The global Electric Vehicle Infrastructure Market is Set to Expand by the end of 2021

South Korea: South Korean company known as LG Chem Ltd which is the battery supplier for General Motors (GM) Co’s upcoming Bolt electric vehicles is expecting that GM would sell more than 30,000 cars next year. GM would be launching a new model of electric vehicle i.e. subcompact Chevrolet Bolt electric vehicle in coming months which will be having a range of 238 miles on a full charge.

TechSci Research depicts that the governments across the globe have focused on reduction of harmful gas emissions from the automobile sector, thereby formulating policies to increase the penetration of electric vehicles in the transportation sector creating the demand for of electric vehicle infrastructure globally. With increasing focus of governments across the globe to promote the use of electric vehicles the demand for electric vehicle infrastructure would increase 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 development of battery technologies and enhancement in charging protocols is a big boost for electric vehicle infrastructure. The development of battery technology and universal charging protocols would lead to upsurge in demand for electric vehicles and expansion in market for electric vehicle infrastructure globally.