Global Electric Vehicle Infrastructure Market is set to Expand by the end of 2021

Europe: Major automobile companies i.e. BMW, Daimler, Ford, etc. have signed a memorandum of understanding to create ultra-fast charging infrastructure for electric vehicles in Europe. The major automobile manufacturers have planned the development of charging infrastructure to support the electric vehicle deployment in the region. The execution of the project for development of electric vehicle infrastructure in Europe would commence by 2017.

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.