The Global market for electric vehicle (EV) charging stations is expected to grow at compound annual growth rate (CAGR) of 76.9% during 2011-2015, according to a new report.
According to Research and Markets' 'Global Electric Vehicle Charging Station Market 2011-2015' report, the increasing need for energy independence is one the key factors responsible for rise in EV charging station market.
The report revealed that the global EV Charging Station market has also been witnessing increasing demand for energy though limited performance of EVs could pose a challenge to the growth of this market.
According to analyst from TechNavio's Clean Tech team, the level 1 stations (residential stations) have been in high demand in the US andthey are expected to account for half of the total EV charging stations shipped by 2015.
Correspondingly, public stations will be in high demand in China as the majority of its people live in apartments, which will increase demand for the products developed by level 2 public station manufacturers.
The shortage of oil reserves, decrease in oil supply will be a major contributor to the charging station demand, which is increasing the demand for adaption of EVs.
The analysis also found that the lack of a proper battery range of EVs is one of the major barriers for the growth of the Global EV Charging Station market.
