Electric vehicle charging stations are sites where one or more EVSEs are installed. These sites can be residential, non-residential, or commercial. With technological advancements in electric drivetrains, European governments are focusing on transitioning to electric vehicles as a sustainable public and private transportation model. Considering the environmental benefits offered by EVs, governments are increasingly offering incentives and subsidies to purchase EVs and associated charging infrastructure. For instance, in May 2019, Italy ratified the ‘Eco-Bonus' program, which resulted in spending of USD 67.2 million (EUR 60 million) and USD 78.4 million (EUR 70 million) in 2020 and 2021 on subsidies for purchasing hybrid or very low-emission vehicles and EV charging infrastructure.
Charging stations are an important part of the electric vehicle ecosystem. Several governments in Europe are providing funding for the development of charging infrastructure for electric vehicles. For instance, Norway has established an extensive charging infrastructure to support the adoption of EVs. The Norwegian government aims to set up fast-charging stations every 50 Km.
In recent years, the growing adoption of electric vehicles due to their efficiency and eco-friendly nature has driven the demand for fast-charging infrastructure. Electric vehicles are expected to be utilized for city commutes as well as for long-distance traveling. Most EVs available in the market do not have a range of more than 100 miles and require fast-charging solutions to ensure smooth, uninterrupted travel.
Electric mobility stakeholders are constantly investing in the R&D of fast-charging solutions. In markets like Europe, public fast-charging stations can become optimal solutions for supporting the high adoption of battery-electric vehicles due to dense urban populations and a high share of apartment dwellers without dedicated private garages with home charging. Moreover, fast charging stations can support more battery electric vehicles than level 2 public charging stations.
Moreover, the leading charging systems network operators have announced projects for the deployment of fast-charging stations. For instance, IONITY (Germany), a high-power charging station network for electric vehicles to facilitate long-distance travel across Europe, has undertaken a project to install 400 public fast-charging stations across Europe with CCS connectors delivering power up to 350kW. MEGA-E is deploying 322 public fast-charging stations with a power output of 350 kW across 20 countries in Central Europe and Scandinavia. The project is expected to be completed by 2025. Such initiatives for deploying fast-charging infrastructure are expected to support EV charging stations' growth in the next few years.
Thus, the increasing private investment with strong backing from the government is driving the growth of the Europe EV charging stations market.
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