With the increasing number of electric vehicles (EVs) on roads and advantageous government policies, the EV and ancillary industries are poised to grow significantly. More precisely, the global EV charging station market is expected to lift at a CAGR of 30.26% over the next six years, hitting $111.9 billion in the terminal year.
The infrastructure bill has been acting as one of the vital growth catalysts for EV charging companies amid the Biden administration's plans to spend over $7.5 billion on building about 500,000 EV charging stations in the U.S. However, EV charging stocks have been losing momentum since then, providing investors with the opportunity to scoop up their shares at a discount.
