Electric Vehicle Charging Station Market Size Projected to grow quickly in the next 5 years
Time:2022-12-26
Views:329
In recent times, demand for Electric Vehicles (EVs) is rising rapidly worldwide.
However, China and the United States are holding the major market share for the same.
Since the demand for EVs is increasing, thus electronic charging industry is also propelling.
Governments worldwide are contributing towards setting up the charging stations.
For instance, the Chinese government has approved the development of fast-charging stations by the national policies.
Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations.
Such active support by government agencies is likely to fuel the market for level 3 charging stations during the forecast period.
Restrictive pollution and fuel economy rules, government incentives, and an increase in the number of electric car sales are all factors driving the demand for EV charging stations.
Advancements in technology and software for electric vehicle charging are predicted to change how EV owners use and benefit from these services.
Smart car API and charging networks, for instance, accurately determine an electric vehicle’s charge time before the driver plugs the car into a station.
Green energy is also projected to play an important role in both public and household electric vehicle charging locations. For owners of EVs, carbon emissions are a major concern.
To address these problems, businesses are rapidly improving the charging technology of their electric vehicle charging stations.
When opposed to residential areas, commercial spaces have a much higher market penetration of EV charging equipment.
The number of corporate charging stations is expected to expand in tandem with the increasing popularity of electric vehicles.
Efforts to improve charging infrastructure in commercial areas would be critical in increasing EV adoption,
as overnight charging at residential complexes or individual residences would not be adequate for long-distance travel.
Furthermore, public charging infrastructure would permit the ultra-fast charging capabilities required for long-distance travel.
EV chargers for home areas, on the other hand, have substantial development potential since they provide a cheaper
and more convenient means of charging electric vehicles than commercial charging stations.
Electric vehicle manufacturers are partnering with car rental companies to integrate chargers into current infrastructure.
For example, one market player recently announced a collaboration with Green Motion, a vehicle rental service provider,
to supply integrated chargers inside buildings with energy storage.
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