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

Australia: Vehicle manufacturer BMW and Scentre Group entered into a partnership to install 40 new electric vehicles charging stations at 10 Westfield shopping centers across New South Wales, Queensland and Victoria. There are currently 8,000 electric vehicles in Australia which is expected to increase to 35,000 by the end of 2024. The partnership between Scentre Group and BMW Group would promulgate the infrastructure development to support the deployment of electric vehicles infrastructure in Australia.

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.