The electric vehicle market has witnessed rapid growth in recent years.

• In 2018, the global fleet of electric cars crossed the 5 million mark compared to nearly 3.1 million units in 2017.
• This spike in sales has been the result of an increase in regulatory norms, by various organizations and governments, to control emission levels and to propagate zero-emission vehicles. Improvement in battery capacity is also a prominent reason for the growth of the electric vehicles market.
• European Union set the target of 37.5% reduction of CO2 emission for passenger cars by 2030 compared to 2021.
• Tesla sold 158,925 units of Model 3 alone in 2019. Tesla has also installed 15911 superchargers at 1804 supercharging stations across the world.

As a result of the reasons mentioned above, automakers are continually working and focusing on increasing their expenditure on R&D of electric vehicles, which, in turn, is aiding the OEMs to market electric vehicles in the future.

Governments across the world are pushing the EV envelope to reduce the rising pollution from fuel-powered vehicles.

• For instance, France and the United Kingdom have given automakers a deadline to go fully electric by 2040.
• European Union set the target of 37.5% reduction of CO2 emission for passenger cars by 2030 compared to 2021.
• China, which sold half a million EVs in 2016, has set out its roadmap to make its transportation electric by 2030.
• Germany, home to major automakers, such as Volkswagen, BMW, and Mercedes, decided to ban IC engines by 2030.

Thus, the rising trend of electrification of vehicles is expected to propel the demand for electric vehicle charging stations.

Geographically, China is leading the electric vehicle charging station market, followed by Europe. China is the largest market for electric cars and buses across the world, and it sold 872 thousand units of New Energy Vehicles (both passenger and commercial vehicles) for the first nine months in 2019, exhibiting a growth rate of 20.8%.   

With the rise in EV sales and demand in the country, the need for fast charging stations has increased to support the rising EVs in the country. China has the most prominent infrastructure for EV charging in the world, with 976,000 charging units (June 2019). On average, there is a monthly addition of 11,025 charging units. Some of the major companies in China involved in the production and installation of charging points are Qindao Teld New Energy, State Grid Corporation Of China, Star Charge, and AnYo Charging.

China’s fleet of electric buses accounts for more than 98% of total electric buses running worldwide. China has a fleet of more than 425,000 electric buses. This high adoption is to the robust municipal framework that many provinces in China have adopted. More than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong. As of December 2018, nearly 16,000 electric buses were operating in Shenzhen, one of the Chinese megacities. Beijing is all set to achieve its goal to put 10000 electric buses on the road by 2020. Guangzhou ordered 4810 electric buses from the electric bus manufacturer, BYD.