Global Electric Vehicle Charging Stations Market – Industry Trends and Forecast to 2029
Data Bridge Market Research analyses that the electric vehicle charging stations market was valued at USD 6.97 billion in 2021 and is expected to reach USD 167.52 billion by 2029, registering a CAGR of 48.80% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Global Electric Vehicle Charging Stations Market Analysis and Size
With the rise in electric vehicle sales around the world, manufacturers are focusing on building a solid infrastructure to meet the operating needs of these vehicles. The growing popularity of electric vehicles necessitates the development of appropriate charging infrastructure. Furthermore, considerable developments in both home and outdoor charging are projected over the projection period to suit customer demand.
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Global Electric Vehicle Charging Stations Market
The dearth of standardization of current electric vehicle charging infrastructure
On the other hand, the lack of standardization of current electric vehicle charging infrastructure will limit the market’s growth rate. The necessity for standardization of electric car charging stations has been highlighted by factors such as the growth of the electric vehicle market and variances in charging loads.
However, strict rules associated with the installation of electric vehicle charging stations will hinder the electric vehicle charging stations market growth rate. Along with this, high cost of EVs as compared to ICE vehicles and primitive power grid infrastructure will impede the market growth. The negative impact of COVID-19 outbreak on supply chain will act as market restraint and further challenge the market growth rate.
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