Recent Trends and Market Overview of EV Market at a Glance

Market Overview of EV Market

The global electric vehicle market has witnessed a whopping growth in the past decade and it is not going to cease. Recent developments and trends suggest that despite the slump in new electric car registrations in 2020 due to the COVID-19 pandemic the electric vehicle market is in great shape. Global electric vehicle sales grew by 41 percent from 2019. The global electric car sales share also saw a spike and registered a record 4.6 percent in 2020.

The EV charging infrastructure industry is estimated to grow at a CAGR of 27% between 2021 and 27 which can be attributed to the growing consumer awareness towards environment protection. Besides, strict environmental protection norms will also encourage the use of electric vehicles. EV charging station manufacturer in Ahmedabad say that the EV infrastructure market is projected to be USD 61 billion by the year 2027. The thriving count of electric vehicles worldwide is also pushing the demand for more electric vehicle charging stations in commercial and residential spaces.

Factors Affecting the Growth of EV Charging Market

Apart from the rising awareness towards environment protection and stricter reduced emission controls, favorable government policies including tax rebates and fiscal incentives will fuel the growth of EV charging market.

Frequent technological innovations and upgrades to charge vehicles faster along with the integration of advertising display screens will contribute to the growth of the EV charging market, say EV charging station manufacturers in Ahmedabad.

The industry has also seen a surge in electric micromobility options since 2017. 100 plus European cities have started operating e-scooters since July 2020. The U.S registered a spike in the sales of e-bikes in the year 2020. The sales of e-bikes more than doubled in this year.

Heavy-duty truck manufacturers are also demonstrating their commitment to mobility electrification which is quite an interesting trend to observe and according to the global statistics show that heavy-duty truck registrations shot up by 10 percent in 2020.

The Rising Number of EV Charging Stations

Fast chargers have gained immense popularity in the past few years and there were more than 38 thousand public fast chargers alone in Europe in 2020. This number was 55 percent more as compared to 2019. Speaking of the global statistics, there were 1.3 million publicly accessible chargers, and 30 percent out of these were fast chargers.

V2G (Vehicle-to-grid) technology also deserves a mention while referring to the EV charging trends. This technology allows electricity to be returned to the grid from car batteries. The V2G market is projected to grow more than $5 billion between 2020 and 2024. Another interesting trend is the growing use of smart charging (cloud-connected charging devices) is another trend which offers more convenience and reduced electricity consumption.

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