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Albany, New York, Oct. 01, 2019 (GLOBE NEWSWIRE) -- Globally, the automotive sector is witnessing huge and massive changes in the last couple of years. A significant change is seen with the introduction of electronic vehicles that are now gaining huge popularity among people. Moreover, persistent efforts are being made in developing surrounding that are connected and advanced due to the growing use and dependency on innovative technologies. With these initiatives and growing demand for electric vehicles, the demand for electric vehicle charging stations is also projected to increase. According to the report published by Transparency Market Research on the global electric vehicle charging station market is projected to grow at a significant rate. The objective of this report is to provide key insights and focus on major factors influencing the growth in this market.
In terms of revenue generation, the global electric vehicle charging station market is estimated to generate nearly US$ 3 billion by the end of 2026. This figure is substantially higher as the market is its transforming years. Also the growth rate at which the market is expected to rise in close of 10% during the projected tenure from 2018 to 2026. With significant rise for electric vehicles, the need for electric vehicle charging station has grown in places where the purchase of electric vehicles has increased significantly.
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Efforts Made by Players in Developing Renewable Energy Power to Diversify Growth Opportunities in Electric Vehicle Charging Station Market
Players in the global electric vehicle charging stations market are engaged in developing new and innovative solutions for the people using electric vehicles. One of the most recent development is related to the introduction of renewable energy to power solution for the customers. EVgo came up with a contract where they will be engaged in providing 100% renewable energy to power to their customers. This initiative is expected to be the very first EV charging network to run in the United States. The company has also established contracts with the REC (renewable energy certificate) partners and energy suppliers to confirm that each gigawatt-hour distributed on its quick charging network will economically back a functioning renewable energy generator in the region.
Other companies are also taking similar steps that will help them in strengthening their position in the market, and increase their customer base. Major players operating in the global electric vehicle charging station market analyzed in the report include ChargePoint, Mojo Mobility, Wi Tricity Corporation, GENERAL ELECTRIC, and EVgo ServicesLLC.
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Increasing Consciousness among People to Reduce Global Warming Increased Demand Electric Vehicles
With respect to geographical growth, Asia Pacific seems a very lucrative market for growth of electric vehicle charging stations. In this region, customers nowadays prefer hybrid and battery powered vehicles more as compared to diesel-based vehicles. Moreover, large base of young population in the region has also fueled the demand electric vehicles considerably in Asia Pacific. Furthermore, people in the region are becoming more conscious about increasing global warming and therefore, they making efforts to reduce it by reducing greenhouse emission through vehicles. With this awareness and consciousness among people, they are more inclined towards buying battery-powered automobiles. Attributing to all these factors, the electric vehicle charging station market is expected to grow significantly in the Asia Pacific. Europe and North America on the other hand, are other key market for the growth of electric vehicle charging station.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Electric Vehicle Charging Station Market (Charging Station Type - AC Charging, DC Charging, Wireless Charging; Power Output - <11 kW, 11kW-50 kW, >50 kW; End use - Private Type, Public Type; Supplier Type - OE Charging Station, Private Charging Station) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026”.
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The global electric vehicle charging station market has been segmented as below:
Charging Station Type
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