US Policy Level Initiatives Would Drive the Electric Vehicle Infrastructure Market

US: The automakers in US will have to focus on mass production of electric vehicles to meet the new fuel consumption rules in the country. As per new rule of Environmental Protection Agency (EPA), the auto manufacturers will have to place a fleet of conventional and electric vehicles averaging 54.5 miles per gallon (mpg) fuel consumption in the country in order to abide by the new rules. This will lead to increase in the production of electric vehicles to meet such standards set by the EPA which will result in upsurge in electric vehicles infrastructure market.

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.