The Global Electric Vehicle Industry is moving with an unmatchable pace. Whether it is the electricity generation sector, EV manufacturing department, battery technology sector, the EV charging sector, or essential EV components production and manufacturing, all the sectors cumulatively contribute to the growth of the EV industry. The EV industries of respective nations focus on developing more efficient EVs and a robust E-Mobility infrastructure. Some countries like China and the USA are already leading in the electric vehicle manufacturing sector. Other nations like India, Germany, France, etc. are also working hard to improve their electric vehicle market.
Global EV Charging Sector to Grow at approximately 18% CAGR
Although the unfortunate coronavirus has slowed down major manufacturing industries, the EV sector is still growing at pace. Gradually and steadily, major Automotive industries around the globe are switching to the advanced and environment-friendly mode of energy generation. The EV Charging sector plays an essential role in the development of the overall E-Mobility. As per the significant business and automotive researches, the global EV Charging Sector is expected to grow at more than 18% CAGR.
The EV Charging infrastructure has witnessed exponential growth in the past five years and is assumed to grow at a much higher rate. With the improvement in electrical technology, the reduced cost of EV components, affordable production of electric motor vehicles, the consumers are now gradually attracted to the advance and environment-friendly electric cars. Hence, the EV sector’s growth is directly proportional to the successful expansion of the EV charging facilities. The EV charging sector is at best possible stage. Seeing the bright future of the electric vehicle industry, leading energy generation companies and prominent automotive companies have started investing in the development of electric vehicle charging stations and facilities.
Exponential Growth of EV Charging Sector in India
India is one of the most successful countries when it comes to emerging nations in Electric Vehicle Technology. Irrespective of the unfortunate pandemic, the Indian EV market is operating at its full potential. The government’s policies, including AatmNirbhar Bharat, Make in India, etc. encourage manufacturing of EV components in the local Indian market, which results in cutting unnecessary costs and reducing the road prices of the EVs. Therefore, it creates a direct positive impact on the consumers, and convince them to switch to electric vehicles. The growing industry results in the exponential growth of the EV charging sector in the country.
The EV charging sector is the most prominent sectors for the electric vehicle market. Since more and more consumers are shifting to Electric Mobility, we require a more significant charging infrastructure around every corner of the country. It will help in providing an efficient and smooth experience to the EV buyers. Many people complain that electric vehicles have a minimal range, takes time to recharge, and fewer number of charging stations adds on to their problem. Therefore, many Indian Energy generations and Automobile companies have strategically tied up for a mutual agreement to invest, build, and improve the country’s EV charging sector.
Although the improvement in the EV charging sector is not as significant as foreign countries, the industry’s rate of growth is commendable. Earlier, not many consumers were ready to shift to EVs. Therefore, the production companies and OEMs saw it as an uncertain market. But after the strict government policies, use of the latest technologies, and successful spreading awareness about EVs, the people are now considering the electric cars instead of conventional gasoline vehicles. Since the demand for electric cars will increase, it will positively affect the expansion and growth of the EV charging sector in the country.
Delta Moto Corp is an Indian origin company contributing to the development and expansion of the EV industry in the country. The company provides affordable and complete E-Mobility solutions for EV manufacturing. Delta Moto Corp has expertise in manufacturing battery technologies, EV powertrains, smart dashboards, and also contributes to the development of EV charging facilities. Hence the future is bright for the EV sector, and the world will soon witness the complete transition from the conventional gasoline vehicles to the smart EVs.