The electric vehicle charging infrastructure market is poised to grow by USD 17.64 billion between 2020-2024, progressing at a CAGR of almost 52% during the forecast period.
The usage of EVs is heavily promoted by government bodies due to the growing concerns over environmental pollution and the depletion of conventional sources of energy. The sales of BEVs and PHEVs are at an all-time high because governments in various markets are providing subsidies and incentives for using EV charging solutions. This increase in sales of BEVs and PHEVs will boost the electric vehicle charging station market growth during the forecast period.
