- The global electric vehicle charging infrastructure market accounted for $9.01 billion in 2018
- Asia Pacific is likely to have a huge demand in the forecast period
- There were only 150 charging stations in India untill December 2019
The Global Electric Vehicle Charging Infrastructure market accounted for $9.01 billion in 2018 and is expected to reach $96.95 billion by 2027 growing at a CAGR of 30.2 during during the forecast period.
“On the basis of geography, Asia Pacific is likely to have a huge demand in the forecast period due to the Governments in various countries such as China, Japan, and South Korea are heavily investing in the development of charging infrastructure,” read the report by Research and Markets.
Factors driving the market
Rising focus of government agencies on providing funds to original equipment manufacturers (OEMs) for the development of charging stations is driving the growth of the market. However, several costs associated with the infrastructure, including installation costs, maintenance costs, and operational costs are negatively impacting the market growth.
As per another report published by Research and Markets (December 2019) there are only 150 charging stations in India and anticipating the need, Government of India has set up an ambitious target of setting up one charging station every three km in cities and every 25 km on both sides of highways. The government has de-licensed public charging stations business for electric vehicles enabling individuals to extend such facilities but at a regulated tariff.
“It’s a classic chicken and egg situation, however, if one takes a closer look into how the Chinese handled this conundrum, one would realize that the initial thrust came in form creation of public electric vehicle charging stations funded by the government and later came the private investment into the charging infrastructure creation,” read that report.
At both the Central Government level and State Government level, policy changes are being implemented to pave for accelerated charging infrastructure capacity creation. The state of Uttar Pradesh has become the first in India to formally invite EoIs from companies to set up electric vehicle charging stations. This was the first proposal after the Union Power Ministry issued guidelines over setting up of such EV charging stations in December 2018 to promote the use of battery-electric auto-rickshaws.
