BANGALORE, India, Aug. 26, 2021 /PRNewswire/ -- The EV Charging Infrastructure Market is Segmented by Type (Alternating Current (AC), Charger Direct Current (DC) Charger), by Application (Commercial, Residential). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Automotive Industry Category.
The global electric vehicle(EV) charging infrastructure market size is projected to reach USD 27690 Million by 2027, from USD 10000 Million in 2020, at a CAGR of 18.5% during the forecast period 2021-2027.
The major factor driving the growth of the EV charging infrastructure market are:
The rising levels of carbon emissions and other hazardous pollutants from ICE vehicles, low maintenance and government subsidies for EV have necessitated the use of electric vehicles. The rise in the number of electric vehicles is expected to drive the growth of the EV charging infrastructure market.
Furthermore, factors such as favorable government policy for installing fast-charging stations, rebates on the purchase of electric vehicle charging stations, increasing investments from automakers towards the development of charging station infrastructure to support their long-range battery-electric vehicle are expected to fuel the electric vehicle.
TRENDS INFLUENCING THE GROWTH OF ELECTRIC VEHICLE CHARGING INFRASTRUCTURE MARKET
The increasing demand for EVs coupled with government initiatives is expected to drive the growth of the EV charging infrastructure market. The demand for EVs has been growing in line with the rising awareness about environmental sustainability and the stringent limits several governments are putting on vehicular emissions. Private companies are focusing on developing innovative EV chargers and charging stations, and governments are collaborating with these companies for rolling out EV Charging Infrastructure.
Furthermore, technologies such as RFID and NFC have permitted the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Such technological advancements are expected to boost the growth of the EV charging infrastructure market.
The standardization of charging stations connectors is expected to further boost the EV charging infrastructure market growth. For EV drivers, range anxiety is a significant worry due to battery capacity limitations. Advancements like fast-charging stations will benefit drivers by increasing the availability of compatible power sources to replenish their batteries.
The commercial segment is expected to be the most lucrative during the forecast period owing to the initiatives and allocation of funding by the governments and automobile manufactures for expanding the public Electric Vehicle Charging Infrastructure. Several public transportation authorities are also collaborating with automobile manufacturers to create charging stations for electric buses.
North America is expected to be the most lucrative segment during the forecast period. This dominance of North America is attributed to the stringent vehicle emission standards and focus on the R&D of EV charging stations.
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