With rising air pollution levels in several countries and growing public awareness about the environmental degradation caused due to the usage of fossil fuel-powered vehicles, the sales of electric vehicles are rising rapidly. This is, in turn, pushing up the requirement for electric vehicle supply equipment across the globe. Moreover, the governments of many countries are implementing mandatory policies and setting targets pertaining to the deployment of electric vehicles and charging facilities.

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For example, the South Korean government intends to install 10,000 fast electric vehicle chargers all over the country by 2022. Similarly, the Indian government is aiming to set up 2,700 charging stations in cities having more than 4 million residents by 2023. Apart from this, the government also intends to install ultra-fast and fast charging stations along the major highways in the coming years. Many governments are also making huge investments in the development of robust charging stations.

This is mainly because of the range anxiety of the electric vehicle owners. In the U.S., the Californian government recently passed an Executive Order, which includes the proposal to invest as much as $900 million in the installation of 250,000 charging points by 2025. These investments are propelling the development of electric vehicle charging facilities and infrastructure, which is, in turn, driving the progress of the global electric vehicle supply equipment market.

This was mainly because of the higher usage of home chargers across the world and the extensive deployment of private charging stations in China. Globally, the North American EVSE market would exhibit the fastest growth in the upcoming years, according to the market research firm, P&S Intelligence. This would be because of the increasing implementation of favorable government policies such as the provision of financial incentives, subsidies, and tax credits, regarding electric vehicles and charging stations in the region.

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Thus, it can be said with full surety that the demand for electric vehicle supply equipment in India would skyrocket across the world in the future years, mainly because of the growing deployment of electric vehicles in several countries around the world.