The study says that the market will be driven by falling EV costs, increasing fuel prices, and government initiatives such as subsidies and tax benefits along with much stricter environmental regulations.
The adoption of EVs, especially in the cars segment, and more advanced research and development are both credited with driving the EV charging infrastructure market. The market, which has been dominated by residential charging solutions, is changing as major companies along with governments are now increasingly focused on the development of a public charging infrastructure, with the aim of delivering higher charging speeds with reduced time and cost.
The report found that the development of advanced DC chargers which can charge the EVs in less than 30 minutes are helping the market to grow. Connectors such as CHAdeMO and Combined Charging System (CSS) along with superchargers developed by Tesla Motors are seen as helping to fuel this growth.
According to Polaris the Asia Pacific region is set to dominate the market over the forecast years, while major automobile manufacturers are set to invest more in advanced EV charging frameworks.
It’s a dynamic market that is forecast to grow at an annual rate of over 36% from 2020 to 2026 with fast chargers expected to drive that growth.