Title: $5 Billion Electric Vehicle Charging Stations Market, 2023: Market to Grow at a CAGR of 41.8% - Government Funding, Subsidies, and Incentives Expected to Drive the Market | Markets Insider
Headings: $5 Billion Electric Vehicle Charging Stations Market, 2023: Market to Grow at a CAGR of 41.8% - Government Funding, Subsidies, and Incentives Expected to Drive the Market
$5 Billion Electric Vehicle Charging Stations Market, 2023: Market to Grow at a CAGR of 41.8% - Government Funding, Subsidies, and Incentives Expected to Drive the Market
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Content: Commercial charging stations can be installed at taxi stands, retail stores, government offices, and parking lots of work places, hotels, airports, shopping malls, fast food restaurants, and coffee shops. Some public charging stations located at hotels, shopping malls, or coffee shops offer free charging for their own benefits such as increase in sales, corporate branding, and advertising opportunities. However, others may generate revenue through charging fee. The convenience of being able to use an EV charger while shopping or during office hours is expected to boost the adoption of electric vehicles. Electric Vehicle Charging Stations Market
APAC held the largest share of the electric vehicle charging stations market in 2017. The emphasis from local governments to increase the adoption of EVs and encouraging startup companies to develop new products are some of the main factors driving the demand for electric vehicle charging stations in APAC. For instance, according to Fitch, a leading rating agency, EV subsidies offered in China are the second best in the world after Norway. Another initiative, known as preferential vehicle licensing system, would help EV buyers in China get license plates for free and without a waiting period. Favorable business environmental policies, such as Made in China 2025, are also helping startup companies to enter into the EV market in China. For instance, in December 2017, Iconiq, a Chinese EV startup company, announced that the company will start production of its 7-seater SUV electric car-Iconiq 7-in 2019.