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According to business wire, the global electric vehicle charging stations equipment market is expected to grow from $117.27 billion in 2020 to $129.07 billion in 2021 at a compound annual growth rate (CAGR) of 10.1%. The market is expected to reach $390.59 billion in 2025 at a CAGR of 31.9%.
The following graph shows the long-term forecast for electric vehicle (BEV & PHEV) annual sales and EV vehicles in operation in the US through 2030. Going from an estimated 2,147,070 at the end of 2021 to 25,193,540 in 2030, the number of electric vehicles is expected to increase 12x over the next 9 years.
The International Energy Agency asserts that over 125 million EV’s will be operating globally by 2030. Such a forecast will result in an ever-increasing demand and opportunity for the deployment of EV charging stations. EVectriFi can assist you in capitalizing on the exponential number of electric vehicles that continue to enter the market each year.
We are partnered with various leaders in the EV charging station manufacturing industry, and are a suppler of a complete line of industry-leading equipment and App based cloud enabled software. Our diverse product offerings boast some of the most advanced equipment in the industry.
EVectriFi’s charging solutions will encompass multiple deployment configurations, including the single post/dual-port design that is most prevalent in the US
While growth of the EV market understandably slowed during the COVID-19 Pandemic, due not to a reduction in demand but for parts shortage reasons, the rate of growth will surely return to pre-pandemic levels, and will most assuredly exceed them due to pent up demand. This especially predictable considering the recent spikes in gasoline and other liquid fuel prices, mostly due to reduced domestic US oil and gas exploration, inflation and global geopolitical events.
