The market for Electric Vehicle Charging Services is forecast to reach $5.8 billion by 2025, growing at a CAGR of 5.36% from 2020 to 2025. EV charging services consist electric vehicle charging station to recharge the electric vehicles. The rising demand for electric vehicles is significantly boosting the demand for EV charging services. The significant implementation of the stringent emission norms globally is set to boost the demand for electric vehicles, thereby contributing to the [FURL=https://www.industryarc.com/Report/16306/electric-vehicle-charging-services-market.html]Electric Vehicle Charging Services Market[/FURL] .Key Takeaways
Public type are analysed to grow a highest rate during the forecast period 2020-2025 owing to the high investments in the installation of the public EV charging stations.
APAC is analysed to dominate the market owing to the growing investments in R&D of the Electric Vehicle Charging Services alongside the growing adoption of the Electric vehicles.
The rising sales of electric vehicles is set to be a key driving factor for the EV Charging services market.
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Electric Vehicle Charging Services Market Segment Analysis - By Geography
APAC is the dominant region in 2019 with a market owing to the high production base in the region, followed by Europe and North America. The large market share is majorly attributed to the presence of large production bases in China and India. In 2019, the Government of India announced its plan to provide subsidies to set up 5,000 electric charging stations in cities and highways of India. The main aim of the subsidy program is promoting India’s plan to shift 40% fleet to battery-operated vehicles. In January 2020, EESL and BHEL announced partnership to build the EV charging station all over India. The development of plug-in vehicles in France is seen as a symbolic step towards achieving national goals in the direction of more environmentally friendly transport. An investment plan to support public infrastructure was also announced by the Government.
Electric Vehicle Charging Services Market Drivers
Increasing sales of the Electric Vehicles
Rise in number of convenience charging stations in both developed and developing economies
Market Landscape: Acquisitions, partnerships and R&D activities are key strategies adopted by players in the EV Charging Services market. EV Charging Services driver market is expected to be dominated by major companies such as AeroVironment, Blink Charging Co., Chargepoint Inc., Chargemaster PLC., Delphi Automotive plc., Mojo Mobility Inc., among others.
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