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The global electric vehicle charging station market size is projected to reach 30,758 thousand units by 2027, from an estimated 2,115 thousand units in 2020, at a CAGR of 46.6%.
Governments are supporting electric vehicle charging stations through subsidies & tax rebates for installing electric vehicle charging stations and working in collaboration with such OEMs to speed up the growth of their country s EV charging networks.
Increased demand for efficient and eco-friendly vehicles along with government support will boost the electric vehicle charging station market. Consumers from developing countries are already feeling the heat of the increasing cost of petrol. Electrical vehicles will run on electricity, which is expected to reduce the operating cost of these vehicles. To make the electric vehicle charging station market grow, continued support from the government will be needed along with the growing
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The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period.
This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
The AC Drives segment, by type, is expected to be the largest market from 2020 to 2025