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The global electric vehicle charging infrastructure market is forecast to reach USD 147.94 Billion by 2030, according to a new report by Reports and Data. Governments across the globe are investing heavily in the charging infrastructure to create opportunities for the OEMs to expand their business and revenue. The Asia Pacific and European regions are leading the adoption of these vehicles to curb the level of air pollution and emission of greenhouse gases (GHGs).
However, the high cost required in the initial investment, overhaul, and maintenance is hindering the market’s development. The dramatic reduction in local air pollution, greenhouse gas emissions and resulting climate change impacts, and less oil usage from the transport sector due to the usage of electric vehicles promise a breakthrough in the future transportation sector.
The EV30@30 projects a policy case emphasizing the widespread adoption of electric vehicles (EVs), which is in line with the EV30@30 campaign, which started at the Eighth Clean Energy Ministerial in the year 2017. The campaign set the combined ambitious target for all EVI (Electric Vehicle Initiative) members of a 30.0% share of the market for EVs in total vehicles (excluding two-wheelers) by the year 2030. Under the EV30@30 Scenario, electric vehicle sales are likely to reach 44 million vehicles/year by 2030.
The COVID-19 impact:
Due to the COVID 19 pandemic, not only are the production lines in most electric car plants at a standstill but now the first effects on charging infrastructure are becoming apparent. This concerns both the maintenance and distribution of the pillars and the production of charging points. Pod Point and Ubitricity, for example, are postponing charging point installations in the United Kingdom that are currently not necessary.
The most sudden and visible effect of the virus in the traditional automotive industry induces the standstill of much original equipment manufacturer and supplier factories, which will produce 7.5 million fewer vehicles in 2020. At the peak of the crisis, over 90% of the factories in Europe, China, and North America were closed. The stock market and vehicle sales have plummeted, and automakers & suppliers have laid-off workers. Many have secured capital by either seeking investor money or applying for government assistance, while others have suspended dividend payments and extended their credit lines.