The electric vehicle (EV) charging market in China is expected to rise at a compound annual growth rate (CAGR) of 107.6% during the 2011-2015 period, according to a new report.
Research and Markets' 'Electric Vehicle Charging Station Market in China 2011-2015' report revealed that shortage of oil reserves is the major factor contributing to the EV charging station market.
The shortage of oil reserves and the rising demand for vehicle fuels are forcing some countries to develop substitutes to reduce their oil dependency, resulting in governments funding and subsidising EV and equipment manufacturers to speed up implementation of EVs.
The analysis also found that the EV charging station market in China has also been observing rapid rise in the Transportation sector, but limited performance of EVs could hamper growth of this market.
