Europe Electric Vehicle Charging Station Market Size, Share, Rising...

Europe Electric Vehicle Charging Station Market Size, Share, Rising Trends, Revenue, CAGR Status, Regional Outlook and Competitive Analysis 2023-2033

Posted 2024-09-10 05:59:00

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An electric vehicle charging station, often called an electric vehicle supply equipment (EVSE), is a device used to charge plug-in electric vehicles (EVs), such as electric cars, neighbourhood EVs, and hybrids. The energy conversion system, software, facility metre, and energy controller that the charging stations employ are all connected to the power grid.

According to SPER Market Research, ‘Europe Electric Vehicle Charging Station Market Size- By Charging Type, By Application, By Vehicle Type - Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Europe Electric Vehicle Charging Station Market is estimated to reach USD XX Million by 2033 with a CAGR of XX%.

Drivers: Increased awareness of the environmental benefits of electric vehicles is expected to boost market growth. The increase in the number of electric vehicle (EV) sales in the area is a major element driving the growth of the market for electric car charging stations. Customers' preferences for passenger and commercial electric vehicles (EV) are rapidly evolving as environmental concerns develop. The Internet of Things (IoT) and real-time information solutions being integrated into all-EV charging station systems are among the technological breakthroughs that are causing the market to expand more quickly. The technologies identify nearby charging stations and give current information on the number of places that are available.

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Restraints:

High Startup Cost to Resist Market Expansion - Market participants can anticipate growth opportunities due to factors such as growing research and development in V2G technology and the growing installation of charging stations by retail multinational corporations. The absence of standardised charging infrastructure and the basic power grid infrastructure are expected to impede market expansion. Furthermore, it is projected that the market for electric car charging stations would encounter difficulties between 2022 and 2028 as a result of the high initial cost of EVs relative to ICE vehicles and stringent laws governing the building of EV charging stations.

The European market for electric vehicle charging stations and the car industry overall have been impacted by the COVID-19 pandemic. Due to travel restrictions and tight lockdown procedures implemented in some areas of the region, the outbreak compelled buyers to delay the purchase of electric vehicles. The industry is suffering from a shortage as a result of supply chain disruptions because the majority of the raw materials used in EV charging stations are sourced from China. However, the sector saw a robust post-lockdown recovery, and by the end of 2020, EV adoption was increasing, which supported market growth.

Germany is anticipated to hold the biggest market share in terms of both volume and value among European countries for electric vehicle charging stations. The substantial market share is mostly due to increased government funding on electric buses, the rapid development of charging infrastructure, and incentives for electric vehicle owners. Major market participants include Blink Charging Co, Tesla, Elli, Zunder, ChargerPoint, Inc, ABB, EVbox, Schneider Electric, Volta Industries Inc, and others.

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