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.