According to a new report published by Transparency Market Research, the electric vehicle (EV) charging service market will record significant growth owing to the strict emission that are propelling the demand for electric and hybrid electric vehicles across the globe. The report titled, “Electric Vehicle (EV) Charging Service Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2026,” anticipates that the global market will grow remarkably during the forecast period.
Electric vehicle (EV) charging service comprises an EV charging station where an electric vehicle can be re-charged. Similar to fuel stations, charging stations are used for refilling the charge into electric vehicle batteries. As the number of electric vehicles is increasing, the demand for rapid charging is increasing. Generally, when the battery of an electric vehicle is about to dry, the rate of charging is high. As the battery gets charged, the rate of charging gradually decreases, which is called tapering. Tapering is noticeable at above 50% of charging. Therefore, vehicle manufacturers advise to charge vehicles up to 80% only.
Implementation of stringent emission norms is primarily driving the global EV charging service market. Several governments such as China, Germany, India, Brazil, and France have announced ban on use of diesel-powered vehicles, in order to minimize emissions. Governments of several other countries are likely to impose stringent emission norms in the near future in order to meet the Paris Climate Accord. It is an agreement signed by 195 nations in order to keep the global temperature rise well below 2°C. Strict emission norms are propelling the demand for electric and hybrid electric vehicles. This, in turn, is fueling the demand for EV charging service. In addition, development of higher-efficiency EV batteries and vehicles is propelling the global EV charging service market.
Prominent players operating in the global EV charging service market are included in this report to give a better competitive analysis of the market and these are ABB, EVgo Services LLC., ChargePoint, Inc., Blink Charging Co., Allego, Schneider Electric, Toshiba Corporation, Wi Tricity Corporation, Mojo Mobility Inc., AeroVironment, Inc., Robert Bosch GmbH, General Electric, Evatran Group, Chargemaster plc, Siemens AG, and Tesla.
For more information on Electric Vehicle (EV) Charging Service Market, please visit website transparency market research.
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