New analysis from Frost & Sullivan reports that the electric vehicle (EV) charging station market in North America has grown immensely.
Favorable government level (federal, state and municipal) incentives and subsidies for the purchase of EVs have contributed greatly to this growth.
The government is extending these plans to the installation of charging station and funding programs such as ECOtality’s EV project, which is trying to install electric vehicle charging infrastructure in six major states.
The charging infrastructure is expected to grow at a compound annual growth rate (CAGR) of 128.12 percent, due to the currency of the ‘green’ concept and oil prices’ volatility. Attracted by its potential and low entry barriers, participants are emerging from multiple industries such as technology, vehicle manufacturers, and utilities.