According to a new study, published by Polaris Market Research, the increasing adoption of electric vehicles globally due to their reduced costs, increasing fuel prices, and increasing government initiatives such as subsidies and tax benefits along with strict environmental norms, will mean that the electric vehicle charging infrastructure market is projected to gain traction over the forecast period. In 2019, Asia Pacific region dominated the market by accounting the majority share in this market.
There has been a significant increase in the adoption of electric vehicles (EVs) especially in the cars segment. A growing number of companies are working towards developing and launching new EV models due to growing demand and its this scenario that the reports credits with driving the growth of the EV charging infrastructure market.
Charging for these cars was traditionally done only at users' homes, however, owing to the increasing number of EVs in the market, major companies along with government organisations are now coming up with public charging infrastructure. These infrastructures are being developed within cities, benefiting customers looking to charge their cars at high speed with reduced time and cost.
The penetration of EVs is high in regions such as Asia Pacific, North America and Europe, making them prime revenue generators collectively in the EV charging infrastructure market.
Asia-Pacific is a lucrative market with high development potential, according to the report, due to the expanding quantities of electric vehicles in countries such as India, Japan and China. In the Asia-Pacific region, Japan has the fastest adoption of EV charging stations. By contrast, India has only recently installed their first charging station which was jointly developed by the government and an online cab service provider.
Development of advanced DC chargers which can charge the EVs in less than 30 minutes are further helping the market to grow.
Connectors such as CHAdeMO and Combined Charging System (CSS) along with superchargers developed by Tesla Motors, are further fuelling the growth of this market, according to the report. In addition, the advancements in the charger type for creating fast charging arrangements are projected to drive the development of the market.
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