May 22, 2019
WELLESLEY, Mass., May 22, 2019–The growing number of electric and hybrid electric vehicles—everything from sports cars to scooters—is boosting growth of the global electric vehicle charging infrastructure market, according to a report by BCC Research, "Electric Vehicle Charging: Infrastructure and Global Markets."
The market expects to see a compound annual growth rate (CAGR) of 22.5% through 2023, when it could be worth $13 billion.
“Global warming, climate change and air quality issues have combined with the dramatic fluctuation of oil prices to deliver an imperative for motor vehicle manufacturers to introduce radically more fuel-efficient vehicles to the market,” the report’s authors note. “The emergence of electric vehicles has provided an environmentally friendly alternative for transport and reduce our dependence on fossil fuelled vehicles.”
Market Challenged by Lack of Charging Infrastructure and Power Supply Challenges
As of 2017, there was one publicly-available charging port for every seven electric vehicles worldwide, and while this ratio is acceptable, more stations will need to be built as the number of electric vehicles increases rapidly in coming years. Other challenges to infrastructure include the growing popularity of dense housing, which may have insufficient charging stations, and the large number of charging stations which only serve specific vehicle brands.
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Electric Vehicle Charging: Infrastructure and Global Markets( FCB045A )
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