Scarcity of conventional fossil fuels is leading to increasing demand for developing alternative solutions. Car manufacturers, therefore, are focusing on developing alternatives to fuel cars such as electric vehicles, which are environmental friendly as well. Electric vehicles offer great potential to drastically reduce air pollution, greenhouse gas, and other hazardous gas emissions. With cost of electric vehicles falling consistently, the transition is being perceived to be more likely in the near future. Furthermore, increasing availability of electricity and growing availability of low-carbon, renewable energy sources is expected to aid in increasing adoption of electrical vehicles. However, insufficient electric vehicle charging infrastructure and associated policy are factors expected to adversely affect the market growth. Growing trend of electrical vehicles is expected to aid in growth of electric vehicle chargers market during the forecast period of 2018-2025.
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Charging infrastructure in Europe have been constructed by private charge point providers, power companies, automakers, and government organizations, primarily at the national and city levels. Countries within the European Union have launched funding schemes or public-private partnerships to increase charging infrastructure. Some countries, such as Norway and the Netherlands, have provided incentives for charging infrastructure for several years; whereas in countries such as Germany, have recently launched major new charging infrastructure programs, aiding in growth of the market in the region.
In North America, the U.S. electric vehicle charger market is expected to exhibit high growth owing to federal and state consumer incentives and investment, zero-emission vehicle regulatory policy, and multiple state and local city promotion activities. As per U.S. Department of Energy (DOE), California zero-emission vehicle policy, adopted by states representing nearly one-third of the U.S. vehicle market, is expected to increase electric vehicles in the region from over 600,000 in early 2017 to several million by 2025. Initial investment in charging infrastructure in the U.S. was provided by the American Recovery and Reinvestment Act of 2009, which provided federal funding through the EV Project and the U.S. Department of Transportation Investment Generating Economic Recovery program, among many infrastructure projects in the U.S. from 2010 to 2013. By the end of 2014, there were about 18,000 public Level 2 and DC fast electric charge points in the U.S. (U.S. DOE, 2017a)
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Major players operating in the EVC market are ABB Ltd., Robert Bosch GmbH, Siemens AG, Delphi Automotive, Chroma ATE, Aerovironment Inc., Silicon Laboratories, Chargemaster PLC, Schaffner Holdings AG, and POD Point.
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