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USD 225.9 Billion Growth in Electric Vehicle Charging Station Market Size - Industry Analysis, Market Trends, Market Growth, Opportunities
An electric vehicle (EV) is any automobile that is powered using electricity. The motors installed for propulsion are electric-powered which is further reinforced with either a collector system using electricity from external sources or it can be installed with a battery capable of being charged by solar panels or by generating electricity from fuel. EVs include rail and road vehicles, electric spacecraft, electric aircraft, and underwater vessels however they are not limited to only these examples.
EV charging stations or points are charging points where electric vehicles can be supplied with power. Electric vehicle supply equipment (EVSE) is a piece of device used to supply electric power from the charging station to the vehicle. Most of the charging points are preinstalled with connectors which are manufactured as per international safety norms. Public charging stations are installed in public spaces like streets, government facilities, shopping centers, or gas stations whereas private charging stations are built as per the convenience of the user for instance their residence. Charging stations built in hotel areas or workplaces also qualify as private charging stations.
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The global electric vehicle charging stations market is expected to benefit from the growing demand and sales in the commercial electric cars segment. Various factors are currently acting as positive reinforcements resulting in surging demand for EVs for personal use. The main reason is a high insistence on adopting sustainable ways of growth. Until a few years ago, the commercial automotive segment was majorly dominated by fuel-powered vehicles. However, petrol, diesel, and gas, the main power sources, are non-renewable sources of energy. As the sales of commercial vehicles have reached unprecedented values in the last decade, the demand for fuel has risen simultaneously which has had a severe impact on the ecosystem as corporations exploit natural resources to meet these demands. Electric vehicles, especially in the commercial segment, can help reverse the impact of fuel-run vehicles on the ecosystem. As consumer awareness growth is further encouraged by government initiatives, more people are expected to switch to EVs in the coming years resulting in the higher installation of charging points to keep the vehicles running.
EV charging stations require a high initial investment. This applies to all types of electric vehicle charging stations including units that provide limited services or facilities that can charge multiple types of vehicles. In India , the cost can be anything between INR 1 lakh to INR 50 lakhs depending on the charger types to be installed. The maintenance cost of EV charging stations is equally high which increases even further if the land is on lease. The reason why the set-up cost is high is that all the pieces of equipment are expensive and so are the software and wiring required for the set-up.
One of the most lucrative segments that looks promising during the coming years for the global electric vehicle charging station market is the growing investment in vehicle-to-grid systems. The V2G technology allows EVs to communicate directly with power grids and on occasion can supply back power to the grid unit depending on energy demands and needs. It is a smart charging technique where it treats EV batteries as power-saving tools. It also goes by the name of vehicle-grid integration (VGI). The technology can be extremely beneficial during peak hours.
Users and service providers must have all the necessary knowledge on how to safely use accessories at the charging points. Any negligence can cause severe loss of human lives and other resources deployed at the unit. All components have to be performing at 100% accuracy at all times and the means of using the charging chords have to be followed as per instructions. The general lack of knowledge amongst the consumer groups is expected to pose a major challenge during the forecast period.
The global market may register the highest growth in the commercial segment which was observed in 2021 as well
The segmental growth can majorly be attributed to the high investments in setting up commercial large units of EV charging stations undertaken by private companies and government agencies. Residential EV stations can be extremely expensive and require multiple approvals
As of 2022, Tesla has installed more than 1400 supercharging EV stations in the US
In 2021, the global market witnessed the highest growth in the level 2 segment since they are almost 10% more effective than level 1 charging stations
Level 2 charging points require a 240-volt circuit depending on the vehicle's capability whereas level 3 charging points are the fastest kind of stations available in the current market. The latter uses direct current (DC) instead of alternating current (AC)
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The global electric vehicle charging station market is anticipated to register the highest growth in Europe mainly driven by the already existing excellent infrastructure that supports the use of electric vehicles and their accessories including charging stations. As per data published on the Canary Media Page, currently, Norway ranks as the number one country in terms of electric vehicle users. The number is as high as 81 people per 1000 people as of 2020.
In 2019, the Netherlands was reported to have the highest density of EV charging stations across the globe. The country is home to one of the largest producers and suppliers of EV charging stations, EVBox. The European regions have the best transport infrastructure worldwide and the territory is expected to benefit from the past investments in the coming year. Furthermore, growth in the regional automotive sector could act as a major growth propeller during the forecast year as Germany continues to dominate the world's automobile industry.
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