Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential or commercial. Electric vehicle charging stations supply energy to EVs either through special electrical conductors that conform to electric charging connector standards or through inductive power transfer technology to recharge plug-in electric vehicles, including electric cars, electric buses, and special-purpose electric vehicles. In its latest publication on the European electric vehicle charging stations market, Meticulous Research states that the market is projected to reach a value of $61.73 billion by 2029 at a CAGR of 34.7% during the forecast period 2022–2029. By volume, this market is expected to reach 6,458.8 thousand units by 2029 at a CAGR of 37.8% during the forecast period 2022–2029.
The growth of this market is driven by increasing government initiatives to promote the adoption of EVs and develop the associated infrastructure, the rising demand for EV fast-charging infrastructure, and the increasing prevalence of range anxiety among EV users. France, Germany, the Netherlands, Norway, and the U.K. are Europe’s top five leading countries in terms of EV adoption and the number of EV charging points. Increasing R&D in V2G technology and the growing deployment of charging stations by retail MNCs are expected to create growth opportunities for the players operating in this market.
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Geographically, Germany is expected to account for the largest share of the European electric vehicle charging stations market both by value and volume in 2022. The large share of this market is mainly attributed to rising government investments for purchasing electric buses, the rapid development of charging infrastructure, and incentives for purchasing electric vehicles. For instance, as of 2021, there are ~35,000 charging points available for EV users in Germany that seek public loading facilities in addition to workplace or residential EV charging stations (Source: BCG). Germany is considered one of the countries that have boosted the adoption of EVs globally. As per the 2030 Climate Action Programme launched in October 2019, the German government planned to have up to 10 million EVs and 1 million EV charging stations on German roads by 2030. According to Germany’s Federal Ministry of Economics and Energy, as of 2020, nearly 18,385 charging stations were open for public use in Germany. According to the German government’s ‘Master Plan for Charging Infrastructure,’ an additional 50,000 public charging points are to be built over the next two years, with a long-term goal of 1 million by 2030.
The U.K. is expected to account for the second-largest share of the European electric vehicle charging stations market by value. The growth of this market is mainly driven by growing government investments and incentives for the development of charging infrastructure in the country, the growing incorporation of electric buses in public transport fleets, and focused government efforts to make central London and town centers across the U.K. zero-emission zones by 2025.
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