Global Electric Vehicle Infrastructure Market Poised to Expand by 2021
China: Karma Automotive has
planned to produce electric cars in China by building an electric vehicle plant
in Hangzhou. The development of manufacturing facility will require investments
of USD375 million and after completion of the project the facility would
produce around 50,000 vehicles per year. Use of electric vehicles in the
country would lead to reduction in emissions of greenhouse gases from the
transportation sector.
TechSci Research depicts that with growth in demand
of electric vehicles globally, the market for electric vehicles infrastructure
is going to expand by the end of 2021. The governments across the globe are
promoting the use of electric vehicles by providing subsidies and incentivizing
the same. Increase in production of electric vehicles is anticipated to spur
the requirement of charging stations for the same which will drive the market
for electric vehicle infrastructure in near future.
According to released report of TechSci Research, “Global Electric Vehicle Infrastructure
Market Forecast & Opportunities, 2021”, the global electric vehicle infrastructure market is projected to grow
at a CAGR of 27% by the end of 2021. The growth is expected on account of increasing
number of electric vehicles globally and governments’ policy to promote the adoption
of electric vehicles. The increase in development of battery technologies and
charging protocols is a big boost for electric vehicle infrastructure. The
enhancement in battery technology and universal charging protocols would lead
to upsurge in demand for electric vehicles and expansion in market for electric
vehicle infrastructure globally.