Global Electric Vehicle Infrastructure Market Poised to Expand by 2021

China: Karma Automotive has planned to produce electric cars in China by building an electric vehicle plant in Hangzhou. The development of manufacturing facility will require investments of USD375 million and after completion of the project the facility would produce around 50,000 vehicles per year. Use of electric vehicles in the country would lead to reduction in emissions of greenhouse gases from the transportation sector.

TechSci Research depicts that with growth in demand of electric vehicles globally, the market for electric vehicles infrastructure is going to expand by the end of 2021. The governments across the globe are promoting the use of electric vehicles by providing subsidies and incentivizing the same. Increase in production of electric vehicles is anticipated to spur the requirement of charging stations for the same which will drive the market for electric vehicle infrastructure 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 increase in development of battery technologies and charging protocols is a big boost for electric vehicle infrastructure. The enhancement in battery technology and universal charging protocols would lead to upsurge in demand for electric vehicles and expansion in market for electric vehicle infrastructure globally.