The electric vehicle charging station market is projected to exceed expectations. As Covid19 heightens our health awareness, it also brought to light environmental consciousness, therefore, changing most people’s lifestyle to healthier options. People desire cleaner air and one way to do this is the use of electric vehicles (EV). EVs, as we know, lessens air pollution thus improving the air quality. The better the air quality, the lesser health problems. Furthermore, the overall cost of EVs are found to be less than cars that use petroleum. Given this high demand for EVs blows up the market for EV charging stations. Experts are looking at a bigger market size by 2027.
Pushing the demand for EVs is useless if charging stations will be inaccessible for people. Providing charging stations, free of charge, to main locations can help convince people to switch. On a global scale, Asia Pacific region shows the most potential for the charging station market growth. Government initiatives and rising investments are the major factors for this. Last 2019, South Korea allotted $609M for the development of EV charging infrastructure.
In a recent article posted by Yahoo, EV charging station market is predicted to grow more than what is expected. They write: “With the bolstering sales of electric vehicles worldwide EV manufacturers are increasingly focused towards the development of the charging infrastructure to fulfill the operational requirements of the electric vehicles. Moreover, with rising consumer demand market players are significantly transforming and developing new technologies in both public and private charging stations.”