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22 Aug, 2021 12:38

Electric vehicle charging station market to reach $100 billion in less than decade – report

Electric vehicle charging station market to reach $100 billion in less than decade – report

Revenues generated by the global market of Electric Vehicle Charging Stations (EVCS) are expected to grow to $93 billion by 2027, at a compound annual growth rate of nearly 20%, the latest report by Astute Analytica shows.

In 2019, the sector managed to raise a modest revenue of around $23,000, the agency based in the Indian city of Noida said.

According to the study, 819,000 EVCS units were sold in pre-pandemic 2019, with the number of sales moving up at a compound annual growth rate of 17.5%.

Experts from Astute Analytica said the overall growth of the market is slowed by the high cost of construction of EVCS infrastructure, which may prevent the sector from developing.

Also on rt.com Russia is finally embracing the electric vehicle boom

A well-developed EVCS infrastructure offers opportunities for charging various electric vehicles, including 2-wheelers, 3-wheelers, passenger vehicles, and commercial cars, as well as the use of fast and wireless chargers.

The fluctuating costs of electricity required for EVCSs pose a challenge for construction, financing, maintenance, and operation of the necessary infrastructure.

According to the analysis, the cost of charging infrastructure components for level 2 commercial chargers ranges from $2,500 to $7,210, while 50kW fast DC charging infrastructure costs up to $35,800.

For more stories on economy & finance visit RT's business section

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