The report states that high initial setup costs of fast chargers including level 3 and ultra-fast chargers hamper the market growth.
However, the rise in adoption of vehicle-to-grid (V2G) stations that allow plug-in EVs and power grid to exchange electrical energy in both directions for electric vehicles is expected to create ample opportunities for key players operating in the EV charging market during the coming decade.
Asia-Pacific dominates the electric vehicle charging market and is potently expected to remain dominant throughout the forecast period. This is attributed to the rapid increase in the number of EVs as well as government subsidies while purchasing EVs in emerging economies such as India, China, and Indonesia.
In addition, growth in support and packages announced by governments to install EV charging infrastructure across the Asia-Pacific region is driving growth in the market. M
In addition, the presence of key players such as BYD, Hyundai, and Tata Motors who have indulged in several innovations in EV chargers further propel the product growth.
