The global electric vehicle charging stations market is expected to be valued at USD 49.53 billion by 2027 from USD 3.64 billion in 2019, registering a CAGR of 38.5% through the forecast period, according to the latest report by Emergen Research.Market demand would be driven by an increase in the number of electric vehicles and advances in technology.
Many governments at different levels have developed policies by mandating “make-ready” infrastructure in buildings to support the electric vehicle charging infrastructure. In order to provide sufficient opportunities for OEMs to increase their income, governments around the world are investing heavily in the charging infrastructure. Recent developments in EV technology have created a lucrative opportunity for the transportation sector for its growth. Due to increased production rates and decreases in battery costs over the projected period, electric vehicles are expected to approach cost-competitiveness with traditional fuel vehicles.
Nevertheless, the high costs involved in the overhaul, initial investment, and maintenance are hindering the market’s growth. Because of the use of electric cars, the significant reduction in greenhouse gas emissions, air pollution, climate change effects, and low oil consumption from the transport industry promise a breakthrough in the future transport sector.
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For the purpose of this report, Emergen Research has segmented the Global Electric Vehicle Charging Stations Market on the basis of charging infrastructure type, charging level, vehicle type, installation type, application, and region:
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