The Europe electric vehicle charging system market growth is estimated to evolve at a CAGR of 47.30% during the forecast period, 2021-2028. The government initiatives to increase the sales of electric vehicles, and subsequently, EV chargers, are key drivers of market growth.
The Europe electric vehicle charging system market growth analysis includes the assessment of Netherlands, Germany, France, the United Kingdom, Norway, and Rest of Europe. France is an advanced country in Europe, in terms of electric vehicle acceptance, housing more than 30,000 charging points. The country has set a target for 2040, of terminating the sale of conventional petrol and diesel vehicles. Also, the government and the Energy Management Agency are funding the municipalities and regional governments for charging points installations. At present, four kinds of subsidies/incentives are available for EV charging deployment infrastructure. With regard to local governments, subsidies up to 40% of the purchase and installation costs of charging points are made available by the municipalities.
In Germany, electric vehicles have gained significant traction. The emission issues from prominent automobile manufacturers have encouraged the plans for electric vehicle adoption. In order to boost the electric vehicle industry, the country has started incentivizing them and their charging stations. Also, local governments are offering incentives. Furthermore, government bodies are initiating several programs to mass adopt electric vehicles to reduce GHG emissions. Such factors are projected to propel market growth in these countries.
Some of the renowned companies in the market are Alfen, Schneider Electric, Webasto, Eaton, Allego, Siemens, etc.
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