Revenues generated by the global market of Electric Vehicle Charging Stations (EVCS) are expected to grow to $93 billion by 2027, at a compound annual growth rate of nearly 20%, the latest report by Astute Analytica shows.
In 2019, the sector managed to raise a modest revenue of around $23,000, the agency based in the Indian city of Noida said.
According to the study, 819,000 EVCS units were sold in pre-pandemic 2019, with the number of sales moving up at a compound annual growth rate of 17.5%.
Experts from Astute Analytica said the overall growth of the market is slowed by the high cost of construction of EVCS infrastructure, which may prevent the sector from developing.
A well-developed EVCS infrastructure offers opportunities for charging various electric vehicles, including 2-wheelers, 3-wheelers, passenger vehicles, and commercial cars, as well as the use of fast and wireless chargers.
The fluctuating costs of electricity required for EVCSs pose a challenge for construction, financing, maintenance, and operation of the necessary infrastructure.
According to the analysis, the cost of charging infrastructure components for level 2 commercial chargers ranges from $2,500 to $7,210, while 50kW fast DC charging infrastructure costs up to $35,800.
For more stories on economy & finance visit RT’s business section