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The electric vehicle charging station industry is driven by the flourishing transportation business owing to the increasing trading activities and thriving retail sector. The growing adoption of electric vehicles in the transportation sector due to the stringent government regulations against the carbon emissions is likely to be a major driving factor in the market. In addition to this, the lower cost of charging of EVs is anticipated to boost the demand for EVs in the market.
In November 2021, Indian Oil Corporation Ltd. (NSE: IOC) announced that the company will set up 10,000 electric vehicle charging stations in the coming three years. With this, the company aims to help India achieve its net-zero carbon target by 2070.
In August 2021, Siemens AG (OTCMKTS: SIEGY) announced that the company will be making investments to expand its manufacturing operations in the United States to support electric vehicle infrastructure in America.
In terms of region, North America is anticipated to witness a considerable growth in the forecast period. The growing penetration of major electric vehicle manufacturing companies, including Tesla Inc., is likely to provide impetus to the market in the forecast period. Additionally, the growing demand for electric vehicles for personal use, owing to the rising disposable incomes, rising standards of living, rapid urbanization, and advancements in the automotive infrastructure in the United States of America is likely to accelerate the demand for electric vehicle charging stations in the region in the forecast period.
Market Breakup by Vehicle Type, Charger Type, Application, and Region:
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The major players in the global electric vehicle charging station market are ABB Ltd., Siemens AG, ChargePoint, Inc., TGOOD Global Ltd., Tesla, Inc., and bp Chargemaster, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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