Electric Vehicle (EV) and Electric Vehicle (EV) Infrastructure Market
The global electric vehicle infrastructure market size was valued at USD 15.06 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 33.4% from 2021 to 2028. Favorable government policies in the form of subsidies and grants, tax incentives, and other benefits such as carpool access are the key drivers of the electric vehicle and electric vehicle infrastructure markets.
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By vehicle type, the passenger cars segment accounted for the largest share in the overall market due to strong intent of France, Italy, Canada, the U.K., the U.S. and other developed economies to boost adoption of EVs
On the basis of charging station, the normal charging station segment accounted for largest share in the EV and EV infrastructure market.
The growth of this industry is attributed to the electric vehicles becoming more common as a result of government legislation governing automotive emissions. The internal combustion engine is used to produce electricity in a traditional gas-powered car. In an ideal case, the combustion system absolutely burns the fuel and produces only water and carbon dioxide as waste, but in fact, the combustion system produces a variety of greenhouse gases, causing pollution. An electric vehicle, on the other hand, uses an electric motor that is powered by a constant supply of electric current and does not emit any pollutants. The demand for fuel-efficient, low-emission, and high-performance vehicles is increasing. Since gasoline is a fossil fuel, it is not a renewable energy source and will eventually run out. To promote sustainable growth, it is critical to establish and use alternative fuel sources.
Recent News:
- In September 2020, Tesla acquired German ATW automation, which is a company specializing in battery modules.
- In September 2020, Seimens received a supply contract to power E-Buses across New-Zealand.
- In August 2020, BYD launched mobile charging service to enable customers to charge their EV’s on the go in emergency conditions.
Competitive Insights:
Tesla, BYD, BMW, Volkswagen, Nissan, LG Chem, Panasonic, Chery, SAIC, Bosch, Blink Charging
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