Westford, USA, June 29, 2022 (GLOBE NEWSWIRE) — The demand for electric vehicle charging stations is growing rapidly around the globe as the number of electric vehicles on the road increases. The number of public and private charging stations is expected to grow from about 1.1 million in 2017 to 5 million by 2025, according to a report by Bloomberg New Energy Finance. As of June 2022, China electric vehicle charging station market alone has over 8,10000 charging stations and numbers in expanding at a significant rate with each passing month. This growth is being driven by government policies and incentives, as well as the declining cost of electric vehicles and improvements in battery technology.
There are a few factors driving this rapid growth in demand for EV charging infrastructure. Firstly, many governments are implementing policies and incentives to encourage the use of electric vehicles in order to reduce air pollution and greenhouse gas emissions. For example, China – which has the largest number of EVs on the road – offers subsidies of up to 50% on the purchase price of an EV. Secondly, the cost of EVs is dropping as battery prices continue to fall due to technological advances, which one of the key factors driving growth of electric vehicle charging station market. And finally, range anxiety – one of the main barriers to adoption – is diminishing as battery technology improves, allowing EVs to travel further on a single charge. All these factors are…
