Because electric vehicles (EVs) are becoming an increasingly popular choice for people around the world, it should be no surprise that EV charging infrastructure is growing quickly too.
But the numbers are staggering — a recent report projects the global EV charging infrastructure market is forecasted to grow 38.6%, from $3.64 billion to $147.94 billion by 2030.
While governments have provided incentives to adopt EVs, particularly zero-emissions vehicles, there’s still a lot of work to be done to accelerate the deployment of EV charging infrastructure.
While Covid-19 has slowed the EV market growth down, that doesn’t mean we should ignore the charging infrastructure that makes future growth possible. Here’s why.
EV charging market grows as home charging market shrinks significantly
While home charging currently makes up 75% of the electric vehicle charging market, that number may drop to 40% by 2030, according to the report’s projections. In part, this shift may be a result of cities becoming increasingly environmentally-conscious.
Public transportation, for instance, is a promising use case. With a goal to decrease carbon emissions, pivoting to EVs in public transportation will require a greater volume of EV charging stations to keep up with the demand.
Covid-19 slows EV growth — but that doesn’t mean we should slow down
Covid-19 has caused many electric car plants to be put on hold; in fact, at the peak of the virus, Europe, China, and North America had over 90% of their factories shut down. And as a result of the slowing of the market’s growth, companies have been postponing charging point installations.
But despite these slowdowns, the long-term benefits of EVs are still apparent. Covid-19 is just another obstacle to face for the enormous market. So while the market isn’t growing as quickly as before, electric vehicle charging infrastructure should still be seeing progress so it can keep up with growth post-crisis.
Jalen Xing is a Writer at theRising and the co-founder of Students For Hospitals. You can pitch him stories at jalen.xing [at] gmail [dot] com.