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Growing Security Requirements in the BFSI Sector

   October 6, 2022

Governments of several countries are increasingly investing in electric mobility. Increasing government regulations to phase out fossil fuel-powered vehicles, government investments in improving public EV charging infrastructure, and initiatives in the form of subsidies & tax rebates for EV adoption are expected to support the growth of the infrastructure for EV charging stations market.

With advancements in electric drivetrain technologies, governments worldwide are transitioning to electric vehicles for sustainable public & private transportation. Considering the environmental benefits of EVs, they are increasingly offering incentives and subsidies for purchasing EVs & implementing the associated charging infrastructure, boosting the demand for the energy infrastructure market for EV charging stations. For instance, in November 2021, the Australian government announced investing USD 132 million in ramping up the rollout of hydrogen refueling & charging stations for electric vehicles. Additionally, in April 2020, the Government of China announced plans to invest USD 381 million in EV charging infrastructure to enable the State Grid Corporation of China to build 78,000 more charging stations over the year. Such government initiatives are expected to support the growth of the energy infrastructure market for EV charging stations during the forecast period.

Furthermore, in May 2019, the Italian government ratified the Eco-Bonus program, spending USD 67.2 million (EUR 60 million) and USD 78.4 million (EUR 70 million) in 2020 and 2021, respectively, on subsidies for purchasing hybrid or very-low-emission vehicles and implementing EV charging infrastructure. Under this scheme, individuals, companies, and condominiums would receive a 50% tax deduction up to USD 3.360.3 (EUR 3,000) on purchasing EVs and installing (backend energy infrastructure) recharging points for electric vehicles from 1st March 2019 to 31st December 2021.

New Zealand has also taken steps to strengthen electric mobility in the country. The country’s government is increasingly supporting the growth of the country’s EV industry through an intervention program, which includes an EV public information drive and a Low Emission Vehicles Contestable Fund. This fund has provided more than NZD 17 million (USD 11 million) for 93 projects over the past five rounds. The key focus of the fund is to improve public EV charging infrastructure and construct more than 200 fast chargers across the country. The fund aims to fulfill the government’s vision of implementing fast DC chargers every 75 km on the country’s main highway network. Such initiatives are expected to drive the EV adoption and development of associated infrastructure in the coming years.       

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