Industry and News Electric Vehicle Charging Station (EVCS) Market | Page 2

models. BEV vehicles are dedicated battery-equipped electric vehicles and Plug-in hybrid electric
vehicles (PHEV) come with a battery and an Internal Combustion (IC) engine backing-up on the rear.
Both have differing driving patterns and PHEV’s do not level up to BEV’s that are more costly than
PHEV’s driven with a battery back-up.
Growth in electric vehicle charging station market is profusely laden with entry of BEV vehicles that
conduct a fuel-free operation resulting in incremental savings in fuel and maximization of profits.
BEV’s are attributed with faster acceleration, smooth transmission and is maintenance-free in
comparison to I.C engines enhancing growth in electric charging station market.
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AC charging stations are preferred over DC charging stations and are projected to lead industry
vertical attributing growth to convenience in being an installation devoid of additional alterations
and no encumbrances, working on a 120-230V AC home supply. Public charging stations are gaining
ground over private charging stations with installations in taxi-stands, airports, fast-food cafes,
bistros and parking lots. Asia pacific is leading industry growth in electric vehicle charging station
market due to necessary steps taken in restructuring society by way of green zone manifestation.
Copious investments by government in charging stations that register low-carbon imprints and
instruct progressive society living enhances growth in electric vehicle charging station market.
Segmentation of electric vehicle charging station market by charging station includes AC charging
station, DC charging station and inductive charging. Segmentation of electric charging station
market by connector includes chademo, CSS and others. Segmentation of electric charging station
market by end-user includes residential EV charging stations and public EV charging stations.
Segmentation of Electric Vehicle Charging Station Market by region includes North America,
Europe, Asia Pacific, MEA and Lain America. North America leads market growth in electric vehicle
charging station market by compounded annual growth projected to be in region of 40% CAGR in
forecast period.
Asia pacific held highest shares in market growth and is a reputed regional player in global markets.
Subsidies in form of reduced road-tax are a market driver to growth in electric vehicle charging