Electric Vehicle Charging Infrastructure Market Evaluation from 2018 to 2024
Electric vehicle charging infrastructure is a component that supplies electric energy for the recharging of electric vehicles, such as plug-in electric vehicles including electric cars, neighborhood electric vehicles, and plug-in hybrids. The global electric vehicle charging infrastructure market is expected to grow at high CAGR between 2018 and 2024 as per the study available with DecisionDatabases.com. The high growth in the demand of electric vehicles in the next few years is the main factor which will push this market on the growth trajectory.
There are two types of charger currently available in the market which includes AC and DC chargers. Alternating Current Chargers are the one which are mainly used in homes to charge an EV which supports AC. They can charge an electric vehicle in six to eight hours, three to four hours, or40 to 50 minutes accordingly.. Whereas, DC charger has the ability to charge EV in 20-30 minutes and is capable of transforming high-voltage AC to DC, for storage in electric vehicles.
With the rising adoption of the electric vehicle in order to reduce reliance on fuels across the world is a key aspect driving the market. In response to increasing energy demand and concern over depletion of natural resources, the electric vehicle has gained a lot of traction in the last past year. Equipped with Advanced technology especially with respect to charging devices and batteries, development of EV charging infrastructure is on rising in both residential as well as commercial area. The government support in the form of financial subsidies and tax incentives unit area in favor of market growth. Another important factor which is pushing the surge of EV infrastructure is rising prices of fuels. Additionally, many research & development activities have been observed on improvement in EV infrastructure to make them more opportune.
The number of charging stations with the number of the electric vehicles has increased dramatically in China. At the same time many European countries, government, and private companies have come up with the funding scheme or partnership to increase EV charging stations. U.S market is growing gradually owing to zero-emission vehicle regulatory policy. In addition, government and automakers are heavily investing to enhance the EV infrastructure globally. Moreover, the establishment of more charging point service across the globe is likely to heighten the market growth.
The report “Global Electric Vehicle Charging Infrastructure Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast 2017 – 2024
” highlights the key areas of growth in this market, thus assisting in giving a clear picture of the anticipated future of this market. The competitive landscape covered in the report gives a worldwide overview of the new products launched, latest mergers and acquisitions and the latest developments on the competitive front.
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