To that effect, we’ve had word that the electric industry for low-voltage chargers is (surprise, surprise) expanding – and the fun part is that we also have a few more details from Yahoo! Finance on what that looks like for our industry in the breakdown.
The report states that we’re likely to see a value of US$1.22 billion in 2025, “rising at a CAGR of 3.09%, for the time period of 2021-2025.”
The drive in growth is due partially to “a rising number of ride-hailing fleet vehicles”(or EVs), as well as accelerated urbanization, a decline in price of lithium-ion batteries and a (residual) rising demand for EV supply equipment.
Weaknesses in the infrastructure that this particular crystal ball predicts?
“The market growth would be challenged by a lack of standardization in charging infrastructure and the challenge of charging station financing and ownership,” admits the report.
“A few notable trends may include rising CO2 emission from the transportation sector, growing trend of recreational vehicles (RV) and reducing cost of electric vehicle (EV) batteries.”