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Stringent emission targets to fuel EV charging infrastructure development

Global EV charging infrastructure market size is projected to reach over US$46 billion by 2025. An electric can be fueled from renewable sources of energy such as wind, solar and hydro. Development of advanced EV charging infrastructure has encouraged leading automobile companies to develop electric vehicle models, including Ford, GM, BMW, Hyundai and many others.

Rise in CO2 emission levels from various sectors of the economy is propelling the adoption of energy-efficient and sustainable alternatives, including electric passenger and commercial fleet. The government and certain internationally recognized organizations are adopting strict regulations to control environmental degradation, stimulating the establishment of efficient EV charging infrastructure worldwide.

Reportedly, a passenger vehicle emits close to 4.6 metric tons of carbon dioxide every year and the number is expected to grow owing to increasing production of vehicles globally. In 2018, more than 1.53 million passenger cars were manufactured in the U.K. alone, contributing over £82 billion towards the economy.

Constant R&D in the automotive industry to meet the changing consumer demands along with the need to adhere to government regulations will add impetus to global EV charging infrastructure market share. To control carbon emission from vehicles in Europe, the EU commission had set a target of 130 grams of  CO2 emission per kilometer of new passenger vehicles in 2015 and from 2021, the average emission target is to be reduced to 95g CO2/km.  

Favorable initiatives by the U.S. government

Increasing adoption of electric vehicles across the U.S. is supplementing the market dynamics over the years. In 2016, there were 160,000 new EV registrations in the region and the number has grown over the years due to the high rate of affordability.

In a bid to encourage the sale of electric vehicles, the U.S. government is offering fiscal benefits such as tax exemptions, rebates and tax credits. California provides rebates to light-duty zero emission automobiles. Additionally, low-income families can avail an extra USD 2000 rebate on the purchase of an electric vehicle.

The U.S. government has also made efforts to increase the penetration of electric charging stations in the region to facilitate smooth functioning of the vehicles. As of 2017, close to 47,130 charging stations were installed across the region. The U.S. General Services Administration has installed EV charging points for federal employees and certain authorized users.

Source : https://www.gminsights.com/industry-analysis/ev-charging-infrastructure-market