ResearchAndMarkets in its latest report forecasts the Global EV Charging Infrastructure Market size to reach $72.5 billion by 2025, rising at a market growth of 38.5% CAGR.
Growing sales of EVs are anticipated to drive the global market over the forecast period due to public initiatives and support in terms of tax credits and profitable subsidies. Lower operating & maintenance costs and increasing consumer awareness of environmental advantages further encourage customers to use EVs, which also contributes to demand, thereby boosting the worldwide market.
The research firm notes that major automotive companies are investing strongly in the growth of EV charging stations and new techniques such as lithium-ion batteries, ultra-fast DC charging networks, independent park-and-charge and wireless charging to increase EV revenues.
For example, Volkswagen Group is working on the creation of V-Charge, an EU study project focused on automating the parking and charging of EVs. V-Charge fully automates the process of recognizing a parking place and charging using a network of various sensory instruments including wide-angle cameras, digital maps, 3D cameras, ultrasound sensors and ‘ Car2X ‘ technology for cars to interact with the charging infrastructure.