In the past few decades, mounting environmental concerns are leading to several fundamental consumption and policy-level changes. One of the most prominent changes is the electrification of mobility as it is a significant departure from internal combustion (ICE) vehicles for the first time in history. As an upcoming technology, several promising technological advancements are taking place. Against this business landscape, electric vehicle (EV) charging infrastructure is a vital requirement. Many government bodies and private market players are actively working to improve the outreach and effectiveness of EV charging systems. This is the primary fuel for the growth of the global electric vehicle charging system market. Moreover, according to the International Energy Agency (IEA), EV sales reached 6 million in 2021, an all-time record. As the sales of EVs continue to grow, the market is expected to move profoundly towards maturity in the projection period.
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Government Regulations to Curtail Carbon Emissions to Aid Electric Vehicle Charging System Market Growth
As the scrutiny for growing carbon emissions caused by internal combustion engine (ICE) vehicles continues to grow, electric mobility is being promoted as a worthy alternative. While this technology holds considerable weight on its own, many governments across the globe are supporting its adoption. These norms include benefits and rebates to EV manufacturers, discounts for EV buyers, and paced deployment of reliable EV charging infrastructure. All these factors are smoothing the traction to adopting EVs across the globe. As a by-product of such a favourable business landscape, the global electric vehicle charging system market is expected to grow at a steady pace in the years to come.
Soaring Demand for Fast Charging to Unlock New Avenues of Growth in Electric Vehicle Charging System Market
One of the key restraint in the adoption of early versions of electric vehicles (EVs) were its lower range and long charging period. Both of these challenges are being met at a considerable pace. Verily, fast charging systems for future EVs are being deployed for commercial users across the globe. These systems are capable of charging an EV in a relatively short amount of time, with some systems even providing over 150 km of range after just charging for 10 minutes. This, coupled with the ever-growing range of new EVs is gaining traction across consumers. These factors are set to lead the global electric vehicle charging system market to fruition.
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EV-friendly Business Climate in Asia Pacific to Bode Well for Electric Vehicle Charging System Market
Developing economies such as China and India are forerunners in establishing Asia Pacific as a key regional electric vehicle charging system market. Major factors supporting this trend include paced EV tech research and development activities, supportive government norms, and growing EV sales. Moreover, the regional governments are also taking cognizance of environmental challenges. To this end, promoting the adoption of electric mobility is expected to reap fruitful results for the Asia Pacific market. Moreover, growing disposable income within the region is expected to facilitate further EV demand creation.
Key Market Players
The most active players competing in the global electric vehicle charging system market include Siemens AG, Eaton Corporation, General Motors, Borgwarner Inc., Delta Electronics, and Tesla. Many of these players are actively working on proving faster charging options to boost EV adoption.
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