Electric Vehicle Charging System Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $8.02 billion by 2022, registering a CAGR of 30.7% during the period 2016-2022.
In 2015, Europe was the highest revenue-generating region owing to the increasing penetration of home and commercial charging systems in countries such as the Netherland, Denmark, UK and France. In addition, growing adoption of electric vehicles in countries such as China and Japan due to changing lifestyle and rising disposable income is projected to boost the penetration level of electric vehicles in Asia-Pacific region.
Further, supportive government initiatives to popularize electric vehicle as a substitute over traditional vehicles is anticipated to drive the market growth, worldwide.
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The global electric vehicle charging system market is segmented based on product type, mode of charging, level of charger and geography.
Based on product type, the market is segmented into home charging systems and commercial charging stations. In 2015, home charging systems segment dominated the market with around 71.0% market share owing to high penetration of home charging facility in the U.S.
and major European countries.
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