Electric vehicle charging is also known as electric vehicle charging services, electric vehicle supplies equipment, or EVSE, is an infrastructure used to charge electric vehicle with the help of a battery and electrical source that supplies energy. Electric vehicle chargers fall under three main categories such as level 1 charging stations, level 2 charging stations, and DC fast chargers (also referred to as Level 3 charging stations).
Growing demand for electric vehicles and shifting preference towards promoting eco-friendly mode of transportation
The most important factors that are expected for increasing the demand for electric vehicle charging are favorable government initiatives and high investments from automakers in vehicle charging infrastructure. In addition, increasing consumer demand for electric vehicles, increasing purchasing power of consumers, rising disposal income, easy availability of customized products, changing lifestyle are some factors resulting in higher demand of electric vehicle charging. Moreover, growing concern toward environmental pollution and availability of environment friendly alternatives for fossil fuel-based vehicles such as electric and hybrid vehicles are some of the important key factors considered for growth of the target product.
Preference shifting towards using wireless EV charging station
Recent trend observed in the target market is individuals are focusing on wireless EV charging owing to its potential to reducing charging time as well as allows to park and charge the vehicles without the plug-in cables or adaptors. Such technological advancements are likely fuel market growth.
Electric Vehicle Charging System Market Key Segmentation:
The global electric vehicle charging market is segmented into charging station, application, and vehicle type. The ability of DC charging stations to charge electric vehicle requires less time as compared to AC charging stations. Thus, act as major driving factor for growth of the target segment. Among the application segments, the commercial installation is anticipated to hold largest share of the electric vehicle charging market between 2018 and 2028. Furthermore, among the vehicle type segments, battery electric vehicle (BEV) is expected to hold largest market share of the electric vehicle charging market.
Developing countries seeks more opportunities for electric vehicles:
Asia Pacific is one of the major reason for the manufacturing of electric vehicles. Increasing awareness regarding vehicle emission, lower operating and maintenance cost are some factors expected to grow demand for electric vehicles. In addition, increasing focus regarding building convenient infrastructure also have the positive impact on growth of the target market. Furthermore, increasing government support in the form of grants, rebate, subsidies, and other non- financial benefits includes carpool lane access, access to number plate, road tax reductions for electric vehicles, along with constant improvement in charging infrastructure in developing countries such China and India are some factors expected to have a positive impact on growth of the global market.
As per document published by International Energy Agency (IEA) in 2017 –
- China aims to deploy 4.3 million private EVSE outlets, 0.5 Mn public chargers for cars and 850 intercity quick charge stations for buses and taxis by 2020.
- France has stated its ambition to deploy 7 Mn charging outlets by 2030
- In 2016, Korea upgraded its target to deploy publicly accessible fast chargers by 2020 from 1,400 to 3,000, with the aim of making all parts of the country accessible with an electric vehicle