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EV Charging Stations Market Size Worth USD 299.58 Billion by 2032

The global Electric Vehicle (EV) charging stations market size reached USD 21.40 Billion in 2022 and is expected to register a revenue CAGR of 30.3% during the forecast period, according to latest analysis by Emergen Research. Increasing purchase of electronic vehicles, government policies, and financing for expansion of electric vehicle charging stations are expected to support market revenue growth between 2022 and 2030. Demand for electric vehicle charging stations is continuously rising due to increased adoption of electric cars across the globe. Rising Carbon Dioxide (CO2) emissions and other hazardous pollutants due to petrol and diesel transportation led people to shift to electric vehicle, which is expected to drive revenue growth during the forecast period. In addition, rising adoption of green and renewable energy is also expected to boost electric vehicle charging stations market growthHowever, high initial setup cost for electric vehicle charging stations is hampering market revenue growth. Initial cost for installing and setting up an EV charging station is high, especially for level 3 and other fast-charging stations. In addition, other expenses related to electricity, manpower, maintenance, permit taxes, and installation of electrical charging equipment are increasing overall expenses to set up an electric vehicle charging station, which is expected to hamper market revenue growth to some extent.