The Electric vehicle Charging Station market has been growing lately. Market Research Future (MRFR) has unveiled a research report about the global electric vehicle charging station market that anticipates hike for this market between 2016 and 2023. With electric vehicles reducing the dependence on vehicles running on fuel, there is a need for an electric vehicle charging station.

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 customer base. 

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The regional segmentation of the global electric vehicle charging station market segments the market into the regional markets namely North America, Europe, Asia Pacific and the Middle East & Africa (MEA). According to the report, Asia Pacific is expected to emerge as the biggest regional market during the forecast period, followed by Europe and North America. The cream of the market revenue in the Asia Pacific region comes from China, Japan, India, and South Korea, followed by the rest of the Asia Pacific region. MEA region is a small market. The market is low due to, lack of education, lack of technological development, and political instability. There is a steady rise due to governments trying to reduce dependence on fuel based vehicles.

Battery electric vehicles are one the leading revenue generators in the global market for electric vehicles. Battery electric vehicles generally use chemical energy, which are stored in rechargeable battery packs. The BEVs use motor controllers and electric controller instead of using internal combustion engine and gets the power from battery packs. BEVs mainly include motorcycles, scooters, bicycles, cars, skateboards, rail cars, forklifts, buses, trucks and watercraft. Thus electric vehicle charging station market will derive a major chunk of its revenue from the battery electric vehicle segment.

With the global economy growing extraordinarily, major emerging countries such as China, India, Thailand, and Indonesia, are becoming manufacturing hubs for global automotive players. As a result of increasing prosperity in the emerging economies, more and more people are able to afford their own cars, particularly in emerging Asian economies such as China and India. In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford are entering into new emerging markets for business expansion. As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for electric vehicles will also rise.

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