The electric vehicle (EV) charging market is expected to swell substantially in the next several years, according to a new market research report by MarketsandMarkets.
According to the report, government funding, subsidies and incentives, and automaker investments, along with growing demand for EVs and overall concern for the environment are propelling the surge in popularity of this emerging sector.
As a result, the market is expected to balloon from $5.3 billion in 2018 to $30.4 billion by 2023.
An increase in charging stations at public places such as shopping malls, commercial buildings, airports and restaurants are also expected to contribute to the growth.
The electric vehicle charging station market in Asia Pacific is expected to see the most growth during the forecast period.
According to the report, EVs are gaining traction because of increasing greenhouse emission and strict pollution control standards enforced by environmental agencies.
