Electric Vehicle Charging Infrastructure Market is anticipated to grow at a CAGR of ~32.8% from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Electric Vehicle Charging Infrastructure Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global electric vehicle charging infrastructure market accounted for over US$ 10.0 billion in 2019. The market is anticipated to grow at a CAGR of ~32.8% from 2019 to 2030.
The increasing adoption of electric vehicles across the globe demands electric vehicle charging infrastructure. As a result, various companies and several regional governments have been investing heavily in the construction of electric vehicle charging infrastructure. For instance, in January 2020, state-owned Energy Efficiency Services and New Delhi-based Bharat Heavy Electricals have decided to construct public electric vehicle charging stations across India. Also, the Indian Ministry of Heavy Industries and Public Enterprises has permitted to build approximately 2,636 electric vehicle charging stations in 62 cities.
Heavy investments by key players in the construction of electric vehicle charging station, rising environmental concerns across the globe regarding carbon emissions, and increasing adoption of electric vehicles are the major factors driving the electric vehicle charging station market. Moreover, regional governments have been undertaking initiatives to build charging stations. For instance, the Indian government is planning to construct electric vehicle charging stations every 25 km by 2030. Moreover, building electric vehicle charging stations powered by renewable energy and ongoing R&D activities presents novel opportunities in the market.
However, huge initial investments, slow charging speeds, lack of standardization, and uncertainties related to electricity costs are the major factors limiting market growth. Furthermore, the emergence of fuel cell electric vehicles may restrain the market growth to a certain extent.
Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Electric Vehicle Charging Infrastructure Market by Charging Level (Level 1, Level 2, and Level 3), Connector (CCS and CHAdeMO), Application (Private and Public) - Analysis & Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/electric-vehicle-charging-infrastructure-market/277
Asia Pacific is expected to grow with the highest CAGR during the forecast period followed by Europe and North America. The growth of this region can be attributed to government initiatives to promote clean energy and a huge customer base. Moreover, the growing demand for electric vehicles in this region is further supplementing the electric vehicle charging infrastructure market.
Some of the prominent players in the global electric vehicle charging infrastructure market include ChargePoint, Inc, ABB, BP p.l.c., Royal Dutch Shell Plc, Webasto Charging Systems Inc., Siemens, and EVgo Services LLC, among others.
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