The key factors driving the growth of the EV charging equipment market include government subsidies, incentives, & investment, increasing demand of electric vehicles, rising concern toward environmental pollution, and increasing investment by automakers in electric vehicles. Moreover, increasing demand for the low emission vehicle expected to drive the product demand during the forecasted period.This growth is primarily driven by Supportive government initiatives to meet fuel consumption standards driving the adoption of electric vehicles globally. For instance, as of September 2018, aggregate sales in the United States calculated to 1 Million highway-legal plug-in electric vehicles. Additionally, according to the International Energy Agency (IEA) in 2018, sales of electric cars increased by 68%..
Globally, a noticeable market trend is evident Rising Demand for Residential Charging Station
. Major Vendors, such as Delta Electronics, Inc. (Taiwan), Schneider Electric (France), EATON (Ireland), Tesla (United States), Delphi Technologies (United Kingdom), Siemens (Germany), ClipperCreek (United States), General Electric Company (United States), Evatran Group, Inc. (United States) and Robert Bosch GmbH (Germany) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
- Supportive government initiatives to meet fuel consumption standards driving the adoption of electric vehicles globally. For instance, as of September 2018, aggregate sales in the United States calculated to 1 Million highway-legal plug-in electric vehicles. Additionally, according to the International Energy Agency (IEA) in 2018, sales of electric cars increased by 68%.
- Rising Demand for Residential Charging Station
- Increasing Production of Electric Vehicles
- High Cost of Electric Vehicles
- High Cost Associated With Charging Infrastructure of Electric Vehicle
Increasing Investment from Automobile Manufactures in Electric Vehicle and Rising Demand from the Developing Economies
High Cost of Electric Vehicle Charging Equipment and Installation
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