The Chinese company is Expected to Lead the Electric Vehicle Chargers Market Globally

China: China based company, Contemporary Amperex Technology Ltd (CATL) has witnessed fourfold increase in its value after second major funding completion in October 2016. CATL has planned to increase its electric vehicle battery production capacity to six folds of its current capacity by the end of 2020. The six-fold increase in battery production capacity is a big boost for electric vehicles which would drive the market for electric vehicle infrastructure business in near future.

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. 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.