There is a new report about the zero emission vehicles which states that the there is an estimate about the cumulative investment in the charging of electric vehicles and its hardware. The estimate of cumulative investment states that the EV charging hardware and installation is going to reach $62 billion by the year end with the investment of $28.6 billion in 2022 and that is an increase of 228% from the previous year of the total investment. There is a major expense here which includes 600,000 chargers being built by the Chinese. The total investment all over the world is going to pass the market of $100 billion in the year 2023 if the pace that China has maintained is kept up. This is a milestone which is going to transition into the new phase of the EV charging lifestyle.
Many signs are there of a transition being underway and the facts suggest that the factories are now scaling up and the increase in purchase commitments. There has been an influx of the investors on infrastructure and coordination all over the charging ecosystem with the automotive, utility and charging sectors all working together.
The growth has happened through various stages. It began when the Nissan Leaf launched in the year 2010.
The new scale of this industry was hit during the year 2019 when the public charging infrastructure. Tesla more or less has been a lone performer up to the point with the 12,000 superchargers all over the world and 120 kw max charging speeds.
The peak adoption has become a great boost for the electric vehicle charging which is going to grow further in the years to come with the infrastructure development in the developing countries where the pollution levels are higher such as India where the adoption will grow the market considerably.