Press release
Electric Vehicle Supply Equipment Market Is Predicted To Hit USD 9,426.2 million by 2030
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The primary causes of the expansion are the expanding need for electric vehicles, the escalating government efforts to promote the development of this technology, the rising pollution levels, and the explosive uptake of charging stations.
Level 1 and level 2 chargers are further divided into AC chargers. Due to the long charging times of electric vehicles, which make these chargers appropriate for overnight charging at residences, level 1 chargers of retained a bigger market share.
Based on application, the public category is predicted to experience faster growth in the coming years-roughly 12% CAGR. This is due to the strong commitments made by automakers, governments, and manufacturers to the improvement of the infrastructure for electric vehicle use in many nations.
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Additionally, a global growth rate of over 30% is predicted for electric car sales in the coming years. Manufacturers and governments are being pressured by this to build more charging stations throughout the world.
Furthermore, incentives offered by the federal and state governments to develop infrastructure, renewed efforts by e-commerce giants to electrify their final delivery fleets, and growing fuel prices are major factors influencing the purchase of such vehicles.
Batteries for EVs may be charged quickly using DC fast chargers. Additionally, these chargers don't require the onboard converters that are located inside the cars to convert the electric current.
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