Industry

Thirty Cities of US Plans to Invest USD10 Billion on Electric Vehicles

The increasing penetration of electric vehicles would promulgate the market for EV infrastructure business in the region

United States: Thirty cities in the United States including New York, Los Angeles, Chicago and others have planned to invest around USD10 billion on electric cars and trucks which would eventually lead the automakers to believe that there is healthy demand for low emission vehicles in the country.

Moreover, the municipal authorities of cities have sought the opinion of automakers related to overall cost and feasibility of about 114,000 electric vehicles as police cruisers, street sweepers and trash haulers. The increasing penetration of electric vehicles would promulgate the EV infrastructure business in the region in coming years.

TechSci Research depicts that the government of various countries across the globe have been focusing on the reduction of harmful gas emissions, mainly rising from the automobile sector Consequent to which, the government is formulating policies to increase the penetration of electric vehicles in the transportation sector of their countries. With increasing focus of government authorities to promote the usage of electric vehicles, is likely to expand the demand for electric vehicle infrastructure 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.

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