The Global Electric Vehicle Charging Infrastructure Market Will Grow by $17.6 Billion by 2024

2023/04/12
p> Author:evcome-Ev Charging Stations Manufacturer

The global electric vehicle (EV) market has been increasing rapidly over the past few years. More and more people are becoming aware of the environmental benefits of EVs, and the electric charging infrastructure is growing as a result. According to a recent report by MarketsandMarkets, the global electric vehicle charging infrastructure market is projected to grow by $17.6 billion by 2024. This growth is largely driven by government initiatives to reduce carbon emissions, increasing public and private investments in charging infrastructure, and the growing demand for EVs.


Government Initiatives Driving Growth


Many governments around the world have set ambitious targets for reducing carbon emissions in order to combat climate change. As a result, they are implementing various policies and initiatives to encourage the adoption of EVs. For example, in Norway, EVs accounted for nearly 60% of new car sales in March 2019, largely due to the country's generous subsidies and tax incentives for EV owners. In the United States, several states including California, New York, and Massachusetts have implemented zero-emission vehicle (ZEV) mandates which require a certain percentage of new car sales to be zero-emission vehicles.


Increasing Investments in Charging Infrastructure


As the demand for EVs grows, so does the need for charging infrastructure. Both public and private sector investments in charging infrastructure have been increasing rapidly over the past few years. For example, in 2018, Electrify America, a subsidiary of Volkswagen, announced plans to invest $2 billion in EV infrastructure in the United States over the next 10 years. In the same year, BP acquired Chargemaster, the UK’s largest EV charging company, in a move to expand its presence in the EV charging market.


Growing Demand for EVs


Another key driver of the growth in the global electric vehicle charging infrastructure market is the growing demand for EVs themselves. As battery technology improves and the range of EVs increases, more and more people are becoming interested in owning an EV. Additionally, as more EV models become available and EV prices continue to decrease, the market for EVs is expected to continue to grow. According to a report by the International Energy Agency, the number of electric cars on the road worldwide is expected to reach 125 million by 2030.


Challenges Facing the Electric Vehicle Charging Infrastructure Market


Despite the growth in the electric vehicle charging infrastructure market, there are still several challenges facing the industry. One of the biggest challenges is the lack of standardization in charging technologies. There are currently several different types of charging plugs and protocols, making it difficult for EV owners to find a charging station that is compatible with their vehicle. This can lead to frustration for EV owners and slow down the adoption of EVs.


Another challenge facing the electric vehicle charging infrastructure market is the cost of installation. Installing charging infrastructure can be expensive, particularly in rural areas where there may be fewer EV owners. This can make it difficult for charging infrastructure providers to make a profit and can slow down the growth of the industry.


Conclusion


Overall, the global electric vehicle charging infrastructure market is projected to experience significant growth over the next few years. This growth is largely driven by government initiatives to reduce carbon emissions, increasing public and private investments in charging infrastructure, and the growing demand for EVs. However, the industry still faces several challenges, including the lack of standardization in charging technologies and the cost of installation. Addressing these challenges will be key to continuing the growth of the electric vehicle charging infrastructure market and supporting the widespread adoption of EVs.

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