electric vehicle charging stations. With OEMs focusing on connected electric vehicle solutions for customers with electric vehicles range anxiety, the market for electric vehicle charging stations is poised for rapid growth in the near future.
High initial cost associated with electric vehicles batteries is expected to act as a major hurdle for the electric vehicle charging station market. Although the electric vehicle battery prices have been declining at a steady pace, the batteries still constitute a major chunk of the electric vehicles price, thus alienating a significant