Global warming has become a concern for countries across the world. In the last decade most developed and developing nations have taken onus to arrest the expanding carbon footprint. One of the several measures adopted by the leading nations is to ban diesel powered cars in the next 15-20 years. As a result, car manufacturers are rolling out hybrid or electric vehicles. This has created opportunities for the global electric vehicle charging station market.
The demand in the global electric vehicle charging station has been growing consistently, and is expected to grow at a stupendous CAGR of 10.19% during the forecast period. According to a Transparency Market Research report that was published recently, the global electric vehicle charging station market will surpass US$3bn by the end of 2026.
The rapid growth in the market is augmented by the stiff competition among the key players. As the sales figures for electric vehicles climb every year, the demand for charging stations will also shoot up. Sensing immense opportunities for business, prevailing players are adopting strategies to scale up their operations, while prospective players are striving to introduce innovative products. Considering the future will be electric vehicles, market players believe it is the right time to make the best move to grow their business.
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Thrust from Policy Makers to Garner Demand
It is proven that most developed and developing nations contribute for a significant proportion of the overall greenhouse gas emissions. In order to cut down on individual carbon footprint, governments of leading nations have announced policies that control industrial and vehicular pollution. Many countries expect to see electric vehicles on their roads by 2030. To facilitate this, they are urging automotive manufacturers to develop sustainable electric vehicles. This is increasing demand in the global electric vehicle charging station market.
Further, policy makers are introducing attractive subsidies and benefits to those purchasing electric vehicles. This attracts customers and influences them to choose electric vehicles over diesel cars. As a result, the global electric vehicle charging station market is expected to grow at an overwhelming rate.
Public Transport to Create New Avenues
Public transport is one section of vehicle that account for huge volume of pollution. Therefore, countries are looking at introducing electric vehicles in the public transport. This will open fresh opportunities for players in the global electric vehicle charging station market. As public transport will require a large amount of fuel, they will have to be charged every night. This will fuel the demand in the global electric vehicle charging station market.
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Further, innovation is also stemming growth in the global electric vehicle charging station market. While the current demand can be met with the existing capacity of electric vehicle charging stations, companies will have to start thinking about the future to survive in the market. The need for high capacity charging stations will increase in the coming years. Hence, most players in the global electric vehicle charging station market are investing on research to develop high efficiency products.