The global Electric Vehicle Charging Infrastructure market size is projected to reach US$ 27690 million by 2027, from US$ 10000 million in 2020, at a CAGR of 18.5% during 2021-2027.
The rising levels of carbon emissions and other hazardous pollutants from ICE vehicles have necessitated the use of electric vehicles. The rise in the number of electric vehicles is expected to drive the growth of the EV charging infrastructure market.
The increasing demand for EVs coupled with government initiatives is expected to drive the growth of the EV charging infrastructure market. The demand for EVs has been growing in line with the rising awareness about environmental sustainability and the stringent limits several governments are putting on vehicular emissions.
Private companies are focusing on developing innovative EV chargers and charging stations, and governments are collaborating with these companies for rolling out EV Charging Infrastructure.
Furthermore, technologies such as RFID and NFC have permitted the installation of interactive, kiosk-based, and self-operated charging stations within highway charging stations. Such technological advancements are expected to boost the growth of the EV charging infrastructure market.
The standardization of charging stations connectors is expected to further boost the EV charging infrastructure market growth. For EV drivers, range anxiety is a significant worry due to battery capacity limitations.
Advancements like fast-charging stations will benefit drivers by increasing the availability of compatible power sources to replenish their batteries.
The commercial segment is expected to be the most lucrative during the forecast period owing to the initiatives and allocation of funding by the governments and automobile manufactures for expanding the public Electric Vehicle Charging Infrastructure.
Several public transportation authorities are also collaborating with automobile manufacturers to create charging stations for electric buses.
North America is expected to be the most lucrative segment during the forecast period. This dominance of North America is attributed to the stringent vehicle emission standards and focus on the R&D of EV charging stations.