NEW YORK, April 21, 2021 /PRNewswire/ --
The "Electric Vehicle Charging Infrastructure Market" report has been added to Technavio's library which consists of more than 17000 reports from 150+ industries.
The electric vehicle charging infrastructure market is poised to grow by USD 17.64 billion between 2020-2024, progressing at a CAGR of almost 52% during the forecast period.
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The usage of EVs is heavily promoted by government bodies due to the growing concerns over environmental pollution and the depletion of conventional sources of energy. The sales of BEVs and PHEVs are at an all-time high because governments in various markets are providing subsidies and incentives for using EV charging solutions. This increase in sales of BEVs and PHEVs will boost the electric vehicle charging station market growth during the forecast period. Moreover, advances in electric vehicle technologies, enhancement in charging infrastructure, and improvement in socio-economic conditions will also fuel the demand for BEVs and PHEVs, which in turn positively impact the adoption of EV charging stations.
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39% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for electric vehicle charging infrastructure in APAC. Market growth in this region will be faster than the growth of the market in other regions. The electric vehicle charging infrastructure market growth in APAC will grow due to the increasing stringency of emission norms in emerging markets, inducing OEMs to expand their portfolio of BEVs and PHEVs.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
Know About the Key Opportunities and Growth of Electric Vehicle Charging Infrastructure Market in Auto Parts & Equipment Industry
https://www.technavio.com/report/electric-vehicle-charging-infrastructure-market-industry-analysis
The electric vehicle charging infrastructure market is segmented by type (AC and DC), geography (APAC, North America, Europe, MEA, and South America), and key vendors.
The electric vehicle charging infrastructure market share growth by the DC segment will be faster than the AC segment. The DC charging station has the capacity to directly supply current up to 150kW to the vehicle battery positively impacts the growth of this segment. This type of EV charging infrastructure is more common at public charging stations or near highways, where users do not have much time to recharge their batteries.
The electric vehicle charging infrastructure market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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