While the electric vehicle (EV) charging industry is booming, growth projections for the market are down 34 percent for the next year compared to pre-COVID-19 estimations, reveals a new report titled COVID-19 Impact on EV and EV Infrastructure Market.
Post-COVID-19, the size of the charging station market is anticipated to hit 4.18 million units by 2021 from some 3.42 million units in 2020, representing an annual growth rate of 22.1 percent.
According to the report, increasing vehicle range per charge for electric vehicles and the growing sensitivity of various governments toward a cleaner environment are the key factors driving the growth of the global electric vehicles and its infrastructure market. Technological advancements in EV charging and substantial investments from automakers are also driving the growth of electric vehicles. The COVID-19 outbreak, however, has caused a slowdown in the global automotive industry as major automotive companies like Niss
