The growing need to reduce carbon emissions is pushing electric vehicle (EV) charging stations market along with increasing use of EVs, government subsidies and incentives according to a new research report from Reports and Reports. It forecasts the market to reach US$12.61 billion by 2022, at a CAGR of 29.8 per cent from 2016 to 2022.
The growth of electric vehicle charging stations market is attributed to significant incentives offered by the Chinese government for EV buyers and tightening emission regulations. In addition, other countries such as South Korea and India are taking the initiative to reduce greenhouse gas emissions by increasing the use of electric vehicles.
According to the report, the technology is still in the research and development stage. It is estimated that the market will evolve post-2016 and is expected to demonstrate high growth. Participants from various verticals such as telecom, industrial automation, and utilities are transforming the market by establishing their presence.
The Americas is forecast to be the fastest-growing EV charging stations market during the forecast period. The growth is attributed to the shift towards low emission vehicles, tax credits in various cities in the US for the installation of charging stations and US Government's subsidies and incentives to boost the deployment of EV charging stations under the American Recovery and Reinvestment Act (ARRA).
The growth of electric vehicle charging stations market is attributed to significant incentives offered by the Chinese government for EV buyers and tightening emission regulations. In addition, other countries such as South Korea and India are taking the initiative to reduce greenhouse gas emissions by increasing the use of electric vehicles.
According to the report, the technology is still in the research and development stage. It is estimated that the market will evolve post-2016 and is expected to demonstrate high growth. Participants from various verticals such as telecom, industrial automation, and utilities are transforming the market by establishing their presence.
The Americas is forecast to be the fastest-growing EV charging stations market during the forecast period. The growth is attributed to the shift towards low emission vehicles, tax credits in various cities in the US for the installation of charging stations and US Government's subsidies and incentives to boost the deployment of EV charging stations under the American Recovery and Reinvestment Act (ARRA).
