The Funding Program for Electric Vehicles Would Drive the EV Infrastructure Market

United States: The incentive program of Massachusetts has led to acquisition of two hybrid vehicles, one electric vehicle and a charging station in Weymouth. As per the Massachusetts Electric Vehicle Incentive (EVI) Program, the Massachusetts Department of Environmental Protection (MassDEP) awarded USD10,000 and USD15,000 respectively, on purchase and lease of two hybrids and one electric vehicles. The incentive programs to promote the penetration of electric vehicles would provide a big thrust to electric vehicle infrastructure market in near future.

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.