-Vehicle manufacturers are developing automobiles that have the same power as gasoline-powered automobiles. In addition, hybrid vehicles that run on both electricity and biofuels are being introduced
-Majority of players are devoting money to research so as to come up with high-efficiency solutions. Greater demand for high-capacity charging stations are expected to come up
A pressing issue in the automotive industry is the high degree of greenhouse gas emissions from vehicles, which contribute to the problem of climate change and global warming. Battery-powered automobiles are already a possibility thanks to rapid technology breakthroughs. With the emergence of electric vehicles, new possibilities for charging stations have come up. The most significant driver of growth in the global electric vehicle charging station market is automobile innovation, which has resulted in the development of high-capacity electric vehicles. The global electric vehicle charging station market is likely to growing expand due to collaborative efforts to explore alternative fuel sources, pressure from international organisations to reduce carbon emissions, and government regulations encouraging the buying of electric vehicles.
Countries all through the world are concerned about global warming. Most industrialised and developing countries have taken steps in the recent decade to reduce their carbon footprint. One of the many initiatives taken by the world’s leading countries is to ban diesel-based vehicles within the next 15 to 20 years to come. As a consequence, automakers are introducing electric and hybrid automobiles, which is likely to raise demand for electric vehicle charging stations in the years to come.
The demand for these charging stations has been steadily increasing, and it is predicted to rise at a double-digit growth rate of 10.19 % CAGR over the projection period, from 2018 to 2026. The market is estimated to exceed US$3 Bn through 2026. The rapid growth of the market is aided by fierce competition amongst these major players. As the number of electric car sales rises year after year, it is expected that the demand for charging stations will observe a surge too. Due to the presence of enormous commercial potential, large businesses are implementing methods to expand their operations, whilst newcomers are attempting to launch novel items. Given that electric vehicles will be the norm in the future, market participants view that now is the perfect moment to expand their businesses.
Key Findings of Market Report
- Electric Vehicles to Counter the Environmental Damage Caused by Traditional Automobiles
Most of the rich and developing countries have been found to generate a dominant chunk of greenhouse gas emissions globally. Governments of developed countries have established initiatives to reduce vehicular as well as industrial pollution in order to reduce individual carbon footprints. By 2030, numerous countries expect their roads to feature electric vehicles. To help with this, these countries are asking automakers to build environmentally friendly electric automobiles. Moreover, policymakers bring alluring benefits and subsidies for those who buy electric vehicles. This entices buyers to select electric automobiles over diesel ones. This is projected to lead to an enormous increase in demand in the global electric charging station market.
- Public Transportation Sector Expected to Account for Most of the Demand in the Market
Public transportation is one type of vehicle that causes significant damage to the environment as it produces a huge amount of greenhouse gases. As a result, governments are considering incorporating electric vehicles into public transportation. For businesses in the global electric vehicle charging station market, this is likely to create new opportunities. Because public transportation would make use of a lot of fuel, it will need to be replenished every night. This factor is estimated to bolster the growth of the market over the period of assessment, from 2018 to 2026. In addition to that, innovative solutions are also expected to propel the market forward.
Electric Vehicle Charging Station Market: Growth Drivers
- New opportunities for charging stations have arisen with the emergence of electric vehicles. The most significant driver of growth in the global electric vehicle charging station market is innovation in vehicular technology, which has resulted in the development of high-capacity electric vehicles.
- Whilst the already operating electric vehicle charge stations Is able to meet the current demand, firms are expected to begin planning for the future so as to stay afloat in the market. In the forthcoming years, there will be a greater demand for high-capacity charging stations.
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