CHICAGO—The global market for electric vehicle (EV) charging stations is expected to grow from $5.3 billion in 2018 to $30.41 billion by 2023—a 41.8% bump, according to new market research from MarketsandMarkets. The “Electric Vehicle Charging Stations Market” report found that government funding, subsidies and incentives, coupled with growing demand for electric vehicles, concern toward environmental pollution and heavy investment from automakers in EVs are driving the market.
MarketsandMarkets research indicates that EVs are slowly gaining traction because of increasing greenhouse gas emissions and strict pollution control standards enforced by environmental agencies. “The boost in the adoption of EVs has created a favorable growth landscape for the electric vehicle charging stations (EVCS) market as well. The growing popularity and acceptance of EVs has resulted in increased installation of electric vehicle charging stations in the recent past,” the company said in a press release.
Vehicle-to-Grid (V2G) EV charging stations and charging stations powered by solar panels are the key opportunities for the players in the EVCS market. The report also credits Tesla’s cutting-edge battery technology and electric powertrain, coupled with a rapidly growing fast-charging network, as contributing to the EVCS market.