The global electric vehicle charging station market was valued at USD 5.86 billion in 2021 and is expected to be valued at USD 53.25 billion by 2027, a projected 100% growth rate in six years, with a CAGR of 44.44%. Electric vehicles (EVs) are witnessing significant growth, owing to the growing environmental concerns and rising demand for sustainable and energy-efficient transportation.
*Electric Vehicle Charging Station Market | 2022 – 27 | Industry Share, Size, Growth – Mordor Intelligence (above sited)
EV’s have become an integral part of the automotive industry. They represent a pathway toward achieving energy efficiency and reduced emissions of pollutants and greenhouse gases. Increasing environmental concerns and favorable government initiatives are the major factors driving this growth. The annual sales volume of electric passenger cars is projected to cross the 5 million mark by the end of 2025. Electric cars are expected to account for 15% of the overall vehicle sales by the end of 2025.
The electric vehicle market has been witnessing healthy growth rates in recent years. In 2020, many European countries witnessed a double-digit growth rate in EV sales. The European market captured around 43% of the global EV sales in 2020, compared to 26% in 2019. The overall sales of plug-in vehicles reached about 3.24 million units, compared to 2.26 million in 2019. This spike in sales is the result of an increase in regulatory norms by various organizations and governments, to control emission levels and to propagate zero-emissions vehicles.