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Residential EV Charging Station Market to Reach $101 Billion Globally by 2032 at 36.1% CAGR: Allied Market Research
(We are providing residential EV charging station industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
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The growing adoption of electric vehicles (EVs), the convenience offered by EV charging stations to electric vehicle owners, and the initiatives taken by governments worldwide to promote the adoption of electric vehicles are the factors expected to drive the growth of the global residential EV charging station market in the forecast period from 2023 to 2032. However, the slow charging speeds and the scarcity of parking spaces in densely populated residential areas may hamper market growth in the coming future. On the contrary, the integration of smart charging solutions and the expansion of EV markets into emerging economies are expected to offer remunerative opportunities for the expansion of the residential EV charging station market during the forecast period.
Government initiatives to promote EVs
The passenger cars sub-segment accounted for the largest global residential EV charging station market share of 68.2% in 2022 and is expected to grow at the highest CAGR of 36.3% during the forecast period from 2023 to 2032. This is mainly because home charging stations offer greater scheduling flexibility and convenience by reducing the need to visit public charging stations, saving time for EV owners. Besides, charging vehicles overnight at home ensures that they are fully charged and ready for use each morning, providing EV owners with peace of mind and eliminating the stress associated with locating charging stations during everyday travels.
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The less than below kW sub-segment accounted for the largest market share of 54.6% in 2022 and is expected to continue to maintain its dominance during the forecast period. Charging stations with power ratings less than 11 kW are often less expensive, making them a more accessible choice for a wider variety of homes. In addition, slow charging rates help increase the lifespan of electric car batteries by generating less heat, which reduces stress on the battery cells and promotes long-term durability. These factors are expected to boost the sub-segment's growth in the coming years.
The residential EV charging station market in the Europe region accounted for the largest share of 37.9% in 2022 and is predicted to hold maximum share by 2032. This growth is mainly owing to continuous innovations in EV technology, such as charging speed, increases in battery capacity, and overall performance. In addition, the greater availability of multiple EV models that cater to various consumer demands and preferences has been critical in promoting EV adoption in the region.
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The report provides a detailed analysis of the key players of the global residential EV charging station market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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