The Increasing Sales of Electric Vehicles (EV) Would Drive its Infrastructure Market

The increase in incentives for electric vehicles would provide a big thrust to EV infrastructure market 

Canada: The British Columbia government has planned to make incentives of USD40 million for buying zero emission cars. The incentive program would lead to rebates of more than USD5000 for purchase of electric cars. The allotted fund would be disbursed in three years and it is expected that the use of electric vehicles in British Columbia would increase from two percent to five percent in coming years. Moreover, the increasing sales of electric vehicles would lead to increase in demand of electric vehicles infrastructure, thereby leading to surge in its market.

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 will 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.