Grandview Research has released its latest findings on the global electric vehicles (EV) charging infrastructure market.
The study highlights the possibility of a 32.6% market growth between 2019 and 2025.
Revenue generation within the EV charging infrastructure market is expected to reach $63.9 billion by 2025.
Factors driving the growth include increases in the introduction of tax rebates, grants and subsidies by governments and automobile firms to encourage the development of EV charging infrastructure and the adoption of EVs
For instance, BMW, Daimler, Ford, and Volkswagen, together announced an investment plan for the development of 400 charging sites across Europe.
Key study findings include:
• Fast charger segment to witness the fastest growth owing to increasing focus of companies on deploying high-end devices.
• The Combined Charging System connectors segment is anticipated to emerge as the fastest-growing segment owing to adoption by higher number of automobile manufacturers.
• The commercial application segment to gain traction in future owing to increasing deployment of fast charging stations
• Companies are working towards upgrading EV Supply Equipment (EVSE) to make them more convenient for long distance travel.
• Asia Pacific for Electric to witness the highest growth owing to increases in EV sales and extensive deployment of EV chargers in countries like China and Japan.
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