According to MarketsandMarkets analysis, the number of electric vehicle charging stations are estimated to reach 560,823 units in 2018 and is projected to grow at a CAGR of 37.86% during the forecast period. The major factors driving this growth are increasing Electric Vehicle sales, investments by OEMs and governments Ander Herrera Jersey , and the availability of grants for the establishment of charging stations.
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Many governments offer subsidies up to 50% of the total cost of the vehicle, rebates and grants for establishing charging points, to promote the growth of EV sales. Increasing environmental awareness among consumers is also assumed to be an important parameter in the purchase of an electric vehicle.
Electric vehicle sales in China have registered the largest market during the forecast period because of several measures adopted by the Chinese government for the promotion of EVs. China鈥檚 growing dependence on imported oil and increasing pollution in the congested urban areas are alarming situations, which have forced the Chinese government to promote EVs in the country. The Chinese government has adopted unique policies such as restricting new vehicle registrations to EVs in heavily polluted and congested cities and announced huge investments in the EV battery segment and building EV charging infrastructure. However, the subsidies and grants are limited to those OEMs who manufacture EVs in China. Seeing the tremendous growth and demand for EVs Cheap Manchester United Hats , major OEMs across the globe are establishing their manufacturing base in China to cater to the growing demand and to avail the grants and subsidies available.
The Chinese policy favors zero-emission vehicles. BEVs (fully battery-operated electric vehicles) account for the three-fourths of the total number of electric vehicles sold in China.
The North American region is the fastest growing market for electric vehicles. The increasing electric vehicle sales along with the existing subsidies and rebates have opened new opportunities for global electric vehicle manufacturers. The improving charging infrastructure, positive government policies, declining battery prices, and increasing range of electric vehicles are boosting the growth of the electric vehicle market in this region.
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