Electric Vehicle Charging Station Market Trends

Electric Vehicle Charging Station Market Trends

Stringent environment regulations and ambitious energy efficiency targets across the globe will positively impact the EV Charging Station demand in coming years. Growing consumer inclination toward EVs along with increasing awareness pertaining energy efficiency will boost the industry growth. Moreover, Energy Service Companies (ESCOs) are engaged in design, development, construction, and funding of public sector EV infrastructure projects with an aim to reduce the overall cost at the customers' facilities. ESCOs are the developers and consultant for a wide range of energy conservation project that undertake the operational and technical risks associated with the process, strengthening the market scenario.
 

Ongoing government efforts to achieve higher energy efficiency and increasing demand to curb the growing effects of global warming will boost the infrastructure demand. In addition, rising legislative efforts toward promotion of energy efficiency coupled with growing consumer focus toward reduction of energy costs is set to drive the EV charging station market growth. Rising adoption of technically advanced electric vehicles along with introduction of numerous fast charging standards including CHAdeMO, CCS, tesla superchargers and GB/T across the globe will further stimulate the market size. The industry, in 2020, was adversely impacted by the sudden outbreak of coronavirus owing to halted manufacturing and other operations.