US$23,395.77 Million Opportunities in Electric Vehicle Charging Infrastructure Market
Global electric vehicle charging infrastructure market
Dublin, May 26, 2022 (GLOBE NEWSWIRE) – “Electric Vehicle Charging Infrastructure Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Platform, Device, Charger Type and IEC Status” has been added to ResearchAndMarkets.com an offer.
Electric Vehicle Charging Infrastructure Market was valued at USD 8,805.35 Million in 2021 and is expected to reach USD 23,395.77 Million by 2028; It is expected to grow at a compound annual growth rate of 15% from 2021 to 2028.
The electric vehicle business is rapidly expanding around the world, particularly in China and the United States. The electric vehicle charging market is a fast-paced industry with a variety of applications. The growth of car charging stations is supported by government programs in a number of countries. The construction of express charging stations has been approved by the Chinese central government through national regulations. Likewise, the government in the United States plays an important role by establishing mandatory regulations and funding for the development of electric vehicle charging stations. However, in a few countries/regions there are very few commercial charging stations, forcing consumers to rely on the charging options available in their offices and residences.
Large-scale electric vehicle charging infrastructure construction in China, growing demand for affordable electric vehicles for daily use, and governments pushing electric vehicles are expected to drive the Asia Pacific market. The fast-growing Chinese economy will stimulate the spread of advanced technologies to enhance electrification during the projection period.
Until 2020, China has committed about 2.4 billion US dollars to develop charging infrastructure. In the coming years, Japan and South Korea have announced plans to significantly increase the number of electric vehicle charging stations in their countries.
During the forecast period, North America is expected to lead the market in terms of growth. The market in North America is expected to grow due to increased government regulations on automobile emissions, rapid acceptance rate of new technologies, and significant investment in product innovation.
The outbreak of the COVID-19 crisis in 2020 slowed automobile and infrastructure activities across the world. All regions mentioned in the analysis experienced significant declines in workloads during the first half of 2020. However, the pandemic has accelerated the need for emission-free mobility, particularly in developed regions. According to estimates by the International Energy Agency, global electric vehicle sales have risen to more than 3 million, reaching a market share of more than 4%. Notably, electric vehicle sales increased by 160% in the first half of 2021 compared to 2020, accounting for 26% of all new sales in the global auto market.
As sales of electric vehicles worldwide are teetering at extraordinary heights, major global players in the field of electric vehicle charging infrastructure are implementing smart charging solutions in different countries to create a supportive ecosystem that complements the development of connected, hassle-free and safer future mobility. For example, during the pandemic period of 2020-2021, electric vehicle charging infrastructure companies, such as EVBox and Tritium, entered into partnerships and acquired many important players, and placed heavy emphasis on research and development of smart electric vehicle charging infrastructure solutions.
Furthermore, systems that support electric vehicle charging infrastructure reduce operational costs and environmental impact for government agencies and departments compared to the current ICE vehicle scenario, increasing growth potential for major global players. For example, the US government issued an Electric Vehicle Charging Action Plan to lay out steps for federal agencies to support the development and deployment of chargers in American communities across the country. Therefore, the COVID-19 pandemic has not had a significant impact on the electric vehicle charging infrastructure market, and it is seeing steady, steady growth in major parts of the world.
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Provide and reduce the time required for a junior research by identifying growth, size, key players, and segments in the global Electric Vehicle Charging Infrastructure market
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The key findings and recommendations highlight crucial progressive industry trends in the Global Electric Vehicle Charging Infrastructure Market, thereby allowing players across the value chain to develop effective long-term strategies.
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Scrutiny of global market trends and in-depth forecasts along with the factors that drive the market, as well as those that hinder it
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