Climate change, pollution, and related environmental concerns are impacting energy consumption patterns across the globe. The switch to electric battery-powered vehicles, simply known as electric vehicles (EVs), is allowing governments, automotive market stakeholders, and environmental agencies to cut tail-pipe emissions and limit air pollution in urban environments. Many efforts are being made to make EVs more accessible, some of them include subsidies, support for battery tech R&D, and tax waivers. This is boosting the sales of EVs, as noted by International Energy Agency (IEA), global EV sales almost doubled in 2021 as compared to 2020 and reached a record high of 6 million figure. Such growth in sales is creating a demand for robust charging infrastructure, which in turn, is propelling the global electric vehicle charging system market to greater heights.
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Skyrocketing EV Sales to Create Tremendous Growth Prospects
The burgeoning sales of electric vehicles across the globe have had a significant impact across economic spheres. It also has nurtured the current and prospective electric vehicle drivers to demand feasible charging options. Several manufacturers are putting efforts to make EVs more viable by reducing long charging times. To this end, some automotive manufacturers are providing options to charge the car from 0-80% within just 21 minutes. Many modern electric cars have a range of over 500 kilometres and fast charging makes them extremely usable, which is set to aid the global electric vehicle charging system market to showcase paced growth in the forecast period.
Favourable Government Initiatives to Boost EV Adoption Globally
Rising environmental concerns are pushing governments across the globe to strengthen their efforts to curtail emissions. In this regard, electric vehicles have emerged as a highly viable instrument to limit tailpipe emissions. Several governments are promoting the adoption of electric vehicles to improve the quality of air in urban landscapes. Several governments have proposed plans and roadmaps achieve net zero emissions and EVs are projected to play a pivotal role in this objective. Growing demand for EVs is set to directly promote the demand for EV charging infrastructure. The collective force of such factors is expected to provide impetus to the growth of the global electric vehicle charging system market.
Paced Demand for EVs to Establish Asia Pacific as Electric Vehicle Charging System Market Leader
The developing economies throughout the Asia Pacific are emerging as pivotal contributors to the overall EV demand globally. This is poised to lead the regional electric vehicle charging system market to fruition throughout the forecast period. Economies such as China and India are leading the charge in this region as they are promoting EV adoption dedicatedly. With the growing outreach of EV charging infrastructure, this trend is set to gain further momentum. Several favourable government norms are also contributing to the electric vehicle charging system market growth in Asia Pacific.
Major Market Entities
The most active participants in the global electric vehicle charging system market include Tesla, General Motors, Eaton Corporation, Borgwarner Inc., Delta Electronics, and Siemens AG. The market players are expected to attract consumers by offering more robust and faster-charging options.
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