What’s trending in the EV charging infrastructure market?
The EV Charging Infrastructure Market is estimated to grow at CAGR above 41.1% over the forecast time frame 2019 to 2025 and reach the market value around $46 billion by 2025. Germany market will grow owing to introduction of strict norms pertaining GHG emissions and their impact on human & environment health. Rising fuel prices followed by growing EV adoption is anticipated to stimulate the business scenario.
The International Energy Agency (IEA) announced the EV growth projections to double from 60 million to around 125 million by 2030, positively impacting the infrastructure development. Moreover, replacement of diesel buses with electric versions on account of reduced emissions and smooth & quiet transit will complement the industry landscape.
Growth drivers of EV charging infrastructure industry:
- Acceleration in EV adoption
- Stringent regulatory framework pertaining emissions
- Technological advancements
Extensive diesel emissions from on-road vehicles have led to the introduction of stringent government norms to support the adoption of alternate fuel vehicles, in turn, stimulating the public charging infrastructure deployment. Introduction of federal & state purchase incentives assist in reduction of up-front cost of these vehicles thus offering a near-term bridge to cost-parity with gas powered vehicles. Increasing taxes on carbon-intensive oils along with the utilisation of location-specific & distance-based charges will support the transition to zero-emissions mobility, further driving the business scenario.
Netherlands is anticipated to surpass an installation of 200 thousand units by 2025. Ongoing technology development with an aim to deploy sufficient EV charging infrastructure with substantial cost reduction will drive the industry growth.
Advancement in machineries to make charging process faster & easier and to improve energy management, storage and production is further set to stimulate the equipment installation. Moreover, adoption of monetary incentives and establishment of vehicle & charging point rebates & tax credits will complement the overall business scenario.
Key industry manufacturers comprises of Volkswagen, Greenway Infrastructure, E.ON, Nissan Motor, BMW, ABB, RWE, ChargePoint, Siemens, EVBox, , EVgo, Schneider Electric, Renault, Blink, Hyundai, Eaton, Mercedes, Exxon Mobil, Shell, and Pacific Gas & Electric.