Electric vehicle infrastructure market set to grow

According to a new TechSci Research report, Global Electric Vehicle Infrastructure Market By Type, by Installed Location, by Region, Competition Forecast and Opportunities, 2011 - 2021, the global market for electric vehicle infrastructure is projected to grow at a CAGR of over 27 per cent during 2016-2021, on account of favourable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles
June 10, 2016 Read time: 2 mins
According to a new TechSci Research report, Global Electric Vehicle Infrastructure Market By Type, by Installed Location, by Region, Competition Forecast and Opportunities, 2011 - 2021, the global market for electric vehicle infrastructure is projected to grow at a CAGR of over 27 per cent during 2016-2021, on account of favourable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution.

Additionally, grid integration of electric vehicles is projected to offer huge impetus to global electric vehicle infrastructure market in the coming years. Evolution of smart grid technologies and the concept of virtual power plants are forecast to further boost the global market for electric vehicles and its related charging infrastructure in the coming years. The option of power trading for electric vehicles owners is also expected positively influence the global electric vehicle infrastructure market during the forecast period.

Rising concerns over increasing pollution from the transportation sector and depleting natural resources is leading to adoption of policies that discourage use of conventional vehicles and promote the use electric vehicles, which is in turn anticipated to bolster growth in global electric vehicle infrastructure market during 2016-2021.

Growth in adoption of electric vehicles across the globe is projected to drive expansion of global electric vehicle infrastructure market in the coming years. Increasing adoption of electric vehicles is projected to lead to development of electric vehicle infrastructure in order to address the growing requirement for charging infrastructure for increasing number of electric vehicles. The transportation sector accounted for over 20 per cent share in carbon dioxide emissions, globally, and this can be reduced by promoting use of electric vehicles in place of conventionally fuelled vehicles. Adoption of electric vehicles in developed nations is high due to higher per capita purchasing power. Increasing level of pollution creates a huge opportunity for adoption of electric vehicles and development of electric vehicle infrastructure during 2016-2021.

Global sales of electric vehicles are forecast to reach 3.86 million units by 2020, up from 1.37 million units in 2012.

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